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APL Apollo Tubes Ltd.’s long-term growth story remains intact underpinned by growing application and rising consumption of structural steel tubes in residential and commercial buildings, warehouses, factories, agriculture and other infrastructure works.
The industry, post-inventory destocking in the last quarter because of higher steel prices, is now witnessing channel re-stocking led by correction in steel prices.
From our channel checks, we sense the overall demand scenario to be better with channel re-stocking happening in anticipation of a stable or marginally higher steel price.
Primary steel (hot rolled coil) price declined from the all-time high level and accordingly the gap between primary and secondary steel prices narrowed.
Overall margins of APL Apollo Tubes are expected to get a boost with the commissioning of Raipur plant by Q3 FY23, which offers value-added products.
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