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Graphite electrode maker Graphite India has seen a 463 per cent jump in standalone net profit to ₹90 crore for the second quarter ended September 30 compared with ₹16 crore in the year-ago period.
Total income during the period increased by 33 per cent to ₹481 crore. In Q2 of FY-16, it stood at ₹362 crore.
According to KK Bangur, Chairman, Graphite Industries, China has shut down selected steel and electrode capacities on account of environmental considerations, which in turn has led to an increase in the steel output in other steel producing countries.
“These developments supported the recovery of volume and price of graphite electrodes. Capacity utilisation increased from 75 per cent to 89 per cent y-o-y,” he said in an investors’ presentation.
The domestic steel industry, Bangur added, has registered a 5.9 per cent y-o-y growth between April and August, supported by a strong recovery in steel prices.
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