Buy Apollo Pipes, target price Rs 570: Yes Securities

Yes Securities has buy call on Apollo Pipes with a target price of Rs 570. The current market price of Apollo Pipes is Rs 534.45. Yes Securities recommended to keep stop loss at Rs 501.

Apollo Pipes, incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 2094.62 Crore) operating in Plastics sector.

Apollo Pipes key Products/Revenue Segments include Plastic Products, Scrap and Export Incentives for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Standalone Total Income of Rs 207.42 Crore, down -5.60 % from last quarter Total Income of Rs 219.71 Crore and down -.42 % from last year same quarter Total Income of Rs 208.29 Crore. Company has reported net profit after tax of Rs -4.80 Crore in latest quarter.

The company’s top management includes Mr.Sanjay Gupta, Mr.Sameer Gupta, Mr.Abhilash Lal, Mr.Pradeep Kumar Jain, Ms.Neeru Abrol, Mr.Ashok Kumar Gupta. Company has VAPS & Co as its auditors. As on 31-12-2022, the company has a total of 4 Crore shares outstanding.

Investment Rationale
Stock rebounded off the support zone. Break above Rs 530 could unlock upside potential till Rs 570.

Promoter/FII Holdings
Promoters held 52.03 per cent stake in the company as of 31-Dec-2022, while FIIs owned 2.38 per cent, DIIs 12.17 per cent.