Graphite India on Wednesday reported an 83.37 per cent dip in its consolidated net profit to Rs 185 crore for the quarter ended September 30, mainly on account of lower sales.
The graphite electrodes maker had posted a net profit of Rs 1,113 crore for the corresponding period of the previous fiscal, Graphite India said in a filing to the BSE.
Its consolidated revenue from operations stood at Rs 882 crore for the quarter under consideration. It was Rs 2,345 crore for the same period year ago.
The performance for the quarter was impacted due to lower volumes and realisation as compared to the same period last year, Graphite India Chairman K K Bangur said.
"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.
Shares of Graphite India were trading at Rs 280.95 per scrip on the BSE, down 4.01 per cent from its previous close.