Graphite India's net up by 55 per cent

Kolkata, Jun 15 (UNI) Graphite India has registered a net profit of Rs.193.87 crore, up by 55 per cent, in 2006-07 compared to Rs.62.95 crore in the corresponding period last year.

The company has achieved income from operations of Rs 900.01 crore during the year under review as against Rs.649.40 crore in the previous year, registering an increase of 38 per cent.

On a consolidated basis, the sales/income from operations during the year has been Rs.1170.94 crore as compared with Rs.805.83 crore in the preceding year. The Consolidated Net Profit, including extraordinary income of Rs.96.24 crore, was higher at Rs.222.36 crore as against Rs.68.35 crore in the previous year. The significant improvement in the operating performance of the company can be attributed to timely capacity expansion, higher realization, better working capital management and persistent cost reduction efforts at all levels, a release mentioned.

The world crude steel production during the calendar year 2006 amounted to a record 1.24 billion metric tones (approx.). The year also witnessed robust global steel demand and stable prices. The steel sector in India is set on a high trajectory of growth led by strong demand from infrastructure, automobiles, white goods and housing sectors.

The steel consumption in India is slated to increase from 38.3 Million MT in 2005-06 to 57.4 Million MT in 2010-11, registering a compounded annual growth rate of 8.33 per cent.

The company exports more than 70 per cent of its Graphite electrode production. Barring unforeseen circumstances, the prospects of the electrode division of the company looks promising.

UNI