Nice Post on Advfn21 Sep 2023 15:09
Cashflow and Liquidity management
-- Tirupati is managing its operations within the available resources while ramping up sales and production, and expects to reach c.50% capacity utilisation in the current quarter and c.75% in Q3 FY24
-- The Company is tightly managing cash resources following a period of investment: project development, building infrastructure, acquiring Suni Resources and building inventory for the expanded operations
-- Given the strong sales and revenue performance during FY24 to date, we expect to exceed the production and sales revenue achieved in the full year FY23 (FY23 GBP2.89m) before the end of August
-- In the meantime, the Company continues to engage in securing non-dilutive working capital arrangements to improve cash resources on the back of its strongly improving performance and order book
Shishir Poddar, Executive Chairman, 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.
"We chose the tough but prudent path of refraining from a dilutive equity raise in the current subdued capital markets, managing our operations and growth within our available resources. With the establishment of consistent and growing production we are progressing to our next target of hitting a positive bottom line at corporate level in the foreseeable future.
Sign In
Follow the stocks
