HEG reports Apr-Jun net profit at Rs 770 crore

The company had incurred a loss of Rs 8.43 crore during the same period a year ago, HEG, part Rs 8,157 crore LNJ Bhilwara Group, said in a statement.

Graphite electrode maker HEG today reported a net profit of Rs 770 crore during the quarter ended June 30, 2018.

The company had incurred a loss of Rs 8.43 crore during the same period a year ago, HEG, part Rs 8,157 crore LNJ Bhilwara Group, said in a statement.

Graphite electrodes are used to melt scrap in electric arc furnaces to produce new steel.

During April-June 2018, the firm's revenue from operations jumped over seven-fold to Rs 1,587.38 crore from Rs 213.71 crore in the year-ago quarter.

Its expenses during the said period were at Rs 418.71 crore, higher from Rs 221.26 crore in April-June 2017.

The company's plant located at Mandideep near Bhopal in Madhya Pradesh is the largest single-site integrated graphite electrode facility in the world, it said.

Shares of the company today ended 0.36 percent down at Rs 4,327.05 apiece on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)