While volumes are important, EBITA/ ton is also very important. As per Q4 presentation, about 40% of sales are at a low EBITA of about 2600/ ton. APL appears to be loosing moat in a business of metal pipes, which ultimately are a commodity, and, with passage of time, will sell at commodity price.
I have been invested since last couple of years, but now loosing confidence in its super profitability that APL had in the past. Competitors are catching up fast.
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