Apollo Pipes on Monday divulged its fiscal fourth quarter earnings, revealing a profit of Rs 6.90 crore. The corporation’s revenue from operations was recorded at Rs 255.60 crore for the quarter concluding on March 31, 2024, with total income standing at Rs 255.92 crore.
For the entire fiscal year, Apollo Pipes reported a profit of Rs 42.82 crore, while the revenue for FY24 was Rs 986.95 crore. The board of the company has also proposed a final dividend of 10 percent, which translates to Re 1 per share of Rs 10 each for the financial year ending March 31, 2024.
In a strategic move, the company has inaugurated a new manufacturing facility in Mirzapur, Uttar Pradesh, boasting an annual capacity of 30,000 MT. Additionally, Apollo Pipes declared the introduction of a novel business venture. “The new venture encompasses UPVC Doors & Windows Profiles, expanding our product range within the PVC segment,” the company articulated in a regulatory filing. It emphasized that both UPVC Doors & Windows Profiles and UPVC Pipes fall under the category of “Building material products,” ensuring product and customer synergy.
The anticipated advantages of this new business line include the diversification of revenue sources, an augmented market footprint, a broader client base, and substantial long-term growth potential. Apollo Pipes disclosed plans to invest around Rs 45 crore initially in this new business line. The precise investment amount is contingent on various factors, such as the scale of operations, development costs, technological advancements, and regulatory compliance.
