Kolkata: Graphite India Limited, the largest Indian graphite electrode producer, announced its audited Consolidated and Standalone results for Q4 and Full Year FY2019.
Commenting on the results and performance, Chairman K K Bangur, said,"I am delighted to report that FY2019 was an unprecedented year in the history of Graphite India with regard to highest ever revenue and profitability. Consolidated Net Sales was Rs. 7,858 crore with EBITDA of Rs. 5,233 crore and Net Profit of Rs. 3,396 crore translating into margins of 67 per cent and 43 per cent respectively. With strong cash flow conversion, the Net Cash balance at the end of March 2019 was Rs. 2,577 crore."
From the start of 2018, Graphite India continued with its initial momentum benefitting from strong demand, all time high electrode pricing as a result of various factors such as the closure of blast and induction furnace capacities in China, lower Chinese steel exports and the corresponding incroreeased production in other EAF manufacturing countries. However, moving into the second half of the fiscal year, the industry started to experience challenging market dynamics. Global steel demand was negatively impacted by an industrial slowdown due to a volatile geopolitical and economic environment.