Hem Securities has given Buy recommendation for APL Apollo Tubes with a target price of Rs. 960 in its research report issued on Feb 25, 2022

Hem Securities report on APL Apollo Tubes

APL Apollo Ltd Q3 FY22 consolidated revenues came in at ₹3230 Cr, up 24.2% YoY and up 4.7% QoQ. Op Profit for Q3FY22 stood at ₹202 Cr, down 13%% YoY and -9%% QoQ. Op margins for Q3FY22 came at 6%, -300bps YoY and -100bps QoQ. PAT for Q3FY22 stood at ₹116 Cr, down -12% YoY and down by 11.5% QoQ.

Outlook

We initiate a “BUY” rating on the stock and value the stock at 38.0x FY23E earnings to arrive at the target of ₹960.

More Info

At 14:39 hrs APL Apollo Tubes was quoting at Rs 848.35, down Rs 2.85, or 0.33 percent.

It has touched an intraday high of Rs 850.80 and an intraday low of Rs 829.20.

It was trading with volumes of 14,158 shares, compared to its thirty day average of 37,195 shares, a decrease of -61.94 percent.

In the previous trading session, the share closed up 1.90 percent or Rs 15.85 at Rs 851.20.

The share touched its 52-week high Rs 1,113.65 and 52-week low Rs 521.50 on 16 December, 2021 and 16 March, 2021, respectively.

Currently, it is trading 23.82 percent below its 52-week high and 62.67 percent above its 52-week low.

Market capitalisation stands at Rs 21,217.70 crore.

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