Graphite India shares gain: The company reported a net profit of Rs 64 crore in the quarter ended March 2021

Graphite_India

Graphite India shares gain: The company reported a net profit of Rs 64 crore in the quarter ended March 2021 against a loss of Rs 7 crore in the year-ago period. The sharp turnaround in profits was driven by a dip in material costs resulting in positive EBITDA margins in the current quarter. Research and broking firm ICICI Direct has maintained a buy call on the stock with a target of Rs 800 per share.

“During Q4 FY21, electrode prices started to recover from the lows. Furthermore, with increased steel production around the world, demand for electrodes has started to pick up and prices have started to stabilise. This augurs well for Graphite India, which is the largest Indian producer of graphite electrode,” it said.

News Source:-Moneycontrol

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