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Graphite India with Improved Net Profit
The growth in net profit follows a 23,6 % jump in the company’s gross sales during the April-June quarter at EUR 52,55 million (INR 3346,9 million) due to increased market demand for electrodes. Electrode sales volumes in the quarter increased by 33 % over the previous corresponding quarter. While the company’s sales volumes in India grew by 55 %, export sales volumes grew by 19 % during the quarter. Net sales growth in the non-electrode segments, however, remained relatively flat. Graphite India chairman K.K. Bangur said: “Graphite India had a strong start to the fiscal year with significant volume growth, both on a year-over-year and sequential basis. Electrode prices too have remained relatively stable since the beginning of this year. Continued strength in global steel production, particularly through the EAF route, is expected to benefit the electrode industry going forward” (07/2011).