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Tirupati Graphite (TGR) investor relations material
Tirupati Graphite H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Major board and management changes in late 2024 addressed prior governance failures and financial distress, including the replacement of the CEO and restructuring of the board.
Production at Madagascar projects reached a record 7,096 MT in FY24, but was hampered by funding shortages and operational inefficiencies.
Acquisition of Suni Resources in Mozambique added two large-scale graphite projects, significantly increasing the resource base.
Post year-end, production was temporarily suspended due to financial distress, but resumed in early 2025 after successful refinancing and management overhaul.
Financial highlights
Revenue increased 70% year-over-year to £4.9 million, with sales volume up 87%.
Operating loss widened to £5.1 million (2023: £2.1 million loss), mainly due to high costs and inefficiencies.
EBITDA loss was £3.6 million (2023: £0.8 million loss).
Loss after tax was £13,213 (2023: £2.4 million loss), with EPS at (0.01)p.
Gross margin fell to 10% from 47% the prior year, reflecting higher unit costs and lower ore grades.
Net assets at 31 March 2024 were £22.9 million; cash and cash equivalents stood at £0.2 million.
A £6.1 million gain on bargain purchase was recognized from the Suni Resources acquisition.
Outlook and guidance
Production at Vatomina has resumed and is expected to reach 1,000 MT/month by July 2025, targeting breakeven.
Graphite markets are stabilizing, with strong demand from energy storage and EV sectors.
The company aims to restore LSE listing and complete a prospectus to enable conversion of loan notes to equity.
Development of Mozambique projects is expected to resume as security improves, with FID targeted by 2026.
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