APL Apollo Tubes Ltd, India’s leading structural steel tube manufacturer, on Saturday announced that it has recorded its highest-ever quarterly and annual sales volumes for the period ended March 2023.

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For the fourth quarter that ended March 31 (Q4), APL Apollo saw sales volume of 6,49,726 tonnes, up 18 percent compared with the year-ago quarter and 7 percent compared with the previous quarter ended December 2022.

“This is the highest quarterly sales volume reported by the company,” APL Apollo said in a press release dated April 1.

For full fiscal 2022-23, the company reported sales volume of 2,79,846 tonnes compared to 1,754,963 tonnes in financial year 2022 – again its highest-ever.

APL Apollo said that the recently commissioned New Raipur plant was the primary reason behind the spurt in sales. The plant contributed a sales volume of 1,66,993 tonnes during the year. Capacity utilization of the New Raipur plant during the March quarter, was 28 percent with a sales volume of 71,637 tonnes.

The company further added that the contribution from the general segment was slightly higher at 44 percent in the fiscal year due to strong demand pull from the rural housing segment.

APL Apollo said that it expected the sales mix to improve in coming years with rising contribution of innovative products. “We are encouraged to see strong sales growth in the heavy structural steel tubes. The sales mix should eventually move towards 75 percent for value-added products,” it said in the press release.

In a separate notification on the same day, APL Apollo also informed shareholders that Arun Agarwal has ceased to be the chief operating officer of the company effective from closing hours of March 31 on his elevation to a whole-time board position in another group entity.

Shares of APL Apollo Tubes are down 1.8 percent at Rs 1,183.40. Shares are up 7 percent so far this year.

(Edited by : Rukmani Krishna)