APL Apollo Tubes Ltd. recorded better than expected Q4 FY21 Ebitda of Rs 2.07 billion (our estimate: Rs 1.8 billion) on account of higher premium/lower discounts.
Ebitda was down 11% QoQ primarily on account of lower volume as customers deferred demand amid rising commodity prices in January-February 2021.
The second wave of Covid-19 will affect volume again in Q1 FY22 but we remain positive on long term structural steel growth outlook and view the company to be a natural beneficiary with more than 50% market share.
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