Buy Apollo Tyres; target of Rs 372: Sharekhan

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Sharekhan's research report on Apollo Tyres

ATL reported Q3FY2023 performance ahead of estimates, led by correction in RM basket. Management has indicated that benefit of benign RM cost would continue in Q4FY2023. ATL continues to focus on profitable volume growth via offering quality products at premium products to sustain its operating performance. The stock trades attractively at a P/E multiple of 11.8x and EV/EBITDA multiple of 5.7x its FY2025E estimates.

Outlook

We maintain a Buy rating on Apollo Tyres Limited (ATL) with an unchanged PT of Rs. 372, led by the company’s dominant position in its key markets and focus on premiumization.

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Apollo Tyres - 07 -02 - 2023 - khan