Graphite net up at Rs 51 crore

Kolkata: Graphite India Ltd (GIL) yesterday declared dividend of Rs 4 per equity share of Rs 10 each for the year ended March 31, 2004. During the year, the company earned a net profit of Rs 51.32 crore on a total income of Rs 549.30 crore compared to the net profit of Rs 33.39 crore and sales turnover of Rs 410.08 crore last year.

The electrode division operated at more than rated capacity. In volume terms, the domestic sales of graphite electrode increased by 27 per cent and export sales rose by 29 per cent. GIL is optimistic that the demand for graphite electrodes continues to be strong. The general upsurge in the steel sector is also likely to benefit GIL. The company exports more than 70 per cent of its graphite electrode, while its order book position is quite healthy.

The expansion project for enhancing the capacity of Durgapur plant by 20,000 tonnes at a capital cost of Rs 160 crore is progressing as per schedule and will be completed before the end of the current fiscal, thereby raising its total graphite electrode manufacturing capacity to 60,000 tonnes per year.