APL Apollo Tubes (533758) AGM 24/25 summary

Opening remarks and agenda

• The AGM was conducted virtually via WebEx, with all board members, auditors, and key executives joining either physically or through VC, ensuring compliance with regulatory relaxations for virtual meetings.

• Shri Ashok Kumar Gupta was elected as Chairman for the meeting in the absence of the regular Chairman, with requisite quorum confirmed and the meeting called to order.

• Roll call confirmed the presence of all required directors, auditors, and scrutinizers, with introductions of both physically and virtually present panelists.

Board and executive committee updates

• Directors and independent directors shared reflections on the company's growth, stakeholder focus, compliance culture, and innovation, highlighting strong board engagement and transitions.

• Several directors, including long-serving members, expressed gratitude and optimism for the company's future, with new directors welcomed for their diverse expertise.

• Retiring directors were acknowledged for their significant contributions, and the board emphasized ongoing commitment to governance and stakeholder value.

Financial performance review

• Sales volume reached 2.6 million tons in FY 2023-24, surpassing the previous milestone, with a new target set to double capacity to 5 million tons.

• Revenue grew by 12% and EBITDA reached a record ₹1,192 crore, with net profit up 14% to ₹732 crore; EBITDA per ton also improved.

• The company maintained a 55% market share, reduced net working capital to one day, and reported a net cash balance of ₹18 crore with no debt.

• Credit rating was upgraded to AA+ stable, reflecting strong financial health and performance.