Graphite India Reports 1,014% Increase in Net Profit, Share Rises After Four Trading Days

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Graphite India’s share rose by more than 4% after the company reported a 1014.29% increase in profits to Rs 64 crore in the fourth quarter compared to a loss of Rs 7 crore in the corresponding quarter of the previous year . The title won after 4 consecutive days of decline. Graphite India shares opened with a gain of 2.74% to Rs 629.90 today.

It hit an intraday high of Rs 646.85, up 5.5% from the previous close of Rs 613.10 on BSE.

The Graphite India stock trades above the 5-day, 100-day and 200-day moving averages, but below the 20-day and 50-day moving averages.

The stock has gained 242% in one year and is up 108% since the start of this year. A total of 0.42 lakh of shares changed hands for turnover of Rs 2.68 crore on BSE.

The company’s market capitalization rose to Rs 12,373 crore.

Sales fell to Rs 565 crore in the fourth quarter compared to sales of Rs 602 crore in the corresponding period of the previous year.

Operating profit excluding other income rose 400% to Rs 78 crore in the last quarter compared to Rs 26 crore loss in the corresponding quarter of last year.

On a quarterly basis, Graphite India’s profit increased 178.26% from Rs 23 crore in the third quarter of last year.

Sales climbed 13.23% from Rs 499 crore in the December quarter of the previous fiscal year. In terms of annual profit, the company reported a loss of Rs 32 crore, falling 171% from profit of Rs 45 crore for the fiscal year ended March 2020.

Sales also slipped 36.72% to Rs 1,958 crore in the last fiscal year from Rs 3,094 crore for the fiscal year ended March 2020.

For the full year FY21, Graphite India declared a dividend of Rs 5 per share. The decline in year-over-year revenue is largely explained by the fact that its plant’s operations have been negatively affected by the impact of the pandemic.

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