During 1998-99, Graphite India incurred Rs 84 lakh expenditure on account of its voluntary retirement scheme as against Rs 75 lakh paid last year. Interest and depreciation charges were higher at Rs 25.56 crore and Rs 9.53 crore respectively. Company sources pointed out that steel glut and corresponding decline in prices in the global market led to a marginal decline in Graphite India's exports. In order to expand its export base, the company has forayed into new territories as well as upgraded the quality of the product.