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Analyst Meet / AGM
06-May-21
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Conference Call
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Apollo Pipes
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Production capacity of 125,000 tpa by May 2021
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Apollo Pipes held a conference call on May 05, 2021 to discuss the results for the quarter ended Mar21 and way forward. Mr. Sameer Gupta – Managing Director and Mr. Ajay Jain – CFO of the company addressed the call.
Highlights of the Concall
- Sales volume was higher by 34% to 12,987 tonne in Q4FY21 from 9,721 tonne in Q4FY20 while FY21 sales volume was higher by 6% to 47,333 tonne from 44,692 tonne in FY20 driven by a healthy contribution from the cPVC, HDPE pipe and value-added product segment of Fittings.
- Cost-optimization measures and improved contribution from the high-margin fittings segment resulted in a better gross margin performance during the quarter.
- The company's existing manufacturing facilities at Dadri, Ahmedabad and Tumkur are operating at steady utilization levels and it remains confident of further improving it to the optimal levels in the quarters ahead.
- The company's latest launched product – water storage tanks has seen strong acceptance in the domestic market and the product contributed to improved sales during the quarter. In order to address the increased demand for this product, the company has already doubled the capacity for this product line at its current manufacturing facility at Sikandarabad (Dadri) in November 2020 and 1 Unit at Tumkur location.
- Current capacity of water storage tank is 3600 tonne but after fourth capacity addition at Raipur it will be 4800 tonne.
- The company expects revenue of Rs 60 crore from water tank in FY23
- The various pro-growth measures undertaken by the government, especially in the rural, infrastructure and agricultural space should lead to better demand and consumption of its products in the domestic market over the medium-to-longer term.
- The company sales volume is expected to grow over next few quarters led by improving demand environment, expansion in addressable markets and increase in utilisation levels. Going forward it expects to report robust performance over the quarters to come.
- The company has successfully completed its all brownfield expansion plans across facilities located at Dadri, Tumkur and Sikandarabad
- The Greenfield expansion at Raipur, Chattisgarh with initial production capacity of 7,200 tpa is delayed due to second wave of covid 19. However the company expects to commercialize the facility in the current month only.
- The company on-track to achieve a production capacity of 125,000 tonne per annum (tpa) by May, 2021
- The company plans to tap the untapped and high potential eastern and central India
- The company's product demand has been curtailed in last 15 days due to second wave of covid 19.
- Cash balance stood healthy at Rs 10 crore.
- The company expects a marginal capex in the coming years towards maintenance capex to be around 20-25% of Ebitda
- The company target to sell around 60-65 percent of its products to building products by end of FY23
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