TIDMTGR
RNS Number : 6700Y
Tirupati Graphite PLC
09 May 2023
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 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.
9 May 2023
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Unaudited Trading Results for The Financial Year 1 April 2022 to
31 March 2023
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist
graphite and graphene company developing sustainable new age
materials, is pleased to announce its Unaudited Trading Results for
the financial year ended 31 March 2023 ("FY23").
Highlights
-- Gross profit for FY23 increased 170% Year on Year ("YoY") to GBP1,372,048 (FY22: GBP508,112)
-- Total production increased by 59% YoY to 4,770 tons (FY22: 2,996 tons)
-- Total Sales increased by 76% YoY to GBP2,890,010 (FY22: GBP1,645,308)
-- Basket price realised per ton of graphite sold increased by 17% to GBP726 (FY22: GBP618)
-- A summary of the operating results for the year are as detailed in table below
% Change
Particulars Unit FY 2023 FY 2022 YoY
Revenue and Sales
-------- ----------- ---------- ---------
Quantity Sold & Shipped MT 3,982 2,662 +50%
-------- ----------- ---------- ---------
Revenue from Sales GBP 2,890,010 1,645,308 +76%
-------- ----------- ---------- ---------
Price realised GBP/MT 726 618 +17%
-------- ----------- ---------- ---------
Production and Cost of
Production
-------- ----------- ---------- ---------
Quantity Produced MT 4,770 2,996 +59%
-------- ----------- ---------- ---------
Mining & Processing Costs GBP 1,512,563 935,604 +62%
-------- ----------- ---------- ---------
Human Resources GBP 326,783 378,671 -14%
-------- ----------- ---------- ---------
Logistics Utilities & Plant
Admin Costs GBP 368,061 308,278 +19%
-------- ----------- ---------- ---------
(Increase) / Decrease in
Inventory GBP -689,445 -485,357 +42%
-------- ----------- ---------- ---------
Total Cost of Production GBP 1,517,962 1,137,196 +33%
-------- ----------- ---------- ---------
Cost of Production per
ton GBP/MT 318 380 -16%
-------- ----------- ---------- ---------
Operating Profits & Margins
-------- ----------- ---------- ---------
Gross Profits GBP 1,372,048 508,112 +170%
-------- ----------- ---------- ---------
Gross Margin % of sales % 47 31 +52%
-------- ----------- ---------- ---------
Cost of Production % of
Price realised % 44 61 -28%
-------- ----------- ---------- ---------
Further Overview for FY23
-- Development of new capacities and overcoming bottlenecks
faced remained the larger part of the Company's activities during
the year
-- As a result, the Company continued development across its two
projects and reached a plant capacity of 30,000 tons per annum
("tpa").
-- Various measures taken by the Company during the year have
been implemented successfully in development and operations with
initial impacts becoming visible in the financial results for FY23,
these include:
o reducing operating costs;
o attaining better ability to overcome adverse weather
conditions; and
o initiating renewable energy generation and the usage
thereof.
-- First commercial shipment from the Company's 18,000 tpa
capacity Sahamamy mining and processing facilities was made in
March 2023, tailor made to its customer's requirements.
-- The cumulative investments made in CAPEX by the Company at
its projects in Madagascar since inception up to 31 March 2023 now
stands at GBP13.5million, including exploration and evaluation
Demand matrix
-- The global push for climate action and energy transition are
resulting in increased consumption of flake graphite in energy
storage lithium-ion batteries used in electric vehicles
-- Increasing consumption of flake graphite is also reported in
other sustainable development applications like fire safety,
thermal management and advanced materials
-- Consumption in conventional applications collectively remains
the larger part of global flake graphite usage, though energy
transition applications are forecast to overtake these in the near
future and are expected to create an inflection point
-- Substantial global dependence for flake graphite on China has
created greater interest in the consumer industry for alternative
sources
-- The Company is not aware of any other new material production
having been established during the year outside China and only a
handful of developments other than by the Company are underway in
the current year
-- The Company's products have been exported from origin in
Madagascar across three continents during FY23 and the Company
remains engaged with the markets accumulating annual orders for its
current capacities, and future prospects for its growth plans
Shishir Poddar, Executive Chairman, said:
"We have now completed the first phase of our development into a
global leader in this niche speciality material space. In the
process, we have successfully managed episodes of extreme
difficulty, but have remained firmly focused on our objectives and
targets. From the new financial year, we have begun the journey on
the next phase, consolidating on what we have achieved and moving
forward towards our next targets.
"The stage is now set for us to build a sustainable flake
graphite company. Our key differentiator is and remains that we are
the only Company that has been founded and managed by a team that
specialises in this speciality material, thus helping us to be cost
effective as evidenced by our lower capital intensity and operating
cost.
"I take this opportunity to express our gratitude to all our
investors and on behalf of the TG team, we reiterate our commitment
to remain firm on our vision and continue to develop our path to
success."
S
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Robert Emmet - Corporate Broking +44 (0) 20 3981 4173
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Kelly Smith tirupati@fticonsulting.com
About Tirupati Graphite
Tirupati Graphite Plc is a specialist flake graphite company and
places a special emphasis on "green" applications of flake
graphite, including renewable energy, energy efficiency, energy
storage and thermal management 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. With the start of commercial production of
its latest 18,000 tpa plant at Sahamamy in March 2023, it now has
an installed capacity of 30,000 tpa high-quality flake graphite
concentrate with up to 97% purity in Madagascar, planned to
increase to 84,000 tpa as per the Company's modular medium-term
development plan.
On 1 April 2023 the Company completed the acquisition of Suni
Resources SA, Mozambique, whose two main assets are (i) the
Montepuez Project which holds the mining licence over an area of
3,667 hectares with JORC 2012 defined reserves & resources of
almost 120 million tonnes; plus (ii) the Balama Central Project,
which has a mining license over 1,543 hectares with JORC 2012
defined mineral reserves and resources of 33 million tonnes. Both
projects have licenses permitting build out to an annual production
of 100,000 and 58,000 tons of flake graphite respectively.
TG believes that the addition of these projects provides the
Company with sufficient resources to achieve its ambition of
satisfying 8% of the estimated global flake graphite demand - of
around 5 million tons per annum - by 2030.
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