External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>APL Apollo Tubes (APAT) results missed ours and the street's expectations on the margins front.</li><li>EBITDA/t at Rs 3,850/t (down 26%/16% YoY/QoQ) missed ours and streets estimate of ~Rs 4,400/t, due to 1) weaker sales mix (Rs 300/t impact) - commoditized sales contributing 45% of overall volumes vs 35-40% historically 2) Raipur (ABPL) currently breaking even as plant is still ramping up (Rs 100/t impact) and 3) Aggressive sales push to retain market share (Rs 337/t impact):</li><li>Company offered discounts to push sales as distributors were in de-stocking mode.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

APL Apollo Tubes (APAT) results missed ours and the street's expectations on the margins front.EBITDA/t at Rs 3,850/t (down 26%/16% YoY/QoQ) missed ours and streets estimate of ~Rs 4,400/t, due to 1) weaker sales mix (Rs 300/t impact) - commoditized sales contributing 45% of overall volumes vs 35-40% historically 2) Raipur (ABPL) currently breaking even as plant is still ramping up (Rs 100/t impact) and 3) Aggressive sales push to retain market share (Rs 337/t impact):Company offered discounts to push sales as distributors were in de-stocking mode.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes - Destocking Dents EBITDA/T, Growth Levers Still Intact; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>APL Apollo Tubes (APAT)’s long-term growth story remains intact underpinned by growing application and rising consumption of structural steel tubes in residential &amp; commercial buildings, warehouses, factories, agriculture and other infrastructure works.</li><li>The industry, post-inventory destocking in the last quarter because of higher steel prices, is now witnessing channel re-stocking led by correction in steel prices.</li><li>From our channel checks, we sense the overall demand scenario to be better with channel re-stocking happening in anticipation of a stable or marginally higher steel price.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

APL Apollo Tubes (APAT)’s long-term growth story remains intact underpinned by growing application and rising consumption of structural steel tubes in residential &amp; commercial buildings, warehouses, factories, agriculture and other infrastructure works.The industry, post-inventory destocking in the last quarter because of higher steel prices, is now witnessing channel re-stocking led by correction in steel prices.From our channel checks, we sense the overall demand scenario to be better with channel re-stocking happening in anticipation of a stable or marginally higher steel price.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes  - Robust Volume Growth Aided by Improving on the Ground Situation

<ul><li>APL Apollo Tubes (APAT) Q3FY22 consolidated results were better than our estimates on the revenue front</li><li>However, it missed on EBITDA and PAT levels. The company’s consolidated revenue grew by 24% YoY and 5% QoQ to Rs 3,230 Cr (Our estimate: Rs 2,827 Cr)</li><li>We retain a BUY rating on the stock with a TP of Rs 1,215/share and continue to value it at 30x PE of FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

APL Apollo Tubes (APAT) Q3FY22 consolidated results were better than our estimates on the revenue frontHowever, it missed on EBITDA and PAT levels. The company’s consolidated revenue grew by 24% YoY and 5% QoQ to Rs 3,230 Cr (Our estimate: Rs 2,827 Cr)We retain a BUY rating on the stock with a TP of Rs 1,215/share and continue to value it at 30x PE of FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APL Apollo Tubes: Weak Q3 Performance but Long Term Growth Story Intact

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>We visited APL Apollo Tubes’ (APL) Murbad, Maharashtra facility and met with multiple APL distributors. Murbad was Lloyds steel plant, which APL acquired in CY10 for a cash consideration of Rs400mn with a capacity of 90,000te. The same has been ramped up to 0.35mtpa over past seven years, with the introduction of direct forming technology (DFT) and cold rolling and Galva (GP/GI) capacity.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We visited APL Apollo Tubes’ (APL) Murbad, Maharashtra facility and met with multiple APL distributors. Murbad was Lloyds steel plant, which APL acquired in CY10 for a cash consideration of Rs400mn with a capacity of 90,000te. The same has been ramped up to 0.35mtpa over past seven years, with the introduction of direct forming technology (DFT) and cold rolling and Galva (GP/GI) capacity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Business model continues to impress; valuations get richer

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

India

APL Apollo Tubes is India's largest producer of structural steel tubes, holding approximately 55% of the market share. The company manufactures over 2,500 products, including square, rectangular, and circular hollow sections, as well as pre-galvanized tubes, galvanized tubes, and MS black pipes, catering to construction, infrastructure, and industrial sectors. Headquartered in Noida, Uttar Pradesh (Delhi NCR), the company was founded in 1986.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

APL Apollo Tubes (APAT IN)

APL Apollo Tubes - Destocking Dents EBITDA/T, Growth Levers Still Intact; Maintain BUY

APL Apollo Tubes (APAT) results missed ours and the street's expectations on the margins front. EBITDA/t at Rs 3,850/t (down 26%/16% YoY/QoQ)...

Axis Direct

APL Apollo Tubes - Robust Volume Growth Aided by Improving on the Ground Situation

The industry, post-inventory destocking in the last quarter because of higher steel prices, is now witnessing channel re-stocking led by correction...

Motilal Oswal

APL Apollo Tubes: Weak Q3 Performance but Long Term Growth Story Intact

APL Apollo Tubes (APAT) Q3FY22 consolidated results were better than our estimates on the revenue front. We retain a BUY rating on the stock with a...

Axis Direct

Business model continues to impress; valuations get richer

We visited APL Apollo Tubes’ (APL) Murbad, Maharashtra facility and met with multiple APL distributors. Murbad was Lloyds steel plant, which APL...

ICICI Securities Limited

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)