By IANS,
Kolkata : Graphite India Limited (GIL), India’s largest graphite electrode producer, Monday reported a 14.9 percent decline in its standalone net profit at Rs.42 crore in the quarters ending Sep 30, 2011, as against Rs.49 crore during the same period last year.
According to a release here, the company’s EBITDA stood at Rs.77 crore in the period under review compared to Rs.98 crore in the corresponding period last year, registering a dip of 21.8 percent.
Gross sales of the company, however, increased by 41.3 percent in the second quarter of this fiscal to Rs.479 crore from Rs.339 crore during the same period last fiscal.
Commenting on the results, GIL chairman K.K. Bangur said: “Electrode revenues during the quarter have been encouraging, being supported primarily by strong volume growth. Our manufacturing units are currently close to full capacity utilisation levels and our Durgapur expansion plan is progressing as per schedule.”
The company said electrode capacity expansion at Durgapur plant in West Bengal by 20,000 tonnes is expected to be completed by the fourth quarter of this financial year.
GIL is one of the largest producers of graphite electrodes globally by total capacity. Its manufacturing capacity of approximately 78,000 tonnes per annum is spread over four plants at Durgapur, Bangalore, Nasik (Maharashtra) and Nuremberg (Germany).