On a sequential basis, the company's sales volume has risen by 7%. Sales volume in Q3 FY23 stood at 605,049 ton.

For FY23, the company reported sales volume of 2,279,846 ton compared to 1,754,963 ton in FY22, up 30% YoY.

This was supported by recently commissioned new Raipur plant which contributed sales volume of 166,993 ton. The ramp-up of New Raipur plant is on expected lines. The capacity utilization was 28% in Q4 FY23 with sales volume of 71,637 ton.

The contribution from general segment was slightly higher at 44% in FY23 due to strong demand-pull from rural housing.

"However, APL Apollo's strategy of de-commoditization is intact,” the company said.

It further added that the sales mix will improve in coming years with rising contribution of innovative products. Sales growth in the heavy structural steel tubes remained strong. The sales mix should eventually move towards 75% for value added products.

Delhi NCR-based APL Apollo Tubes is India's leading structural steel tube manufacturer. The company operates 11 manufacturing facilities with a total capacity of 3.6 million tons. APL Apollo's multi-product offerings include over 1,500 varieties for multiple building material structural steel applications. The company's vast 3-tier distribution network of over 800 Distributors is spread across India, with presence in over 300 towns and cities.

The company's consolidated net profit rose 32.30% to Rs 169.18 crore on a 34.48% increase in sales to Rs 4201.12 crore in Q3 FY23 over Q3 FY22.

The scrip slipped 1.48% to currently trade at Rs 1186 on the BSE.