After graphite electrode maker, HEG, reported a 680 percent rise in net profit for the quarter ended September 30, 2018, the company on Thursday said it will firm up expansion plans in the next month.

In an interview to CNBC-TV18, Ravi Jhunjhunwala, chief managing director, said Jhunjhunwala said HEG's capacity utilisation in this quarter has been north of 85 percent and currently the company is operating at a rate of about 90 percent on an annual basis, "Therefore, it's safe to assume that the next half will be close to 90 percent or maybe little more than 90 percent."

Graphite electrodes are used to melt scrap in electric arc furnaces to produce new steel.

Talking about business, Jhunjhunwala said, "Cash on the book is close to Rs 1,000 crore and on dividend payout, the company had always been in the region of 35-37 percent and we will surely maintain that."

On expansion front, Jhunjhunwala said, “HEG is at the last leg of finalising that report. We are working with one of the most prominent consulting company in the country and within a month or so, we will have exact number and timing and we are probably going to announce that in a month’s time."