Graphite India Ltd. — Investor Presentation 2023

May 30, 2023

Digitally signed by SANJEEV MARDA DN: c=IN, o=PERSONAL, pseudonym=a700909f8db72cfc13ada37c779bbf43,

SANJEEV MARDA

2.5.4.20=F9F9754F06D6641C0A760255734E31 A4D1E40D7B8D6FE9A5A0F171F064210C27, postalCode=711101, st=WEST BENGAL, serialNumber=c8b7899df5439809682dd1b540 977b54ad375ad1fd1ae8e55110294304c6be1f, cn=SANJEEV MARDA Date: 2023.05.30 20:52:39 +05'30'

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NSE: GRAPHITE, BSE: 509488

Q4 and FY2023 Earnings Presentation May 30, 2023

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Discussion Agenda

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Executive Summary______ 3-4
Chairman’s Message_____ 5
Steel Industry Overview_____ 6-7
Graphite Electrode Industry Overview___ 8
Financial Performance______ 9-10
Financial Performance Trends_____ 11-13
Leverage Profile______ 14
Segment Performance_______ 15-16
Graphite India at a Glance__________ 17
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Executive Summary - Consolidated

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Q4 and Full Year FY2023 Consolidated Financial Performance

o Net Sales of Rs. 3,181 Crores, up by 5.1% y-o-y FY2023 o EBITDA of Rs. 520 Crores with margin of 16.3% Profit and Loss* o Net Profit of Rs. 199 Crores o EPS of Rs. 10.19 per share

o Gross Debt of Rs. 425 Crores Balance Sheet o Cash (Net of Gross Debt) of Rs. 1,931 Crores

o Net Sales of Rs. 815 Crores, up by 16.3% q-o-q Q4 FY2023 o EBITDA of Rs. 67 Crores with margin of 8.2% Dividend Profit and Loss o Net Profit of Rs. 29 Crores o EPS of Rs. 1.58 per share

o Dividend announced of Rs. 8.5 per share for FY2023 o Dividend pay out ratio of 425% on the Face Value

*EBITDA excludes Onetime expense of Rs. 75 Crores (after netting off corresponding provision created in earlier years) charged under Power and Fuel

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Executive Summary - Standalone

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Q4 and Full Year FY2023 Standalone Financial Performance

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FY2023
Profit and Loss
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o Net Sales of Rs. 727 Crores, an increase of
o Net Sales of Rs. 2,913 Crores, up by 4.1% y-o-y
8.7% q-o-q
o EBITDA of Rs. 606 Crores with margin of 20.8% Q4 FY2023
o EBITDA of Rs. 93 Crores with margin of 12.8%
Profit and Loss
o Net Profit of Rs. 350 Crores
o Net Profit of Rs. 56
o EPS of Rs. 17.91 per share
o EPS of Rs. 2.87 per share
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o Gross Debt of Rs. 335 Crores
Balance Sheet
o Cash (Net of Gross Debt) of Rs. 1,771 Crores
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*EBITDA excludes onetime expense of Rs. 75 Crores (after netting off corresponding provision created in earlier years) charged under Power and Fuel

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Chairman’s Message

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K K Bangur
Chairman
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“During FY2023, Graphite India delivered Consolidated Net sales of Rs. 3,181 Cr, a growth of 5.1%, EBITDA, before one time expense is Rs. 520 Cr and Net Profit of Rs. 199 Cr. The consolidated capacity utilization during the year was 55% as compared to 81 % in FY2022. Performance during the year was impacted due to decline in volumes as customers experienced higher energy costs and business uncertainties arising from the Russia and Ukraine conflict. Despite higher realization, rising input costs resulted in lower operating margins in FY2023. Our balance sheet remains robust with a consolidated Net Cash of Rs. 1,931 Cr at the end of March 2023.

The outlook for the global steel market has deteriorated sharply due to a slowing global economy and as central banks continue to raise interest rates to contain inflation. However, recent positive developments such as China’s market reopening, Europe’s resilience during the energy crisis and the easing of supply chain bottlenecks is expected to support steel demand in 2023.

Despite these challenges, last year India was a bright spot in the global steel industry registering a growth of 5.5% as compared to an overall market decline of 4.2%. We also remain confident that the steel industry's accelerating efforts to decarbonize will lead to an increased adoption of Electric Arc Furnace steel production, in turn driving sustainable demand growth for graphite electrodes. In addition, the Indian steel industry is expected to continue its growth momentum backed by Government spending on infrastructure and exports, both of which may positively impact electrode demand.

Looking to the year ahead, Graphite India’s top priority is to focus on the optimum utilization of its resources and improvement in manufacturing efficiencies towards growing its overall profitability.”

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Steel Industry Overview

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Crude Steel Production	Three Months Ended	Three Months Ended	Three Months Ended	Three Months Ended	Year Ended
(million MT)	Mar-23 Mar-22 Y-o-Y(%)	Dec-22	Q-o-Q (%)		2022 2021 Y-o-Y(%)
Asia and Oceania India China Others South America North America European Union Middle East Others	345.6 332.9 3.8% 33.2 31.9 4.1% 261.6 243.4 7.5% 50.8 57.6 (11.8)% 10.3 10.7 (3.7)% 26.8 28.5 (6.0)% 33.1 36.0 (8.1)% 8.9 10.9 (18.3)% 34.6 39.9 (13.3)%	313.6 10.2% 31.5 5.4% 232.2 12.7% 49.9 1.8% 10.4 (1.0)% 26.9 (0.4)% 31.0 6.8% 11.7 (23.9)% 33.5 3.3%			1,351.3 1,382.0 (2.2)% 124.7 118.2 5.5% 1,013.0 1,034.7 (2.1)% 213.6 229.1 (6.8)% 43.3 45.6 (5.0)% 111.4 117.8 (5.4)% 136.7 152.5 (10.4)% 44.0 41.2 6.8% 191.8 221.3 (13.3)%
Total 64 Countries asper WSA	459.3 458.9 0.1%	427.1 7.5%
					1,831.5 1,911.9 (4.2)%

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M-o-M Growth (%) 2022 Regional Production
14.0%
15.9%
6.1% 6.8% India
5.0%
1.9% 2.8% 2.4% 19.6% China
1.0% 1.0%
South America
4.2% (1.0)% 3.3% 7.5%
1.0% 0.8% (2.9)% 0.7% 1.0% 55.3% North America
(6.7)%(5.7)%
(7.3)% (2.8)% (2.0)%(8.3)% 6.1% European Union
(5.6)% (5.5)% 2.4% Middle East
Others
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Indian Production World Production
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Note: Source: World Steel Association, the figures are estimates that may be revised with next month’s production update. Above table represents a total of 64 Countries as per WSA which accounts for 98% of total world crude steel production

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Steel Industry Outlook and Dynamics

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Q1 CY2023 Steel Production[(1)]

• As per the World Steel Association (WSA) global crude steel production was 459.3 Mt in Q1 CY2023, an increase of 0.1% y-o-y and 7.5% on q- o-q basis. Global crude steel production excluding China declined by 8.3% on y-o-y and increased by 1.4% q-o-q basis

• China crude steel production for Q1 CY2023 was 261.6 Mt, representing a growth of 7.5% y-o-y and 12.7% on q-o-q basis

• India’s crude steel production in Q1 CY2023 was 33.2 Mt, an increase of 4.1% y-o-y and 5.4% on q-o-q

• The EU produced 33.1 Mt of crude steel in Q1 CY2023, a decline of 8.1% y-o-y and a growth of 6.8% on q-o-q basis

• Japan produced 21.6 Mt in Q1 CY2023, a decline of 6.1% y-o-y and an increase of 0.9% on q-o-q basis

• North America produced 26.8 Mt of crude steel in Q1 CY2023, a decline of 6.0% y-o-y and 0.4.% on q-o-q basis

• The Middle East produced 8.9 Mt of crude steel in Q1 CY2023, a sharp decline of 18.3% y-o-y basis and 23.9% on q-o-q basis

Steel Industry Outlook[(2)]

• WSA forecasts that in 2023, demand will see a 2.3% rebound to reach 1,822.3 Mt during the year and the demand forecast is expected to grow by 1.7% to reach 1,854.0 Mt by 2024

• Manufacturing is expected to lead the recovery but high interest rates will continue to weigh on steel demand

• Persistent inflation and high interest rates in most economies will limit the recovery of steel demand in 2023, despite positive factors like China’s reopening, Europe’s resilience in the face of the energy crisis and the easing of supply chain bottlenecks

• Having managed inflation well, the Indian economy is on a recovery track, with a rising share of investment in GDP due to government spending on infrastructure. After growth of 8.2% in 2022, demand is expected to show growth of 7.3% in 2023 and 6.2% in 2024

Note:

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1) Source: World Steel Association, the figures are estimates that may be revised with next month’s production update. Above data represents a total of 64 Countries as per WSA which accounts for 98% of total world crude steel production 2) Source: World Steel Association

Graphite Electrode Industry

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• The growing demand for infrastructure and consumer goods has driven the growth of steel production. Additionally, the trend towards urbanization has further boosted the steel demand. However, fluctuations in the global economy and trade tensions can impact the steel demand

• China’s crude steel capacity has shown modest growth for 2023 as Chinese steelmakers plan to bring up to 118 million MT/year of new crude steel capacity on stream through a capacity swap mechanism

• The allocation of Rs 10 Lakh Crores towards capital expenditures in the Union Budget 2023 is expected to boost infrastructure development, leading to an increase in demand for steel

• The Indian government's decision to remove basic customs duty on metal scrap in the Union Budget 2023 is expected to boost the production of electric arc furnaces

• Steel manufacturers are shifting towards the EAF process, which is expected to drive sustainable demand for graphite electrodes in the long term. The EAF process is considered to be more environmentally friendly than traditional steel production methods, making it an attractive option for companies looking to reduce their carbon footprint

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Consolidated Financial Performance

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	Q4 y-o-y	Q3 q-o-q	Full Year Ended y-o-y
(Rs. Crore)	FY2023 FY2022 Growth (%)	FY2023 Growth (%)	FY2023 FY2022 Growth (%)	Comments
Net Sales (Excluding Other Income) Other Income Total Income EBITDA / (Loss) excluding One Time Expense Margin (%) EBITDA / (Loss) Margin (%) Interest Depreciation Profit / (Loss) Before Tax (before Exceptional items and Associates) Share of Profit/(Loss) of an Associate Exceptional Items PBT after Exceptional Items Net Profit / (Loss) Margin (%) Earnings Per Share (Rs)	815 844 (3.4%) 5 71 (93.0%) 820 915 (10.4%) 67 159 (57.9%) 8.2% 18.8% 67 159 (57.9%) 8.2% 18.8% 4 2 50.0% 15 14 7.1% 48 143 (66.4%) - (2) nm - - nm 48 141 (66.0%) 29 95 (69.5%) 3.6% 11.3% 1.58 4.82 (67.2%)	701 16.3% 33 (84.8%) 734 11.7% 105 (30.9%) 15.0% 105 (30.9%) 15.0% 3 33.3% 13 15.4% 89 (40.7%) - nm (8) (100.0%) 81 (34.2%) 53 (45.3%) 7.6% 2.66 (40.6%)	3,181 3,026 5.1% 133 294 (54.8%) 3,314 3,320 (0.2%) 520 769 (32.4%) 16.3% 25.4% 445 769 (42.1%) 14.0% 25.4% 13 5 160.0% 57 55 3.6% 375 709 (47.1%) - (16) nm (53) - nm 322 693 (53.5%) 199 505 (60.6%) 6.3% 16.7% 10.19 25.82 (60.5%)	Y-o-Y Sales had higher realisation but adversely impacted by lower sales volume Q-o-Q Sales volume improved but there was decrease in realisation A provision of Rs. 53 Crores was made during the year on German electrode production closure

Notes:

1. EBITDA excludes onetime expense of Rs. 75 Crores (after netting off corresponding provision created in earlier years) charged under Power and Fuel

2. All margins calculated as a percentage of Net Sales (excluding Other Income)

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Standalone Financial Performance

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	Q4FY23 y-o-y	Q3FY23 q-o-q	Year Ended y-o-y	Year Ended y-o-y
(Rs. Crore)	FY2023 FY2022 Growth (%)	FY2023 Growth (%)	FY2023	FY2022 Growth (%)	Comments
Net Sales Excluding Other Income Other Income Total Income EBITDA / (Loss) excluding One Time Income and Expense Margin (%) EBITDA / (Loss) Margin (%) Interest Depreciation Profit / (Loss) Before Tax (before Exceptional items and Associates) PBT after Exceptional Items Net Profit Margin (%) Earnings Per Share	727 767 (5.2%) 7 74 (90.5%) 734 841 (12.7%) 93 181 (48.6%) 12.8% 23.6% 93 181 (48.6%) 12.8% 23.6% 3 1 200.0% 14 12 16.7% 76 168 (54.8%) 76 168 (54.8%) 56 122 (54.1%) 7.7% 15.9% 2.87 6.32 (54.6%)	669 8.7% 39 (82.1%) 708 3.7% 134 (30.6%) 20.0% 134 (30.6%) 20.0% 2 nm 10 40.0% 122 (37.7%) 122 (37.7%) 92 (39.1%) 13.8% 4.65 (38.3%)	2,913 2,799 4.1% 133 279 (52.3%) 3,046 3,078 (1.0%) 606 803 (24.5%) 20.8% 28.7% 531 803 (33.9%) 18.2% 28.7% 9 4 125.0% 46 46 - 476 753 (36.8%) 476 753 (36.8%) 350 574 (39.0%) 12.0% 20.5% 17.91 29.39 (39.1%)		Y-o-Y Sales had higher realisation but adversely impacted by lower sales volume Q-o-Q Sales volume improved but there was decrease in realisation

Notes:

1. EBITDA includes onetime expense of net charge of Rs. 75 Crores (after netting off corresponding provision created in earlier years) charged under 'Power and Fuel” expenses EBITDA includes Other Income 2. All margins calculated as a percentage of Net Sales (excluding Other Income)

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Annual Performance Trends

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Consolidated Standalone
6,737
7,858
3,094 3,026 3,181 2,875 2,799 2,913
1,958 1,839
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
67%
65%
5,233
25%
29%
14% 4,403
3% 6% 18% 18%
803
95 111 769 445 2% 62 322 531
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
43% 42%
2,806
3,396 21%
17%
11% 12%
6%
1% 1%
505 574
199 350
45 31 199
(32)
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
Margins%
Net Sales
Operating Profit
Net Profit
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• All numbers in Crores unless specifically mentioned. Operating profit is as reported without adjustment for CSR expense and one time income

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Quarter Performance Trends

Consolidated Net Sales

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844 815
701
Q4FY22 Q3FY23 Q4FY23
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Consolidated Operating Profit / (Loss)

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159
97
67
19%
14%
8%
Q4FY22 Q3FY23 Q4FY23
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Standalone Net Sales

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767
727
669
Q4FY22 Q3FY23 Q4FY23
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Standalone Operating Profit / (Loss)

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181
134
93
24%
20%
13%
Q4FY22 Q3FY23 Q4FY23
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Notes:

1. All numbers in Crores unless specifically mentioned

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1. Operating Profit / (Loss) is including Other Income

Quarter Performance Trends

Consolidated Net Profit / (Loss)

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95
53
11%
8% 29
4%
Q4FY22 Q3FY23 Q4FY23
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Consolidated Capacity Utilization

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76%
55%
42%
Q4FY22 Q3FY23 Q4FY23
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Standalone Net Profit / (Loss)

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122
92
16% 56
14%
8%
Q4FY22 Q3FY23 Q4FY23
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Standalone Capacity Utilization

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92%
61%
49%
Q4FY22 Q3FY23 Q4FY23
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Note: All numbers in Crores unless specifically mentioned

Leverage Profile

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Significant financial flexibility available for future organic and inorganic growth

Consolidated Leverage Profile Standalone Leverage Profile

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(Rs. Crore) Mar- 23 Dec- 22 Sept- 22 June- 22 Mar- 22
Cash & Cash
2,356 2,376 2,527 2,667 2,774
Equivalents [1]
Total Debt (425) (345) (415) (464) (428)
Net Cash 1,931 2,031 2,112 2,203 2,346
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(Rs. Crore)	Mar- 23	Dec- 22	Sept- 22	June- 22	Mar- 22
Cash & Cash Equivalents1	2,106	2,085	2,234	2,474	2,482
Total Debt	(335)	(221)	(264)	(356)	(343)
Net Cash	1,771	1,864	1,970	2,118	2,139

Notes:

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1. Cash and cash equivalents include investments

Annual Segment Performance

Consolidated Segment Performance

	Full Year y-o-y
(Rs. Crore)	FY2023 FY2022 Growth (%)
Graphite and Carbon Others Less: Inter Segment Sales	2,946 2,808 4.9% 236 219 7.8% (1) (1) 0.0%
Segment Revenue	3,181 3,026 5.1%
Graphite and Carbon Others	307 446 (31.2)% 43 64 (32.8)%
Profit / (Loss) before tax and interest	350 510 (31.4)%
Finance Cost Unallocated Income / (expense)	(13) (5) 160.0% 38 204 (81.4)%
Profit / (Loss) Before Tax (Before Exceptional Items and Associates)	375 709 (47.1)%
Share of Profit/Loss of an Associate Exceptional Items	(16) nm (53) nm
Profit/ (Loss) Before Tax	322 693 (53.5)%

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Standalone Segment Performance

	Full Year y-o-y
(Rs. Crore)	FY2023 FY2022 Growth (%)
Graphite and Carbon Others Less: Inter Segment Sales	2,679 2,619 2.3% 235 181 29.8% (1) (1) 0.0%
Segment Revenue	2,913 2,799 4.1%
Graphite and Carbon Others	392 526 (25.5)% 46 26 76.9%
Profit / (Loss) before tax and interest	438 552 (20.7)%
Finance Cost Unallocated Income / (expense)	(9) (4) 125.0% 47 205 (77.1)%
Profit / (Loss) Before Tax (Before Exceptional Items and Associates)	476 753 (36.8)%
Share of Profit/Loss of an Associate
Profit / (Loss) Before Tax	476 753 (36.8)%

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• All numbers in Crores unless specifically mentioned

Quarterly Segment Performance

Consolidated Segment Performance

	Q4 y-o-y	Q3 q-o-q
(Rs. Crore)	FY2023 FY2022 Growth (%)	FY2023 Growth (%)
Graphite and Carbon Others Less: Inter Segment Sales	763 790 (3.4)% 52 54 (3.7)% nm	650 17.4% 51 2.0% * nm
Segment Revenue	815 844 (3.4)%	701 16.3%
Graphite and Carbon Others	78 106 (26.4)% (17) 18 nm	71 9.9% 7 nm
Profit / (Loss) before tax and interest	61 124 (50.8)%	78 (21.8)%
Finance Cost Unallocated Income / (expense)	(4) (2) 100.0% (9) 21 nm	(3) 33.3% 14 nm
Profit / (Loss) Before Tax (Before Exceptional Items and Associates)	48 143 (66.4)%	89 (46.1)%
Share of Profit/Loss of an Associate Exceptional Items	(2) nm * nm	* nm (8) nm
Profit / (Loss) Before Tax	48 141 (66.0)%	81 (40.7)%

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Standalone Segment Performance

	Q4 y-o-y	Q3 q-o-q
(Rs. Crore)	FY2023 FY2022 Growth (%)	FY2023 Growth (%)
Graphite and Carbon Others Less: Inter Segment Sales	679 726 (6.5)% 48 41 17.1% nm	618 9.9% 51 (5.9)% * nm
Segment Revenue	727 767 (5.2)%	669 8.7%
Graphite and Carbon Others	87 137 (36.5)% 0 5 nm	90 (3.3)% 10 nm
Profit / (Loss) before tax and interest	87 142 (38.7)%	100 (13.0)%
Finance Cost Unallocated Income / (expense)	(3) (1) nm (8) 27 nm	(2) 50.1% 24 nm
Profit / (Loss) Before Tax (Before Exceptional Items and Associates)	76 168 (54.8)%	122 (37.7)%
Profit / (Loss) Before Tax	76 168 (54.8)%	122 (37.7)%

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Amounts are below the rounding off norm adopted by the company*

Graphite India - At a Glance

Company Background

The Company’s strategy is to become further vertically integrated, continue its penetration of new markets and clients as well as pursue value enhancing inorganic growth opportunities. Graphite India also manufactures Calcined Petroleum Coke (“CPC”) for use in electrode manufacturing. It is enhancing its presence in value added graphite products for the auto, aerospace, chemical, pharmaceutical, metallurgical and machine tool industries.

Graphite India is the largest Indian producer of graphite electrodes and one of the largest globally, by total capacity. Its manufacturing capacity of 98,000 tonnes per annum is spread over three plants at Durgapur and Nashik in India and Nurnberg in Germany. The Company has over 60 years of technical expertise in the industry. Exports account for approximately half of the total revenues. Graphite India manufactures the full range of graphite electrodes but stays focused on the higher margin, large diameter, ultra-high power (“UHP”) electrodes.

The Company also has facilities designed for the manufacture of impervious graphite equipment and glass reinforced plastic pipes and tanks. It has an installed capacity of 18 MW of power generation through hydel route. Graphite India Limited, through its subsidiary has progressively acquired and now owns 55% stake in General Graphene Corporation, a US based company which has developed a breakthrough proprietary technology which would allow them to produce large area, high quality, low cost graphene sheets in Industrial applications in scaled up commercial volumes.

Graphite India is well poised in the global graphite electrode industry through its quality, scale of operations and low cost production base. The Company’s competitive edge was particularly evident during the last decade, when low prices for graphite electrodes resulted in many of the leading players generating losses, but Graphite India however remained consistently profitable and declared dividends. Graphite India currently has a conservative leverage profile with significant financial capacity for organic or inorganic expansion.

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Industry

Graphite electrodes are used in electric arc furnace (“EAF”) based steel mills and is a consumable item for the steel industry. The graphite electrode industry is highly consolidated with the top five major global players accounting for almost 75% of the high end UHP electrode capacity. Majority of this capacity however, is currently located in high cost regions like US, Europe and Japan.

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Disclaimer

This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Graphite India’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Graphite India undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.

Graphite India Limited

(CIN: L10101WB1974PLC094602) 31 Chowringhee Road, Kolkata 700 016 Phone: +91 33 4002 9600 Fax: +91 33 4002 9676 www.graphiteindia.com

M.K. Chhajer +91 33 40029622 Graphite India Limited mkchhajer@graphiteindia.com Bhushan Khandelwal / Anvita Raghuram +91 22 6169 5988 Churchgate Partners graphite@churchgatepartners.com

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