Goa Carbon hits lower circuit post Q2 results

Shares of Goa Carbon were locked in the lower circuit limit of 5 per cent on Friday after the company reported net loss of Rs 1.26 crore for September quarter against Rs 13.76 crore profit in the year-ago period. 

Total revenue for the quarter stood at Rs 114.36 crore against Rs 151.70 crore reported in the September quarter of last year. 

Total comprehensive loss of the company came in at Rs 1 crore against Rs 13.59 crore comprehensive income logged in the year-ago period. 

Due to the absence of viable export and domestic orders, the plants of the company were shut down during the quarter as follows: Goa plant: 42 days, Bilaspur plant: 92 days, and Paradeep plant: 19 days, Goa Carbon said in its BSE filing. 

"The wholly owned subsidiary of the Company, GCL Global Resources SGP, Singapore, was liquidated on March 9, 2018. During the previous year ended 31 March 2018, the company received full and final payment of Rs 12.73 crore from the liquidator. Accordingly, other Income for the previous year ended March 31, 2018 included foreign exchange gain of Rs 1.46 crore arising on account of liquidation of investments of the wholly owned subsidiary," the company said. 

That apart, the company said it has filed an application with the Supreme Court of India representing that being an indispensable subset, the Calcination Industry should be considered along with that of the Aluminum Industry for allowing the import and use of the petroleum coke in the manufacturing process as feedstock. 

At 01:07 pm, the stock was locked in at Rs 581.60 apiece on BSE.