Tirupati Graphite PLC on Tuesday was optimistic of its prospects for future growth, after seeing both revenue and production increase annual.

For the year ended March 31, the graphite and graphene company posted unaudited revenue from sales of £2.9 million, up 76% from £1.7 million year-on-year.

Gross profit was £1.4 million, up from £507,112 a year prior. Total production increased by 59% to 4,770 tonnes from 2,996 tonnes.

Tirupati said that the development of new capacities and overcoming bottlenecks made up the larger part of its activities during the year.

It added that several measures had been implemented successfully, including reducing operating costs, better handling of adverse weather conditions, and initiating renewable energy generation.

‘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,’ said Executive Chair Shishir Poddar.

He added: ‘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.’

Tirupati Graphite shares were trading 10% higher at 33.40 pence each in London on Tuesday morning.

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