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Home STOCKS Graphite India Q4 success: Net profit down 94% at Rs 25 crore

Graphite India Q4 success: Net profit down 94% at Rs 25 crore

New Delhi: Graphite India Ltd on Tuesday noted a 94.14 for each cent drop in net profit at Rs 25 crore for the fourth quarter finished March 2020, impacted by COVID-19 pandemic and subsequent disruptions in the market.
The business experienced posted a net profit of Rs 427 crore in January-March quarter past fiscal, Graphite India claimed in a regulatory filing.
Revenue from operations fell 60.57 for every cent to Rs 548 crore all through the quarter under critique as against Rs 1,390 crore in the corresponding interval of the former fiscal.
“The operations of the enterprise had been affected in the thirty day period of March 2020 due to the momentary shutdown of its factories in due compliance of the nationwide lockdown declared on 24th March, 2020 by the Federal government of India on account of COVID-19 pandemic,” the firm mentioned in a publish-earnings statement
“The functions/production have considering that commenced in a phased way in its factories because April/May perhaps, 2020 adhering to the pointers/permissions of govt authorities as applicable,” it additional.
Graphite India’s full expenses declined 27.24 per cent to Rs 542 crore as versus Rs 745 crore in fourth quarter of 2018-19.
“In the previous year, the company experienced entirely charged off the internet block of plant, machinery and machines pertaining to the Bengaluru factory by way of accelerated depreciation, and had furnished for (as an excellent Product) compensation payable to the workers/workers consequent to the closure of the factory’s operations, which has been settled/modified in the latest calendar year,” it said.
For fiscal year 2019-20, Graphite India’s net profit fell 98.89 for each cent to Rs 31 crore from Rs 2,806 crore in 2018-19.
Revenue from operations in 2019-20 declined 57.32 for each cent to Rs 2,875 crore as against Rs 6,737 crore in 2018-19.
Shares of Graphite India Ltd on Tuesday shut 5 for every cent lower at Rs 203.30 apiece on the BSE.

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