Goa Carbon firms up after Q3 net loss narrows

Goa Carbon rose 3.84% to Rs 291 after the company announced Q3 results on Saturday, 18 January 2020.

On a standalone basis, Goa Carbon reported a net loss of Rs 4.12 crore in Q3 December 2019, lower than a net loss of Rs 4.91 crore in Q3 December 2018. Net sales rose 13.4% to Rs 106.88 crore in Q3 December 2019 over Q3 December 2018.

The company reported pre-tax loss of Rs 4.12 crore in Q3 December 2019, lower than a pre-tax loss of Rs 7.54 crore in Q3 December 2018.

The company said its operation and its results fluctuate from period to period on account of the delivery schedule of the customers which vary from time to time; the inability of the company to always increase selling prices in line with cost of imported raw material, the free-on-board (FOB) price of which varies substantially from time to time; and exchange fluctuations arising because of the company's dependence on imports of raw material.

Due to the absence of viable export and domestic orders, the plants of the company were shut down during the quarter ended 31 December 2019. The company's Goa plant was shut for 35 days, the Bilaspur plant was shut for 36 days and the Paradeep plant was shurt for 26 days.

The stock has surged 33.02% in ten consecutive trading sessions from its recent closing low of Rs 218.75 as on 6 January 2020.

Goa Carbon is engaged in the manufacture and sale of calcined petroleum coke. The firm is a supplier to aluminum smelters, graphite electrode and titanium dioxide manufacturers, as well as other users in the metallurgical and chemical industries.

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