The firm stated that Q3 FY24 sales volume declined QoQ due to channel de-stocking in anticipation of steel price correction. In the first two months of the third quarter, the global steel prices had fallen 12% from the peak levels.

For 9M FY24, the firm reported sales volume of 19,39,921 ton, registering a growth of 19% YoY.

“The contribution from value-added segment has increased to 59% in Q3 FY24. APL Apollo's strategy of de-commoditization is intact. We are encouraged to see strong sales growth in the heavy structural steel tubes as tubular construction is gaining momentum. The overall sales volume shall improve in the subsequent quarters as the signs for re-stocking are already visible post recent reduction in domestic steel prices.” the company stated in the press release.

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 on 17% increase in net revenue to Rs 4,630.4 crore in Q2 FY24 over Q2 FY23.