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Tirupati Graphite – Unaudited Trading Results for The Financial Year 1 April 2022 to 31 March 2023
Home / Client News / Tirupati Graphite – 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“). 



·    Gross profit for FY23 increased 170% Year on Year (“YoY”) to £1,372,048 (FY22: £508,112)

·    Total production increased by 59% YoY to 4,770 tons (FY22: 2,996 tons)

·    Total Sales increased by 76% YoY to £2,890,010 (FY22:  £1,645,308)

·    Basket price realised per ton of graphite sold increased by 17% to £726 (FY22: £618)

·    A summary of the operating results for the year are as detailed in table below




FY 2023

FY 2022

% Change YoY

Revenue and Sales


Quantity Sold & Shipped





Revenue from Sales





Price realised





Production and Cost of Production


Quantity Produced





Mining & Processing Costs





Human Resources





Logistics Utilities & Plant Admin Costs





(Increase) / Decrease in Inventory





Total Cost of Production





Cost of Production per ton





Operating Profits & Margins


Gross Profits





Gross Margin % of sales





Cost of Production % of Price realised






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:

 reducing operating costs;

 attaining better ability to overcome adverse weather conditions; and

 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 £13.5million, 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.”



Unaudited Trading Results – 07:00:15 09 May 2023 – TGR News article | London Stock Exchange


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