Graphite India reports subdued performance for Q1FY23GRAPHITE - 508 Change: 5.35 (1.06 %)
News: For Q1FY23, Graphite India reported consolidated topline of Rs 866 crore, up 42% YoY and 3% QoQ (our estimate of Rs 960 crore). Reported consolidated EBITDA for the quarter stood at Rs 28 crore. However after adjusting for the one-off charge adjusted consolidated EBITDA for the quarter stood at Rs 103 crore, down 27% YoY, however up 17% QoQ. Adjusted consolidated EBITDA margin for the quarter stood at 11.9% as compared to 23.1% in Q1FY22 and 10.4% in Q4FY22. The ensuing consolidated reported PAT for the quarter Rs 24 crore.
View: Graphite India reported muted set of numbers for Q1FY23, primarily on the back of lower than expected consolidated capacity utilisation and higher than expected operating costs. For Q1FY23, Graphite India’s consolidated capacity utilisation stood at 71% as compared to 77% in Q1FY22 and 76% in Q4FY22, lower than our estimate of 83%. The reported numbers were also impacted by the one-off charge. In Q1FY23, Damodar Valley corporation has revised electricity tariff rates and the net charge of Rs 75 crore has been clubbed under Power and Fuel costs for the quarter.