• Revenue up 25% YoY and 28% QoQ at INR21.2bn driven by robust volume growth which offset lower realizations. Volumes (including Apollo Tricoat) came in at 480kt; higher 53% YoY and 32% QoQ aided by a recovery in demand and restocking of inventories in the distribution channel.

• Subsidiary Apollo Tricoat delivered strong volumes of 47kt, 71% sequentially higher. and EBITDA including Tricoat at INR1.6bn jumped 171% YoY and 123% QoQ. EBITDA in the quarter was aided by higher volumes, operating leverage benefits and a richer product mix.

• As per the management, steel prices at end of December'19 were at similar levels as at the end of September'19 and there were no inventory gains or losses in 3QFY20. EBITDA/ton at higher 78% YoY and 69% QoQ. Adjusted PAT post minority interest is up 477% YoY and 35% QoQ primarily on account of higher EBITDA partly offset by higher depreciation charges and higher effective tax rate sequentially.

• APL Apollo's volumes are expected to maintain the growth rate of ~20% with the ramp up of Shankara/Tricoat facility, geographical diversification in the Central/Eastern region and the continued shift from unorganized to organized players.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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