Interim Budget 2024: The union budget is to be presented by the Finance Minister on 1st February. It will be an interim budget this time since the general elections are to be held in May this year. Though probabilities remain low on any spectacular announcements, nevertheless expectations of some adjustments does remain alive.
Sanjay Gupta, Chairman & Managing Director of APL Apollo Steel Tubes Ltd. said that “In the upcoming budget, APL Apollo anticipates positive shifts that align with the industry goals. A potential reduction in GST and export policy reforms will present a favorable economic environment for domestic companies to thrive and follow the path towards Atmanirbhar Bharat, becoming a self-reliant economy.”
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Moreover, the growing emphasis on environment-consciousness worldwide has opened new avenues for the company said Gupta. “We expect the administration to focus on a collective shift towards greener construction as it aligns seamlessly with our commitment towards sustainability in the form of eco-friendly products and lower-carbon-intensive manufacturing processes.”
Furthermore, in line with the current market trends, Gupta expects a transformative shift towards promoting structural steel tubes for infrastructure across the country. This as per Gupta will not only position the company as a pioneer in modern construction techniques but will also contribute to the strength and longevity of the structures in India.
In conclusion, APL Apollo envisions a budgetary framework that ensures the continued success and resilience of the construction industry.” said Sanjay Gupta,
APL Apollo is a prominent manufacturer of Structural Steel tubes and pipes having 11 manufacturing facilities with a total capacity of 3.6 million tons.
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As per recent announcements on volume numbers, APL Apollo registered a sales volume of 6,03,659 Ton in Q3FY24 compared to 6,05,049 Ton in Q3FY23 and 6,74,761 Ton in Q2FY24.
For 9MFY24, the company reported sales volume of 19,39,921 Ton, an increase of 19% YoY. The Q3FY24 sales volume declined sequentially due to channel de-stocking in anticipation of steel price correction. In the first two months of Q3FY24, the global steel prices had fallen 12% from the peak levels.
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Published: 25 Jan 2024, 04:50 PM IST