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For the quarter, sales fell 46% to Rs 1109.81 crore. OPM increased 40 bps to 6.4%. Thus OP fell 43% to Rs 71.07 crore. The company registered a sales volume of 238311 tonne in Q1FY21 (61% of Q1FY20 volume and 59% of Q4FY20 volume). Other income grew 7% to Rs 4.87 crore. As interest cost fell 25% to Rs 21.17 crore while depreciation rose 18% to Rs 23.91 crore, PBT went down 62% to Rs 30.86 crore.
Tax provision was down 69% to Rs 8.97 crore (effective tax rate was down 660 bps to 29.1%) after which PAT fell 8% to Rs 21.89 crore. Further considering MI net profit fell 68% to Rs 16.78 crore.
Commenting on the Company's performance for Q1 FY21, Mr. Sanjay Gupta, Chairman, APL Apollo, said, "APL Apollo Tubes Ltd has created its dominant leadership in structural steel tube industry. The Q1FY21 performance was impacted due to disruption from COVID-19. We lost full 21 days of production in April 2020 apart from weak economic sentiments since our country got its first COVID-19 case.
I am proud of the way Team APL Apollo has executed a strong business continuity plan focused on Health, Cost and Cash. The company has resumed its operations with strict health and safety protocols. With our continuous focus on working capital and cost efficiencies, I am confident that the company will emerge stronger from this situation."
FY20 results
For 12 months ended Mar20, net sales were up by 8% to Rs 7723.23 crore. OPM was up by 70 bps to 6.2% resulting in a 21% increase in OP to Rs 477.3 crore. Other income was up by 89% to Rs 22.18 crore. Interest cost was down by 5% to Rs 07.27 crore while depreciation was up 49% to Rs 95.91 crore. This resulted in a 31% growth in PBT to Rs 296.3 crore. Tax provision was down 49% to Rs 40.34 crore (effective tax rate was down 2110 bps to 13.6%) after which PAT grew by 73% to Rs 255.96 crore. Further considering MI net profit rose 60% to Rs 237.93 crore
The scrip trades at Rs 2192.
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