Higher utilization rate of the steel sector on account of ~38% de growth in finished steel imports and rising exports (up by 102%) according to Joint Plant Committee in the last fiscal amplified the demand for...

EBITDA came in at | 23.4 crore. The resultant EBITDA margin was at 11.4% (Q1FY17: 1.9%, Q4FY17: 11.5%) The company has trimmed down PAT level losses from | 28.9 crore in Q1FY17 to | 8.4 crore in Q1FY18 We expect the performance to improve from H2FY18E, as benefits of...

HEG's Q4FY17 results came in below our estimates. Topline for the quarter came in at | 257.8 crore (up 45.4% YoY, 9% QoQ and below our estimate of | 309.4 crore). Capacity utilisation during the quarter came in at ~80% (our estimate: 85%) EBITDA came in at | 29.6 crore, lower than our estimate of | 54.5 crore. The resultant EBITDA margin came in at 11.5% (our estimate of 17.6%, Q3FY17: 12.3%, Q4FY16: 5.2%) At the PAT level, the company reported a loss to the tune of | 3.9...

Graphite India reported healthy utilisation level for Q4FY17 (89% in Q4FY17 compared to capacity utilisation of 85% in Q3FY17, 70% in Q4FY16). Demand for graphite electrodes has started picking up after the inventory correction at the customers' end, auguring well for the company. Going forward, on a standalone, basis we have modelled capacity utilisation of 85% for FY18E and 88% for FY19E. On a consolidated basis, we have modelled capacity utilisation of 80% for FY18E and 85% for FY19E (the management has guided capacity...

Gross income from operations were at | 358.7 crore. After adjusting for excise duty, net operating income was at | 337.6 crore (down 5.3% YoY but up 5.6% QoQ), broadly in line with our estimate of | 344.3 crore. Capacity utilisation for Q3 was at 85%, higher than our estimate of 80% (capacity utilisation of 75% in Q2FY17, 56% in Q3FY16) EBITDA came in at | 36.4 crore (down 14.8% YoY, but up 158% QoQ) higher than our estimate of | 21.1 crore. EBITDA margins came in at 10.8% (our estimate: 6.1%, Q2FY17: 4.4% and Q3FY16: 12.0%)...

HEG's Q3FY17 performance was better-than-our estimates. Topline (adjusted for excise) for the quarter came in at | 236.6 crore (up 24.5% QoQ, 32.5% YoY and higher than our estimate of | 221.5 crore). Capacity utilisation at ~75% came in line with our estimate EBITDA came in at | 29.2 crore, higher than our estimate of | 22.8...

Growing at an expeditious pace in the current fiscal, the Indian steel production has seen one of the best growth rates in atleast last five years (10.5% in 9mFY17) on account of production cut by China and import reduction. This has proved propitious for the refractory market in India which is highly correlated with the steel production and demand. The dubiety in the market brought by the phasing out of high value currency impacted the revenues of ORL in the last quarter (though lower than expected) +11.3% (y-o-y) in Q3FY17 vs 19.2% (y-o-y) in H1FY17....

ICICI Securities Ltd | Retail Equity Research Graphite India reported a mixed set of Q2FY17 numbers wherein on the back of better-than-expected capacity utilisation levels, topline and EBITDA came in higher than our estimate. However, the EBITDA margin came in lower than our estimate. Better-than-expected other income supported PAT for the period Capacity utilisation was at 75%, higher than our estimate of 65% (capacity utilisation of 63% in Q2FY16 and 68% in Q1FY17). Gross...

Topline for the quarter came in at | 190.1 crore (up 16.5% QoQ, down 23.7% YoY and higher than our estimate of | 181.3 crore). The capacity utilisation came in at 65%, higher than our estimate of ~55% EBITDA came in at | 18.7 crore, significantly higher than our estimate of | 5.3 crore primarily on account of lower operating costs. The corresponding EBITDA margin came in at 9.8% (our estimate of 3.0%, Q1FY17: 3.2% and Q2FY16: 22.3%) At the PAT level, the company reported a loss to the tune of | 13.5...

Graphite India reported a subdued set of Q1FY17 numbers wherein EBITDA and PAT came in notably lower than our estimate. The muted performance during the quarter was on account of lowerthan-expected realisations across markets • Capacity utilisation was at 68%, marginally higher than our estimate of 65% (capacity utilisation of 69% in Q1FY16 and 70% in Q4FY16). Gross income from operations for the quarter came in at | 295.4 crore. After adjusting for excise duty net operating income was at | 275.2 crore (down 14.7% YoY, 21.2% QoQ), lower than our estimate of | 284.9 crore. ICICI Securities Limited value the company at 6.6x FY18E EV/EBITDA. They arrive at a target price of | 75 and assign a HOLD rating to the stock.