Apollo Pipes Q4 results: Net profit declines 56% to ₹6.5 crore, declares dividend of ₹1

Apollo Pipes reported a 56.62 per cent decline in net profit, falling to ₹6.52 crore for the quarter ending in March 2024 from ₹15.03 crore in the same quarter of the previous year. 

The company reported operational revenue of ₹255.60 crore for the quarter ending March 31, 2024, with total income reaching ₹255.92 crore. For the fiscal year 2024, Apollo Pipes recorded a profit of ₹42.82 crore and revenue of ₹986.95 crore.

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Sales also decreased by 2.44% to ₹245.79 crore in the March 2024 quarter, compared to ₹251.94 crore in the March 2023 quarter.

However, for the full fiscal year, the company saw a significant increase in net profit, rising 77.50 per cent to ₹42.44 crore for the year ending March 2024, up from ₹23.91 crores the previous year. Annual sales also grew by 6.85 per cent, reaching ₹977.14 crore in the fiscal year ending March 2024, compared to ₹914.52 crore in the prior year.

“We are thrilled to announce strong growth in sales volume for FY24 on the back of improving demand scenarios from consumers across segments. We also strategically acquired Kisan Mouldings Limited (KML) in March 2024, strengthening our market position in the West Indian markets. This marks a significant milestone, positioning us for sustained growth and innovation. The Q4FY24 performance got impacted due to channel destocking ahead of general elections, which resulted in moderate sales volume growth of 10% YoY,” said Sameer Gupta, Chairman cum Managing Director ofApollo Pipes (APL).

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For the quarter ending March 31, the company experienced a significant decline in EBITDA, which dropped by 15% year-over-year to ₹249 million. This decline was accompanied by a reduction in the EBITDA margin, which fell by 154 basis points compared to the previous year, resulting in a margin of 10.1%. 

The company further announced a final dividend of ₹1 per share of ₹10 each (Face Value) for the financial year ending 31st March 2024. “Final Dividend @ 10% i.e. Re. 1/- (Rupee One only) per Share of Rs. 10/- each (Face Value) for the financial year ended 31st March, 2024, which shall be paid/ dispatched to the shareholders within 30 days of declaration and any further information in this regard including record date etc. shall be given to the stock exchanges in due course,” the company said in its exchange filing.

Apollo Pipes stock ended Friday's trading session in green, closed 1.43 per cent higher at ₹630.45 versus previous close at ₹621.75.