Tirupati Graphite PLC on Tuesday reported a rise in its quarterly production output and said it expects to outperform its previous full-year sales revenue before the end of August.

The London-based natural flake graphite producer, which has operations in Madagascar and Mozambique, said in the first three months of its financial year output surged to 2,371 tonnes from 822 tonnes a year prior, and sales volumes grew to 2,772 tonnes from 803 tonnes the year before.

Tirupati Graphite’s financial year ends March 31.

Tirupati also noted it remains focused on reaching its monthly production and sales minimum target of 2,000 tonnes, which it expects to meet in the third quarter of financial 2024.

Long-term market demand forecasts remain strong given a boost in graphite demand, the company added.

Looking ahead, Tirupati expects to exceed its previous full-year sales revenue of £2.9 million before the end of August and continues to focus on securing non-dilutive working capital arrangements.

This comes after Tirupati’s share suspension was lifted on Tuesday morning.

Executive Chair Shishir Poddar said: ‘We continue to evolve the company’s business to align with our aim to be a leading player in meeting the growing global needs of flake graphite, a critical mineral supply of which is identified as one of the key risks to meeting energy transition targets. Adoption of electric vehicles is growing globally with the world’s largest economies pushing hard for renewable energy backed transformation of mobility. While at the current time there is no supply-deficiency of flake graphite, it is clear from forecasts that supply will increasingly fail to keep up with the growing demand.’

Shares in Tirupati fell by 6.1% at 31.13 pence each in London on Tuesday midday.

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