Graphite India sinks 11% as revenue more than halves in June quarter

EBITDA margins declined to 36 per cent from 75 per cent, due to increase in average needle coke cost.

Shares of Graphite India tumbled 11 per cent to Rs 280 intra-day on the BSE on Tuesday after reporting 77 per cent drop in consolidated net profit at Rs 220 crore in the April-June quarter (Q1FY20), due to lower sales and higher operating cost. The company had a profit of Rs 957 crore in the year-ago quarter.

Net sales during the quarter more than halved to Rs 967 crore from Rs 1,965 crore, on account of lower volumes and realizations as compared to previous quarter. Operating profit came in at Rs 352 crore, down 76 per cent over previous