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Why Apollo Pipes share surged 20% today

Apollo Pipes share price hit 20 per cent upper circuit of Rs 883 on the Bombay Stock Exchange, in an otherwise weak broader market, on the back of strong volume

twitter-logoBusinessToday.In | March 12, 2021 | Updated 16:00 IST
Why Apollo Pipes share surged 20% today
Apollo Pipes shares jump 20%

Shares of Apollo Pipes rallied 20 per cent on Friday to hit fresh 52-week high of Rs 883 on the Bombay Stock Exchange, in an otherwise weak broader market, on the back of strong volume. The small cap stock has rallied 300 per cent in last 12 months from Rs 220, touched on March 24, 2020.

On Friday, Apollo Pipes share price opened higher at Rs 747 against previous closing price of Rs 735.85. During the day's trade, the stock hit 20 per cent upper circuit of Rs 883. The market capitalisation of the stock surged to Rs 1,157.56 crore.

There was surge in buying as 35,000 shares changed hands over the counter as compared to two-week average volume of just 4,295 shares.

In a similar trend, the stock of Apollo Pipes was locked in upper circuit of 19.94 per cent at Rs 884 on the National Stock Exchange (NSE). The stock hit intraday high and low of Rs 886 and Rs 735, respectively.

One of the leading piping solution provider, the company has reported strong financial performance in the December quarter on the back of rebound in consumption in the domestic markets. The company posted 145 per cent rise in net profit at Rs 16.33 crore in Q3 FY21 as against Rs 6.66 crore in Q3 FY20. Revenue from operations rose by 28 per cent year-on-year (YoY) to Rs 128.1 crore in December quarter of 2020. Sales volume increased by 7 per cent to 11,445 tons as compared to Rs 10,712 tons in Q3 FY19, driven by a healthy contribution from the cPVC, HDPE pipe and value-added product segment of Fittings.

On the operational front, EBITDA rose 138 per cent to Rs 25.5 crore, from Rs 10.7 crore in the same period last year, driven by cost-optimisation measures and improved contribution from the high-margin fittings segment. EBITDA margin was at 20 per cent versus 11 per cent in Q3 December 2019.

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