Graphite India Swings Back To Profit In June Quarter
The carbon and graphite products-producing firm recorded a net profit of Rs 236 crore for the quarter ended June, compared to a loss of Rs 30 crore in the same quarter of the previous fiscal year.
Graphite India Ltd. turned back to profitability in the first quarter of this financial year.
The carbon and graphite products-producing firm recorded a net profit of Rs 236 crore for the quarter ended June, compared to a loss of Rs 30 crore in the same quarter of the previous fiscal year, according to an exchange filing.
Revenue fell 2.5% year-on-year to Rs 728 crore for the three months ended June. Operating income, or earnings before interest, taxes, depreciation, and amortisation, was at Rs 113 crore, while the Ebitda margin was at 15.5%.
The consolidated gross debt by the end of June was Rs 257 crore.
"During the quarter, global crude steel production excluding China increased by 1.8% year-on-year but fell 0.3% sequentially. Except for India and the Middle East, which increased production by 10.6% and 12.5%, respectively, all other major countries either recorded marginally increased or declined steel production," said Chairman KK Bangur.
He further added that in the coming year, the global steel industry is expected to place emphasis on new capacity expansion through the EAF route, and this begins with global decarbonisation efforts along with the need for lower operating costs. This, according to Bangur, will benefit the company.
Shares of the company closed 2.77% lower at Rs 500.15 per share, compared to a 0.31% decline in the NSE Nifty 50. The stock has fallen 9.34% year-to-date and 7.88% over the past 12 months.
