Apollo Pipes on Monday released its fiscal fourth quarter earnings with profit during the period at Rs 6.90 crore. The company recorded revenue from operations at Rs 255.60 crore for the quarter ended March 31, 2024 and the income stood at Rs 255.92 crore.
For the full year, Apollo Pipes reported profit at Rs 42.82 crore and the revenue for FY24 stood at Rs 986.95 crore.
The company board also recommended a final dividend at 10 per cent, i.e. Re 1 per share of Rs 10 each for the financial year ended March 31, 2024.
The company also commissioned a new manufacturing plant in Mirzapur, UP, with an annual capacity of 30,000 MT/ annum. It further announced the adoption of a new line of business. “The new line of business for the company falls within the domain of UPVC Doors & Windows Profiles, which is an extension of product range in the PVC segment,” the company said in a regulatory filing, while maintaining that both the products UPVC Doors & Windows Profiles and UPVC Pipes are broadly covered under “Building material products” and hence there is synergy in the products and customers of both.
Per the company, the expected benefits of the new line of business encompasses, diversification of revenue streams, enhanced market presence, increased client base, and long-term growth potential.
Apollo Pipes said that the company is planning to invest approximately Rs 45 crore in the new line of business, at the initial stage. The Investment amount depends on various factors, including scale of operations, development costs, technologies and equipment, regulatory compliance, etc, it added.