India’s major recycler, Gravita, reported lead sales of 22,779mt in the June ending quarter Q1, up 41pc from Q1 2020. Sales volumes fell by 4pc from the previous quarter. The company’s aluminum sales jumped 219pc to 3,100mt in Q1 from a year ago and 20pc from the prior quarter.
The informal lead recycling trend in India has contracted over the past five years. Share of informal lead recycling has come down to 70pc in FY21 from 80pc in FY16 and is expected to be only at 25pc by FY25, highlights Gravita. With the Battery Waste Management Rules and stricter GST implementation, scrap availability for the formal recycling sector has increased and is only expected to grow further.
The company started recycling aluminum in 2016. By 2019, the company started recycling aluminum in Africa. The company’s annual scrap collection capacity stands at 160,000mt and lead producing capacity of over 90,000mt
Financials
Revenues in Q1FY22 stood at Rs4.46bn ($60.12mn), 73pc higher than last year. Profits after tax increased five-folds to Rs217.7mn in Q1 from the prior year. Profits were supported by the healthy lead and aluminum sales the company reported in Q1.
($1=Rs74.1)