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Graphite India share price falls 5% after Covid-19 hits Q4 earnings

Share price of Graphite India lost up to 4.82% to Rs 193.5 against previous close of Rs 203.30 on BSE

Aseem Thapliyal | June 10, 2020 | Updated 18:13 IST
Grahpite India share price falls 5% after Covid-19 hits Q4 earnings
Graphite India share price is down 1.74% in a week. The stock has lost 7.01% in two days. Market cap of Graphite India fell to Rs 3,887 crore on BSE.

Graphite India share price fell 5% intra day today after the graphite electrode maker reported a 94.14 per cent fall in net profit for the fourth quarter ended March 2020. The firm attributed weak Q4 earnings to COVID-19 pandemic and subsequent disruptions in the market.

Share price of Graphite India lost up to 4.82% to Rs 193.5 against previous close of Rs 203.30 on BSE.  It pared some losses to close 2.12% lower at Rs 199 . The mid cap stock has lost 51.68% during the last one year and fallen 34.36% since the beginning of this year.

During last one week, Graphite India share price is down 1.74%. The stock has lost 7.01% in two days. Market cap of Graphite India fell to Rs 3,887 crore on BSE. 

Total 0.68  lakh shares changed hands amounting to turnover of Rs 1.33 crore. The stock opened with a loss of 2.63% at Rs 197.95 today. It stands higher than 20 day and 50 day moving averages but lower than 5 day, 100 day and 200 day moving averages.

The stock hit a 52-week high of Rs 427.45  on June 11 , 2019 and touched a 52 week low of Rs 103 on March 25, 2020. In fourth quarter of 2018-19, the firm reported net profit of Rs 427 crore.

Revenue from operations declined 60.57 per cent to Rs 548 crore in Q4 against Rs 1,390 crore in the corresponding period of the previous fiscal.

"The operations of the company were affected in the month of March 2020 due to the temporary shutdown of its factories in due compliance of the nationwide lockdown declared on 24th March, 2020 by the Government of India on account of COVID-19 pandemic," the company said.

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"The operations/production have since commenced in a phased manner in its factories since April/May, 2020 adhering to the guidelines/permissions of government authorities as applicable," it added.

In 2019-20 fiscal, Graphite India's net profit fell 98.89 per cent to Rs 31 crore against Rs 2,806 crore in 2018-19.

Revenue fell 57.32 per cent in 2019-20 to Rs 2,875 crore against Rs 6,737 crore in 2018-19

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