Graphite India slips 5% as Q2 net profit falls 83% YoY to Rs 185 crore

India removed anti-dumping duties on graphite electrodes imported from China in September 2018 which has resulted in increased imports.

Shares of Graphite India slipped 5 per cent to Rs 279 on the BSE on Wednesday after the company reported a sharp 83 per cent year-on-year (YoY) decline in the consolidated net profit at Rs 185 crore in September quarter, due to lower realisaton. The graphite electrode manufacturer had profit of Rs 1,113 crore in the year-ago quarter.

Net sales during the quarter fell 62 per cent YoY to Rs 882 crore against Rs 2,345 crore in the corresponding quarter of the previous fiscal. Earnings before interest, tax, depreciation and amortisation (ebitda) margin plunged to 22 per cent from