Graphite India Q2 net up 25%

Graphite India (GIL), a leading graphite electrode manufacturer, has posted a 25 per cent rise in net profit for Q2FY09 at Rs 47.65 crore on the back of increased volumes, better realisation, cost reduction and higher plant productivity.

Sales during the quarter were up 45 per cent at Rs 403.33 crore.

The company suffered foreign exchange losses worth Rs 26.05 crore on account of the depreciation of the Indian currency against other major global currencies. GIL exports nearly 70 per cent of its production.

The electrodes division of the company recorded an 87 per cent rise in profits at Rs 89.40 crore, while sales stood at Rs 376.85 crore up from Rs 243.80 crore in the corresponding quarter last fiscal.

In comparison, the power division registered a dip in profit at Rs 8.23 crore from Rs 9.86 crore last fiscal as the generation of power at the company’s hydel plant in Karnataka has not been satisfactory till date due to paucity of rains in the catchment area.