Apollo Pipes targeting to achieve 1000 Cr in 2023 from 560 Cr in 2021 which is approx. 33% CAGR on sales. This will give company PAT around 110 on 11% PAT margin(conservative) and that will be around 26% PAT growth. Moved from Satellite to Core for next 2 years. My average entry price is 1070(PE around 18) with complete allocation of 5% on current capital. Expected to achieve the invested amount doubled or more by 2023. Risk is that company price is very far from 11 ema and hence expected correction/fall in near term. Overall, Bullish on this company. -Strong capex done in previous 2-3 quarter via internal accruals - Strong Infra Tailwind and PVC segment itself growing at 10% - Strong balance sheet with + Net cash and d/e ratio 0.18 - Company launching new product (Water storage tanks), New high margin product category (Bathroom fittings) and expanding to new geography in central and east India - Strong Chart Company Brief – • Apollo Pipes is engaged in the manufacturing and trading of PVC Pipes and Fittings. • Revenue Mix • Sales volume decreased marginally by 2% to 10,402 metric ton due to countrywide pandemic in Q1 2022 • Improved contribution from the high-margin fitting segment resulted in a better gross margin performance during the quarter. • Capex - Greenfield facility at Raipur which would have installed capacity of 7,200 metric ton per annum • Continue to witness a positive traction in price of APL Apollo water storage tanks • Revenue from operations for the quarter stood at 137.6 Crores as against 92.5 Crores in Q1 FY2021 higher by 49% Y-o-Y. • EBITDA for the quarter grew by 182% Y-o-Y which stood at 17.4 Crores as against 6.2 Crores in Q1 FY2021. EBITDA margin, stood at 12.7% in Q1 FY2022 as against 6.7% in Q1 FY2021 higher by 598 BPS