Other income fell 6.06% to Rs 2.48 crore. Provision for interest fell 54.08% to Rs 0.9 crore. Provision for depreciation rose 56.60% to Rs 5.81 crore. Profit before tax grew 205.90% to Rs 22.82 crore. Provision for tax was expense of Rs 6.18 crore, compared to Rs 1.27 crore. Effective tax rate was 27.08% compared to 17.02%. Profit after tax rose 168.82% to Rs 16.64 crore.

Commenting on the Company's performance for Q4 & FY2021, Mr. Sameer Gupta, Managing Director, Apollo Pipes said, "We have reported an encouraging performance during the quarter led by a robust uptick in consumption in the domestic markets. During the quarter, our quarterly sales volume grew by 34% to 12,987 MTPA and full year sales volume grew by 6%, 47,333 tons 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 further resulted in a better gross margin performance during the quarter.

From an operational standpoint, our existing manufacturing facilities at Dadri, Ahmedabad and Tumkur are operating at steady utilization levels and we remain confident of further improving it to the optimal levels in the quarters ahead. I am also happy to share that the plan to operationalize our Greenfield facility at Raipur is advancing well. We are also progressing on our brownfield expansion plans at the three plants of Dadri, Ahmedabad and Tumkur. In addition, our latest range of Water Storage Tanks are seeing strong acceptance in the domestic market and accordingly, we have already doubled the capacity for this product at our plant in Sikandarabad (Dadri) and also commissioned 1 unit at Tumkur. So, on the whole, the planned capacity

additions should enable us to deliver improved sales momentum, going forward.

Looking ahead, 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 our products in the domestic market over the medium-to-longer term. We are confident that once the macro-situation normalizes, we should be able to deliver strong and sustainable growth, going forward."

FY21 result performance

Net sales of Apollo Pipes has increased 26.99% to Rs 518.07 crore. Operating profit margin has jumped from 11.36% to 14.33%, leading to 60.14% rise in operating profit to Rs 74.24 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.58% to 68.58%. Purchase of finished goods cost rose from 1.14% to 1.20%. Employee cost decreased from 6.26% to 5.66%. Other expenses fell from 11.02% to 10.21%.

Other income fell 16.98% to Rs 8.41 crore. Provision for interest fell 28.17% to Rs 4.36 crore. Loan funds declined from Rs 77.65 crore as of 31 March 2020 to Rs 52.31 crore as of 31 March 2021. Inventories declined from Rs 82.44 crore as of 31 March 2020 to Rs 78.22 crore as of 31 March 2021. Sundry debtors were higher at Rs 62.69 crore as of 31 March 2021 compared to Rs 59.40 crore as of 31 March 2020. Cash and bank balance declined from Rs 127.99 crore as of 31 March 2020 to Rs 72.28 crore as of 31 March 2021. Investments rose to Rs 0.47 crore as of 31 March 2021 from Rs 0.37 crore as of 31 March 2020 .

Provision for depreciation rose 38.74% to Rs 17.62 crore. Fixed assets increased to Rs 207.36 crore as of 31 March 2021 from Rs 162.91 crore as of 31 March 2020. Intangible assets declined from Rs 21.69 crore to Rs 21.33 crore.

Profit before tax grew 60.84% to Rs 60.67 crore. Provision for tax was expense of Rs 16.2 crore, compared to Rs 9.19 crore. Effective tax rate was 26.70% compared to 24.36%.

Profit after tax rose 55.87% to Rs 44.47 crore.

Promoters' stake was 52.03% as of 31 March 2021 compared to 47.11% as of 31 March 2020 .

• The company is on-track to achieve a production capacity of 125,000 MTPA by May, 2021 - Greenfield and Brownfield manufacturing expansions of the company are on track

• 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.

Currently the shares are quoting at around Rs 1136 at BSE.