APL posted strong earnings for 1QFY23 despite of poor volumetric sales and high inventory losses compared to 4QFY22
Effective tax rate dropped significantly to 34% in 1Q due to lower super tax as compared to 4QFY22.
Deregulation of POL prices in the long run bodes well for APL as it will shield the company from inventory losses.
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The analyst certifies that the views expressed in the report reflect their personal views about the subject securities. He or she also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations made in this report. He or she further certifies that they do not have any beneficial holding of the specific securities that they have recommendations on in this report.
Valuation Methodology: We use multiple valuation methodologies in arriving at a Target Price including, but not limited to, Discounted Cash Flow (DCF), Dividend Discount Model (DDM) and relative multiples based valuations.
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