TIDMTGR
RNS Number : 5270J
Tirupati Graphite PLC
24 August 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon the publication of this announcement this information is
considered to be in the public domain.
24 August 2021
Tirupati Graphite plc ('Tirupati' or the 'Company')
Trading Results for the Year Ended 31 March 2021 and update on
finalisation of audit of the 31 March 2021 accounts
Tirupati Graphite plc, the fully integrated, revenue generating,
specialist graphite producer and graphene and advanced materials
developer, wishes to announce that its audited results for the year
ended 31 March 2021 are expected to be published on or before 17
September 2021.
In the interim, the Company is pleased to announce unaudited
trading results of its operations during the period 1 April 2020 to
31 March 2021. In this period, the 3,000 tpa Sahamamy facility
which had declared commercial operations from January 2020, was in
production while its first 9,000 tpa facility at Vatomina was under
construction:
Particulars Units YoY Change FY 2020-21 FY 2019-20
Mining & Processing costs GBP +10% 304,975 277,644
----------- ----------- ----------- -----------
Human Resources costs GBP +41% 228,731 161,480
----------- ----------- ----------- -----------
Logistics utilities &
plant admin costs GBP -20% 52,784 65,601
----------- ----------- ----------- -----------
(Increase) / Decrease
in inventory of inputs GBP +6% (98,407) (92,726)
----------- ----------- ----------- -----------
Total Costs of Production GBP 488,083 411,899
----------- ----------- ----------- -----------
Total Production MT + 30% 1,718 1,318
----------- ----------- ----------- -----------
Cost per MT of Production GBP 284 313
----------- ----------- ----------- -----------
Total Sales Volume MT +54% 1,857 1,206
----------- ----------- ----------- -----------
Total Revenues GBP +42% 1,123,426 793,577
----------- ----------- ----------- -----------
Average Selling price US$ / GBP
per MT of Production per MT -8% 801 / 605 835 / 658
----------- ----------- ----------- -----------
Gross Profit GBP +66 635,342 381,678
----------- ----------- ----------- -----------
Gross Margin on Sales % +9% 57% 48%
----------- ----------- ----------- -----------
Increase in Gross Profit % 66% NA
for the year
----------- ----------- ----------- -----------
The Company notes that during the period under review:
-- Despite the impacts of the Covid-19 pandemic which effected
the Company's operations during a substantial part of the year, the
Sahamamy facility remained operational throughout, although with
related challenges which impacted on total capacity utilisation of
the facility during certain periods;
-- Within Inventories, there was a significant increase in
inputs, stores and spares (+50% y-o-y), as the Company increased
its inventories of inputs, stores and spares to mitigate against
the longer procurement and logistics timeframes due to the impacts
of the pandemic;
-- Total Production during the year increased by 30% and Total
Sales Volume increased by 54% over the previous year;
-- Total Revenues increased by 42% from GBP0.79m to GBP1.12m;
-- Realised Average Selling price per MT of graphite sold showed
slight reduction which was attributable to reduced market prices in
the first three quarters (i.e. April 2020-December 2020) due to
impacts of the pandemic, and strengthening of sterling against the
US$ during the year from c.US$1.24 to c.US$1.37;
-- Notably, Gross Margin on Sales increased by 9% from 48% the
previous year to 57%, in line with the Company's expectations as
production continues to increase;
-- The Company remains on track and with its recent capital
raise of GBP10 million in April 2021, is in a sound financial
position to deliver on the current phase under its medium-term
development plan which will see its production capacity in
Madagascar increased up to 12,000 tpa in the immediate term and up
to 30,000 tpa in the next financial year (see RNS dated 16 April
2021); and
-- As previously noted, the acquisition of Tirupati Speciality
Graphite Pvt Ltd ('TSG') is in the process of statutory approvals
and we are not able to consolidate the financials of TSG until
completion of the acquisition.
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar +44 (0) 20 3984 9894
Optiva Securities Limited (Broker)
Daniel Ingram +44 (0) 20 3137 1902
---------------------
St Brides Partners Ltd (Financial PR)
Isabel de Salis +44 (0) 20 236 1177
---------------------
Notes
Tirupati Graphite Plc is a revenue-generating, multi-asset,
multi-jurisdictional, fully integrated producer and developer of
high-grade natural flake graphite, speciality graphite and graphene
and graphene enhanced advanced materials. With a unique set of
properties, graphite has diverse applications with multiple growth
streams and graphene forms the new generation of 2D and advanced
materials. The Company places a special emphasis on "green"
applications, including renewable energy and energy efficiency,
energy storage, thermal management, and advanced materials
development, and is committed to ensuring its operations are
sustainable as well.
The Company's operations include primary mining and processing
in Madagascar, where the Company operates two key projects,
Sahamamy and Vatomina; 3,000 tpa of high-quality flake graphite
concentrate with up to 96% purity is currently being produced and
sold to customers globally, additional 9,000 tpa capacity is under
commissioning, start of production imminent in the near term, and
which is planned to increase up to 84,000 tpa by 2024 as per the
Company's modular medium-term development plan.
In India, through Tirupati Speciality Graphite Private Limited
('TSG'), with whom the Company has a binding acquisition agreement
subject to regulatory approvals, Tirupati is developing a suite of
speciality graphite for use in hi-tech applications like
lithium-ion batteries, fire retardants, thermal management, and
composites. Its current operations include the 1,200 tpa Patalganga
Project, which was commissioned in July 2019 to manufacture and
sell CARBOFLAMEX(R), a trademarked fire-retardant expandable
graphite product. TSG is further developing 30,000 tpa specialty
graphite project in two 15,000 tpa modules which will include
capabilities to manufacture high-purity, expandable, micronized and
spherical graphite and using its unique green processing
technologies for the manufacturing of these advanced materials.
TSG has also established and continues to develop the Tirupati
Graphene and Mintech Research Centre, a state-of-the-art R&D
centre focussed on manufacturing graphene, developing its
applications and advanced materials using graphene, and further
providing environmentally friendly technologies consultancy for
mineral processing.
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