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>Near-term pressure on EBITDA/t to ease gradually as steel prices stabilise: The company’s EBITDA/t stood at Rs 4,183/t, down 10% YoY due to certain one-off expenses in employee and other expenses.</li><li>Excluding these expenses, EBITDA/t would have been higher by Rs 150/t. In Q2FY25, EBITDA/t could remain under pressure as dealers are not in the restocking mode as steel prices continue to correct.</li><li>In FY25, the company targets to achieve flat EBITDA/t YoY. However, going ahead from FY26 onwards, multiple levers are present to increase EBITDA/t towards Rs 5,000/t.</li></ul>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.

Near-term pressure on EBITDA/t to ease gradually as steel prices stabilise: The company’s EBITDA/t stood at Rs 4,183/t, down 10% YoY due to certain one-off expenses in employee and other expenses.Excluding these expenses, EBITDA/t would have been higher by Rs 150/t. In Q2FY25, EBITDA/t could remain under pressure as dealers are not in the restocking mode as steel prices continue to correct.In FY25, the company targets to achieve flat EBITDA/t YoY. However, going ahead from FY26 onwards, multiple levers are present to increase EBITDA/t towards Rs 5,000/t.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 Ltd - EBITDA/T Miss; Multiple Levers for Improvement Ahead

<ul><li>APL Apollo Tubes reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.</li><li>Sales volume at 679kt grew only by 4% YoY and the company had to offer discounts to push sales higher.</li><li>Revenue at Rs 4,766 Cr (up 8%/14% YoY/QoQ) stood in line with consensus. EBITDA at Rs 280 Cr (down 13% YoY, flat QoQ) missed our and consensus estimate by 10%/14% respectively, led by higher input costs. </li></ul>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 reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.Sales volume at 679kt grew only by 4% YoY and the company had to offer discounts to push sales higher.Revenue at Rs 4,766 Cr (up 8%/14% YoY/QoQ) stood in line with consensus. EBITDA at Rs 280 Cr (down 13% YoY, flat QoQ) missed our and consensus estimate by 10%/14% respectively, led by higher input costs. 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 - Weak Demand Drives EBITDA Miss; Outlook Improving

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>Motilal Oswal's research report on APL Apollo Tubes APL Apollo Tubes (APAT) ended FY24 with a healthy sales volume growth of ~15% YoY, despite the relatively subdued volume growth of just 2% YoY in 2HFY24.</li><li>In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.</li><li>We have also underscored the company’s strategy to foray into various international geographies.</li></ul>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.

Motilal Oswal's research report on APL Apollo Tubes APL Apollo Tubes (APAT) ended FY24 with a healthy sales volume growth of ~15% YoY, despite the relatively subdued volume growth of just 2% YoY in 2HFY24.In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.We have also underscored the company’s strategy to foray into various international geographies.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 - Navigating Market Challenges

<ul><li>APL Apollo Tubes reported a weak set of numbers, with EBITDA missing our estimate.</li><li>Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).</li><li>The company had earlier reported sales volume at 604kt, down 11% QoQ and flat YoY. </li></ul>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 reported a weak set of numbers, with EBITDA missing our estimate.Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).The company had earlier reported sales volume at 604kt, down 11% QoQ and flat YoY. 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  - Macro Headwinds Drive Weak Q3; Outlook Easing

<ul><li>APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.</li><li>It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity. The product type includes pregalvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections.</li><li>The Company operates 11 manufacturing facilities. The Company’s vast 3-tier distribution network of over 800 distributors is spread across India, with presence in over 300 towns and cities.</li></ul>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 (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories.It has 55% market share in structural steel tubes in India with 3.6MTPA structural steel tube capacity. The product type includes pregalvanised tubes, Galvanised tubes, Structural ERW tubes, MS Black pipes and Hollow sections.The Company operates 11 manufacturing facilities. The Company’s vast 3-tier distribution network of over 800 distributors is spread across India, with presence in over 300 towns and cities.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.

Pick of the Week: APL Apollo Tubes - 26 DECEMBER 2023

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

Apl Apollo Tubes Ltd - EBITDA/T Miss; Multiple Levers for Improvement Ahead

The company’s EBITDA/t stood at Rs 4,183/t, down 10% YoY due to certain one-off expenses in employee and other expenses.

Axis Direct

APL Apollo Tubes - Weak Demand Drives EBITDA Miss; Outlook Improving

APL Apollo Tubes reported a weak set of numbers in line with expectations, as retail demand was impacted ahead of general elections.

Axis Direct

APL Apollo Tubes - Navigating Market Challenges

In this report, we have highlighted the current demand trend in the domestic structural tubes industry based on our channel checks.

Motilal Oswal

APL Apollo Tubes - Macro Headwinds Drive Weak Q3; Outlook Easing

Revenue de-grew by 4%/10% YoY/QoQ, 1% below our estimate, led by a higherthan-expected drop in ASP (1% below our estimate).

Axis Direct

Pick of the Week: APL Apollo Tubes - 26 DECEMBER 2023

APL Apollo Tubes (APAT) is a leading structural steel tube brand, operating with 14 brands in 4 product categories. It has 55% market share in...

Axis Direct

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