The announcement was made during market hours today.

Apollo Pipes is a piping solution provider. The company's product profile includes over 1,000 product varieties of cPVC, uPVC, and HDPE pipes, Water storage tanks, PVC taps, fittings and solvents. The products cater to an array of industrial applications such as agriculture, water management, construction, infrastructure, and telecom ducting segments.

The company's net profit surged to Rs 8.75 crore in Q1 FY22 from Rs 2 crore in Q1 FY21. Net sales during the quarter increased by 48.75% YoY to Rs 137.61 crore.

The scrip fell 1.20% to currently trade at Rs 1648, as the counter witnessed significant volatility in trade today.

In the past one year, shares of Apollo Pipes have zoomed 328.68% while the benchmark Sensex has added 56.46% during the same period.