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- 15 Feb 2022
- ICICIdirect Research
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MUTED PERFORMANCE FROM GERMAN OPERATIONS IMPACTS CONSOLIDATED PERFORMANCE OF GRAPHITE INDIA
GRAPHITE - 570 Change: 47.85 (9.16 %)News: For the quarter, Graphite India’s consolidated operations capacity utilisation of 90% higher than our estimate of 83% (65% in Q3FY21 and 81% in Q2FY22). Consolidated topline for the quarter stood at Rs.880 crore, up 76% YoY and 27% QoQ, higher than our estimate of Rs.765 crore. Consolidated EBITDA came in at Rs.137 crore, up 26% QoQ, however lower than our estimate of Rs.166 crores. Consolidated other income for the quarter stood at Rs.66 crore, down 54% YoY and 16% QoQ. The ensuing consolidated net profit during the quarter stood at Rs.132 crore, up 3% QoQ and 474% YoY.
Views: Graphite India reported mixed set of numbers for Q3FY22, wherein consolidated topline came in higher than our estimate, while consolidated EBITDA and PAT came in lower that our estimate. While the standalone operations reported steady performance during the quarter, consolidated performance was adversely impacted by muted performance by German operations. For the quarter, German operations reported loss at EBITDA level primarily due to steep rise in electricity and fuel costs despite higher realisations. Consolidated EBITDA margin came in at 15.6% as compared to 15.8% in Q2FY22 lower than our estimate of 21.7. Consolidated EBITDA margin and EBITDA came in muted of the back of higher than expected operating costs, especially power and fuel cost. During the quarter for the consolidated entity, power and fuel costs stood at Rs.127 crore as compared to Rs.76 crore in Q3FY21 and Rs.97 crore in Q2FY22.
Impact: Neutral