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Apollo Pipes Limited Reports Robust Q1 2024 Financial Results

Apollo Pipes Limited announces impressive financial performance for the first quarter of 2024

Key Financial Highlights

• Revenue from Operations: ₹30,849.53 lakh, a significant increase from ₹25,559.64 lakh in the previous quarter.
• Net Profit: ₹1,388.04 lakh, compared to ₹690.00 lakh in the previous quarter.
• Earnings Per Share (EPS): Basic EPS of ₹3.02, showing notable growth from the previous quarter's EPS of ₹1.71.

H2: Board Meeting Outcomes

H3: Financial Results Approval

The Board of Directors of Apollo Pipes Limited met on July 29, 2024, to review and approve the unaudited financial results for the quarter ended June 30, 2024. The meeting commenced at 01:00 PM and concluded at 01:40 PM.

• The unaudited financial results (Consolidated and Standalone) were prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The Audit Committee reviewed and recommended these financial results, which were subsequently approved by the Board.

H3: Amendment in Objects of Preferential Issue

The Board also approved modifications to the objects of the preferential issue, initially approved by shareholders on April 13, 2023.

Existing Objects of the Issue:

• Strategic investment in Kisan Mouldings Limited: ₹120.00 Crore
• Capital Expenditure: ₹39.35 Crore
• Issue-related expenses: ₹0.25 Crore
• Working Capital Requirements: ₹100.00 Crore
• Total: ₹259.60 Crore

Amended Objects of the Issue:

• Strategic investment in Kisan Mouldings Limited: ₹81.00 Crore
• Capital Expenditure: ₹39.35 Crore
• Issue-related expenses: ₹0.13 Crore
• Working Capital Requirements: ₹139.12 Crore
• Total: ₹259.60 Crore

H2: Detailed Financial Performance

H3: Consolidated Financial Results

• Revenue: ₹30,849.53 lakh, a substantial increase from ₹25,559.64 lakh in the previous quarter.
• Other Income: ₹98.61 lakh, compared to ₹32.80 lakh in the previous quarter.
• Total Income: ₹30,948.13 lakh, showing strong growth from ₹25,592.45 lakh.
• Expenses: ₹29,168.58 lakh, up from ₹24,011.66 lakh.

H3: Standalone Financial Results

• Revenue: ₹24,023.36 lakh, slightly down from ₹24,578.71 lakh in the previous quarter.
• Other Income: ₹81.50 lakh, compared to ₹32.80 lakh in the previous quarter.
• Total Income: ₹24,104.86 lakh, compared to ₹24,611.51 lakh.
• Expenses: ₹22,625.19 lakh, up from ₹23,069.04 lakh.

H2: Strategic Initiatives and Future Outlook

H3: Expansion and Investments

Apollo Pipes Limited continues to focus on strategic investments and expansion:

• Significant investment in Kisan Mouldings Limited, demonstrating a commitment to growth and diversification.
• Allocation of funds for capital expenditure and working capital requirements to support operational efficiency and expansion.

H2: Auditor's Review and Approval

The financial results were reviewed by M/s VAPS and Company, Chartered Accountants, the statutory auditors. Their Limited Review Report confirmed the accuracy and compliance of the financial statements with relevant regulations.