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Last Updated : Aug 02, 2018 09:46 AM IST | Source: Moneycontrol.com

HEG stock rises 5% to hit fresh record high after stellar performance in June quarter

Ravi Jhunjhunwala, Chairman & Managing Director said the company believes the current upsurge in global graphite electrode demand to sustain its momentum over the foreseeable future as the demand-supply is widening.

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Shares of carbon and graphite product manufacturing company HEG rallied as much as 5 percent in the morning to hit a fresh record high of Rs 4,559.80 on Thursday after reporting stellar performance for the quarter ended June 2018.

The company posted profit at Rs 770.3 crore for the quarter against net loss of Rs 8.34 crore in same period last year, backed by growth across the board.

Revenue from operations during the quarter grew by 673 percent to Rs 1,587 crore compared to Rs 205.35 crore in corresponding period last year, the graphite electrode manufacturer said. The sequential growth in revenue was 23 percent.

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Operating profit shot up 4975 percent year-on-year to Rs 1,187.6 crore and margin expanded sharply to 74.8 percent in Q1FY19 from 11.4 percent in Q1FY18 and 73.6 percent in Q4FY18.

Ravi Jhunjhunwala, Chairman & Managing Director said the company believes the current upsurge in global graphite electrode demand to sustain its momentum over the foreseeable future as the demand-supply is widening.

HEG is contemplating an increase in the operational capacity to capitalise on the structural changes in the industry and is also looking at the possibility of debottlenecking plant, for which necessary steps are being taken currently, he added.

Power and fuel cost in Q1 increased 94 percent year-on-year to Rs 41.5 crore but fell 23 percent quarter-on-quarter.

At 09:36 hours IST, the stock price was quoting at Rs 4,439.65, up Rs 96.95, or 2.23 percent on the BSE.

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First Published on Aug 2, 2018 09:46 am
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