Heavy buying seen: Back-to-back 52-week high in this multibagger mid-cap stock!
The stock has surged more than 280 per cent in the last 3 years.
On June 22, 2023, the shares of Apollo Tyres Limited soared 1.87 per cent, shares hit a fresh 52-week high of Rs 427.20 per share on BSE. The scrip witnessed a massive spurt in volume by more than 1.06 times.
The consolidated financial results of Apollo Tyres Ltd for Q4FY23 recorded total sales of Rs 6,247 crore and witnessed a surge of 12 per cent YoY basis from last year same quarter. In similar fashion EBITDA levels witnessed a hike of 59.42 per cent from corresponding quarter last year to Rs 998 crore. Astonishingly, the PAT surged 277.87 per cent from March 2022 quarter to report Rs 427 crore.
Correspondingly, consolidated financial statements for FY23 reported its total sale at Rs 24,568 crore, up by 17.28 per cent over FY22. EBITDA level stood at Rs 3,314 crore witnessing a spike of 27.70 per cent compared to previous year. Net profit of the company increased by 72.92 per cent, as compared to FY22 to Rs 1,105 crore
Apollo, founded in 1972, produces automatic bias and radial tyres, as well as tubes. It has plants in Kochi, Vadodara, Pune and Chennai. The product profile includes important tyre brands in the T&B, light truck, passenger car and farm vehicle segments in India, catering to both original equipment manufacturers and the replacement market.
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The stock has gained momentum in the past 1 year as it has given more than 90 per cent returns. Moreover, the stock has surged more than 280 per cent in the last 3 years. Keep a close eye on this trending Auto Components stock.