Graphite India’s standalone operations reported a topline of Rs 1777 crore (up 406.3% YoY, 46.6% QoQ), higher than our estimate of Rs 1537.7 crore. EBITDA for the quarter was at Rs 1300 crore, higher than our estimate of Rs 995 crore. The EBITDA margin was at 73.2% (our estimate: 63.5%, Q1FY18: 10.1% and Q4FY18: 55.2%).
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