Highlig" />

Find out what millions of sellers are selling right now.
Find out what millions of buyers are buying right now.
Search Lead Business Directory for suppliers and buyers.
Find out about Lead Trade Shows & Events.
Jaipur
[India]
Posted on : Nov 14, 2018


Highlights for the Quarter



  • Gravita expands production capacity of its plant situated at Chittoor, Andhra Pradesh.


Gravita India Limited today announced its results for the Second Quarter ended 30th September 2018.


Operational Performance


Gravita India has 11 recycling plants across the world. The revenue for the Second Quarter ending September rose by 30% to 292.72 crores rupees.


Financial Performance


Revenue from operations during the quarter was Rs. (Q2FY2018),292.72 crores (Q2FY2019) v/s Rs. 224.67 crores an increase of approx 30% y-o-y primarily due to higher production.


During the half year ended September 30th, 2018 Gravita’s Revenue rose by 40.25% to 597.67 crores corresponding from Rs. 426.14 crores half year ended September 30th, 2017.


For H1FY2019, the company at the consolidated level reported EBITDA and Profit After Tax (PAT) of Rs.36.92 crores and Rs. 17.55 crores respectively v/s EBITDA of Rs. 44.65 crores and PAT of Rs. 24.11 crores respectively in H1 FY2018.


During the quarter LME prices were on downward trend and company was holding opening inventory for its manufacturing cycle of approximately 15 days, therefore, inventories of higher cost is accounted for in cost of goods sold. The company is re-assessing its hedging strategy looking into the dynamic markets.


The hiring of professionals for each SBU for expansion of business and targeted revenue for next 2-3 years increased the manpower cost for the period. In addition to that, the performance appraisals for FY 2018-19 and performance incentive for retention of manpower also increased the manpower cost.


During the quarter, the Company has hedged pre-shipment credit in foreign currency (PCFC) with certain highly probable transactions and opted to follow hedge accounting. Accordingly, the exchange difference of Rs 0.89 Crores (net of deferred tax of Rs. 0.48 Crores) on the effective portion has been accounted for in other comprehensive income. Amount of exchange difference will be reclassified to the income statement as and when the highly probable transactions are executed and recorded in the income statement.


See the Financial Results

Other News and Announcements
[India]
Posted on : Jan 14, 2020
“All over the world the usage of metal scrap is promoted as the environmental friendly material. While Government of India is levying basic custom duty on metal scraps in the range of 2.5 t....
[Canada]
Posted on : Nov 15, 2019
Glencore Canada Corporation will begin decommissioning its Brunswick lead smelter imm....
[India]
Posted on : Nov 12, 2019
Key financial highlights of the Hl-FY20 – Consolidated ....
[India]
Posted on : Nov 11, 2019
Amara Raja Batteries reports highest-ever net profit in Q2 The company said both automotive and industry battery businesses have recorded healthy volu....
[India]
Posted on : Nov 07, 2019
Battery maker Exide Industries posted a 15.57 per cent rise in consolidated net profit at Rs 247.18 crore for the second-quarter (Q2) of the financial year ....
Read More
Advertisements