Graphite India Ltd India's largest producer of graphite electrode reported 14% drop in net profit to INR 42 crore during July to September 2011, compared to the same period previous year. The company, however, reported 42% increase in net sales to INR 462 crore.

The profit decline was attributed to nearly INR 20 crore foreign exchange loss. The company had reported a net profit of INR 49 crore during the corresponding quarter last fiscal.

According to a company release, GIL is currently carrying out a INR 255 crore capacity expansion program at its facility in Durgapur in West Bengal. The augmentation program is expected to be complete by the fourth quarter of this financial year.

(Sourced from BL)