Apollo Pipes Ltd reports 19 per cent volume growth; stock ends positive
PVC pipe & fitting manufacturer, Apollo Pipes Ltd, reported healthy sales volume during the quarter ended September 30, 2020. The stock is currently trading at a one-month high on BSE.
The company on Friday, after the market hours, reported healthy growth of 12,268 MT in Q2FY21, which is an increase of 19 per cent as compared to 10,306 MT in Q2FY20. The growth is driven by the contribution across various product categories, which also includes the value-added product segment of fittings.
During the first quarter of the current fiscal year, when the lockdown was most severe, the company had delivered sales 10,633 MT, a decline of 24 per cent on a YoY basis. However, on a QoQ basis, there was a growth of 9 per cent, which was driven by steady demand revival in CPVC pipes and value-added products.
Apollo Pipes Ltd is among the top and leading piping solutions providing company in the country. The company further added that it anticipates improvement in the sales performance over the next few quarters as it has seen a better demand environment combined with an uptick in the utilisation levels.
Reacting to the news, the stock price opened higher by 6 per cent on BSE. The stock price closed at Rs 414, with gains of 5 per cent.