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APL Apollo Tubes has announced the appointment of Chetan Khandelwal as its new Chief Financial Officer (CFO). Effective from November 1, 2023, Khandelwal will assume the role, succeeding Deepak Goyal, who has been relieved of his additional responsibility as CFO. However, Goyal will continue serving as a Whole Time Director (Operations) & Group CFO.
The appointment of Khandelwal as CFO follows a confirmation letter dated 1 November 2023, received from Goyal. In the letter, Goyal expressed his gratitude to the management and stated his intention to step down from his position as CFO and Key Managerial Personnel (KMP) of the company. Goyal intends to focus more on the business operations of the company in his role as Director (Operations) & Group CFO.
APL Apollo Tubes is India’s leading structural steel tube manufacturer. The company operates 11 manufacturing facilities with a total capacity of 5 million tons. The company’s multi-product offerings include over 2,500 varieties for multiple building material structural steel applications.
APL Apollo Tubes has reported 35% rise in consolidated net profit to Rs 202.9 crore in Q2 FY24 from Rs 150.2 crore in Q2 FY23. Net revenue increased by 17% year-over-year to Rs 4,630.4 crore during the period under review. Sales volume for the second quarter was 675 thousand tons as compared with 602 thousand tons recorded in the corresponding period last year, up 12% YoY.
Shares of APL Apollo Tubes rose 2.39% to Rs 1527.20 on 1 November 2023.
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