India’s largest structural steel tube manufacturer APL Apollo Tubes Limited has reported a net profit of INR 1.7 billion ($20.40 million) for the fourth quarter (January-March) of the fiscal year 2023-24, a decline of 16 percent year on year, according to a company statement on Tuesday, May 14.
The company reported total revenues at INR 47.65 billion ($570.74 million), up 7.55 percent year on year.
“The company had to offer extra discounts to its clients to push up sales volume. However, we are encouraged to see strong sales growth in our value-added product portfolio such as heavy structural steel tubes and coated products,” the company said in the statement.