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During the quarter ended September 2021 (Q3CY21), global steel production excluding China registered a strong increase of 15.3% YoY but was down 2.7% QoQ. Chinese steel production for the quarter declined 14.2% YoY and 16.6% QoQ, in line with their strategy to keep steel output at 2020 levels as a part of their goal to reduce carbon emissions. With the decline in steel production and exports from China, there may be a gradual increase in steel production from EAF steel producing countries, which augurs well for both graphite electrode demand and realisations...
Consolidated other income for the quarter was at | 78 crore, up 39% QoQ, 15% YoY, higher than our estimate of | 64 crore. Better than expected other income aided consolidated PAT during the quarter. Ensuing PAT during the quarter was at | 150 crore, up 134% QoQ (our estimate: | 149 crore). What should investors do? Graphite India's share price has grown by ~3.7x over...
Graphite India (GIL) reported an operationally healthy set of Q4FY21 numbers, especially for the standalone entity. For Q4FY21, standalone operations reported capacity utilisation of 85% compared to 78% in Q3FY21, 49% in Q4FY20. Standalone operations reported topline of | 563 crore, up 24% QoQ, 3% YoY. EBITDA of standalone operations was at | 128 crore, while adjusted standalone EBITDA (EBITDA excluding onetime income and expense) was at | 188 crore. Standalone PAT was at | 114 crore (up 356% YoY, 23% QoQ). For Q4FY21, consolidated operations reported capacity...
Over the last few months, there has been a healthy uptick in global steel prices as well as global steel production levels. Graphite electrode players are likely to be one of the key beneficiaries of the current upcycle in steel. During the first four months of CY21, global crude steel production witnessed healthy growth, auguring well for graphite electrode majors. During January-April 2021, global steel production was at 663 million tonnes (MT), up 13.7% YoY. In addition to higher global steel output, steel prices witnessed healthy strength. Both above-mentioned factors, higher global...
The World Steel Association (WSA) forecasts the global steel demand to grow by 5.8% in 2021 primarily supported by a robust consumption growth of 9.1% in China and by substantial fiscal stimulus measures in most of the advanced economies. Domestically, India's steel demand is expected to rebound by 19.8% in 2021 21 after declining 13.7% in 2020, while the growth in 2022 is expected to be lower at 5.9%. The economy has been recovering strongly since August last year, much sharper than...
In line with global steel prices, domestic steel prices have witnessed strong traction over the last eight to nine months, registering a healthy increase in the aforementioned period. Currently, domestic hot rolled coil (HRC) prices (ex-Mumbai) are at | 57500/tonne, up 58% from July 2020 low of | 36500/tonne. Healthy demand both on the global as well as domestic front has aided steel prices to remain firm at higher levels. The strength in steel...
During the quarter, overall recovery in steel production led to a small-pickup in graphite electrodes demand. Going forward, steel industry production growth trend is likely to continue with a healthy recovery in major steel consuming industries like construction and automobiles. The domestic steel industry is also poised to grow with the recent announcement of increased government spending on infrastructure. The combination of these factors may drive demand for steel and graphite electrodes in the near term. Graphite electrode prices have started to stabilise and a positive recovery is likely in coming quarters. Needle coke prices have also stabilised and may...
On the back of a muted demand scenario, GIL reported a subdued operational performance for both standalone and consolidated operations. For H1FY21, on a standalone basis, topline fell 52%YoY to | 823 crore (| 1730 crore in H1FY20). It reported an EBITDA loss of | 107 crore. Standalone operations reported a net loss of | 8 crore in H1FY21 (PAT of | 362 crore in H1FY20). Similarly, on a consolidated basis, GIL's topline came in at | 894 crore (down 52% YoY, | 1849 crore in H1FY20). It reported consolidated EBITDA loss of | 209 crore. The ensuing consolidated net loss...
fficial figures suggest that India consumed over 100 MT of steel in 2019. Moody's expects India'ss steel demand to decline by 10% in FY21. Globally the demand for steel is expected to drop by 6.4% on account of the pandemic, while developed and developing economies (excluding China) are forecast to decline by 17.1% and 11.6% respectively primarily led by...
HEG reported a subdued set of Q1FY21 numbers on account of a muted operational performance wherein it reported a loss at the EBITDA level. For standalone operations, topline came in at | 233.3 crore (down 71% YoY) & reported EBITDA loss came in at | 11.3 crore (vs. EBITDA profit of | 347.8 crore in Q1FY20). For the quarter, it reported a negative EBITDA margin of 4.8% compared to positive margin of 42.6% in Q1FY20. During the quarter, as the lockdown was in force for a significant period, the company's operations and financial results were impacted. On account of Covid-19...
