HEG rose 6.92% to Rs 2194.45 after the company reported consolidated net profit of Rs 131.52 crore in Q2 September 2021 as against net loss of Rs 15.36 crore in Q2 September 2020.
On a consolidated basis, net sales rose 60.29% to Rs 517.56 crore in Q2 September 2021 over Q2 September 2020.Pre-tax profit stood at Rs 148.01 crore in Q2 September 2021 compared with pre-tax loss of Rs 46.84 crore in Q2 September 2020.
During the quarter, total expenses rose 2.27% YoY to Rs 394.90 crore. Employee expense surged 70.66% YoY to Rs 21.35 crore. Raw material cost increased 20.83% YoY to Rs 191.26 crore.
The company had undertaken an expansion project in past to increase the existing capacity from 80,000 tons to 100,000 tons and the same is going on in full swing. There was a few months delay due to Covid and the management expects the expansion project to be completed in the quarter Oct-Dec'22. Commercial production is expected from early 2023, HEG said in a statement.
HEG is India's leading graphite electrode manufacturer. It has one of the largest integrated Graphite Electrode plants in the world, processing sophisticated UHP (Ultra High Power) Electrodes. The company exports over 70% of its production to more than 30 countries of the world.
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