Top Conviction Ideas – “Metals and Mining”
Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.
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APL Apollo Tubes - Inventory Losses; Higher Discounting Hurts Margins
Revenues grew marginally at 3% YoY led by volume growth (up 12% YoY), which was partially offset by a decline in realizations (down 8% YoY).
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APL Apollo Tubes Ltd - EBITDA/T Miss on Inventory Loss
Management believes that the worst is now behind and expects margins to expand to a normalised level of Rs 4,500-5,000/t over the next 2-3 quarters.
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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.
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Metals - Q1FY25 Earnings Preview
For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking...
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