Net profit of Gravita India rose 221.30% to Rs 36.95 crore in the quarter ended September 2021 as against Rs 11.50 crore during the previous quarter ended September 2020. Sales rose 61.03% to Rs 546.49 crore in the quarter ended September 2021 as against Rs 339.38 crore during the previous quarter ended September 2020.

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Gravita India will hold a meeting of the Board of Directors of the Company on 1 November 2021.

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Gravita India has received upgrade in credit ratings from Brickwork Ratings as under:

Fund based (Rs 257.33 crore) - BWR A; Stable

Non fund based
Long term (Rs 10 crore) - BWR A; Stable
Short term (Rs 27.90 crore) - BWR A2+

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Gravita India announced that a step down subsidiary of the company situated in Mozambique, East Africa has started commercial production of Aluminium from its new recycling plant having an annual capacity of around 4,000 MTPA in addition to its existing Lead recycling facility of 4,500 MTPA and is also in process of setting up of a new plastic recycling unit in Mozambique.

The Company is expecting an additional revenue of approx. Rs. 50 crore per annum coupled with gross margins of ~ 18% from this Aluminium Recycling Plant.

The Group has made investment of approx. Rs 2 crore for procuring and commissioning of this New Recycling Plant which is invested from internal accruals of the company. The said plant has been set up on a leased premises keeping in view of judicious use of capital & lean capex policy of Gravita.

The Company will be procuring domestic aluminium scrap for the purpose of production from this plant and it will cater the needs of Aluminium die casting components manufacturing industries of Auto & FMCG sector located in South and East Asian markets.

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