Shares of graphite electrode maker HEG jumped as much as 13 percent on Wednesday after the company reported strong quarterly earnings along with an encouraging management commentary. It was the top gainer on Nifty500.
At 11:12 am, shares were up 12.3 percent at Rs 2,305.25 on the BSE. The stock opened with a gain of 5.49 percent today.
On a consolidated level, revenue from operations jumped to Rs 517.56 crore in Q2 FY22 as compared to Rs 322.88 crore in Q2 FY21.
Revenue from the graphite segment posted a healthy YoY growth whereas power segment sales fell.
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HEG posted a consolidated net profit at Rs 131.52 crore for the reporting quarter as compared to a net loss of Rs 15.36 crore a year ago.
Manish Gulati of HEG told CNBC-TV18 that the company’s capacity utilisation was at 90 percent.
Gulati said that the company has seen price growth of 20 percent in Q2 and expects an 8-10 percent price hike from current levels.
The company will aim to pass on the input cost increase to customers. Besides, capital expenditure will be completed by the end of 2022 and will spend Rs 500 crore on capital expenditure this year.
Gulati expects revenue to reach Rs 2,000 crore this fiscal year.
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