Graphite India Q4 results: Net profit drops nearly 45% YoY; shares extend losses for seventh straight day

Graphite India Ltd shares closed lower on Tuesday, May 7, extending losses for the seventh straight day after the company reported weak Q4 results.

Shares of Graphite India Ltd dropped as much as 5.68% to an intraday low of ₹612 apiece on the NSE on Tuesday. The stock, however, recovered some losses and closed 5.14% lower at ₹615.55 apiece.

The leading graphite electrodes makers extended the losing streak for the seventh straight day on Tuesday after the company reported weak earnings for the quarter and financial year ended March 31, 2024.

Graphite India’s consolidated total income dropped 3.41% year-on-year (YoY) to ₹792 crore in Q4FY24 from ₹820 crore in the same quarter of FY23. The company’s net profit fell by nearly 45% to ₹16 crore in the quarter ended March 2024 from ₹29 crore in the corresponding quarter of FY23.

On a sequential basis, the company’s revenue increased 5.17% quarter-on-quarter from ₹753 crore in the three-month period ending December 2023. However, net profit declined 5.88% against ₹17 crore in the preceding quarter.

Graphite India FY24 results

The company’s revenue for the full financial year 2023-24 dropped marginally 1.81% to ₹3,254 crore against ₹3,314 crore in FY23. Graphite India’s net profit for FY24 stood at ₹805 crore, up 304% on a year-on-year basis compared to ₹199 crore in the preceding financial year.

Graphite India declares 550% dividend

The Board of Directors of Graphite India declared a dividend payout of 550%, which translates to a dividend of ₹11 per share of a face value of ₹2 each.

“The Board of Directors have recommended a dividend of ₹11 per equity share of Face Value of ₹2 each on 195375594 equity shares of the Company, subject to approval of the members in the 4th AGM of the Company. Dividend will be paid/dispatched to the shareholders within 15 days from the date of AGM,” the company said.