India's Apollo Pipes falls as Q3 profit tumbles

Apollo Pipes

24/01/2023 10:29

** Shares of Apollo Pipes Ltd  AOLL.NS  fall as much as 5.5%
to 528.3 Indian rupees
    ** The plastic products manufacturer says its quarterly net
profit slumped ~57% to 48.6 million rupees ($5.95 million)
    ** Revenue from ops was at 2.37 billion rupees, up 24%
    ** AOLL says its performance was hurt by sharp correction in
prices of polyvinyl chloride (PVC), mainly used for
manufacturing sewage pipes, along with continuous influx of
lower cost imports
    ** About 354,174 shares changed hands by 3:42 p.m. IST, 4.4x
30-day avg. of 79,979 shares
    ** Three of four analysts covering the stock rate it "strong
buy", one "hold"; median PT is 584.5 rupees - Refinitiv data
    ** Stock fell ~4% last year
($1 = 81.6250 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))