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Graphite India, amongst the country’s largest graphite electrode makers and supplies, reported an over 83 per cent drop in consolidated net profit to ₹185 crore for the quarter ended September 30, 2019. It had a net profit of ₹1,113 crore in the corresponding quarter last fiscal.
Profits were affected primarily because of lower sales. Consolidated revenue from operations stood at ₹882 crore, an over 62 per cent drop as compared to the ₹2,345 crore it reported in the year-ago-period.
According to KK Bangur, Chairman, Graphite India’s performance for the quarter was impacted due to lower volumes and realization. As a result of lower steel production and demand globally, there has been steep cut in the demand for electrodes, impacting graphite electrode prices.
“In the domestic market, we are facing intense competition from the global graphite electrode manufacturers, including China, due to imbalance between electrode demand and supply and removal of antidumping duty on Chinese electrodes,” he added.
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