Gujarat NRE Coke gains after turnaround in Q4 numbers

The company announced Q4 results during trading hours today, 27 May 2013.

Meanwhile, the S&P BSE Sensex was up 307.84 points or 1.56% at 20,012.17.

On BSE, 1.98 lakh shares were traded in the counter as against average daily volume of 3 lakh shares in the past one quarter.

The stock hit a high of Rs 18.05 and a low of Rs 17.10 so far during the day. The stock had hit a 52-week high of Rs 23.80 on 10 January 2013. The stock had hit a 52-week low of Rs 16 on 31 August 2012.

The stock had underperformed the market over the past one month till 24 May 2013, gaining 2.1% compared with the Sensex's 2.74% rise. The scrip had also underperformed the market in past one quarter, declining 13.89% as against Sensex's 2.01% gain.

The company has equity capital of Rs 622.37 crore. Face value per share is Rs 10.

Gujarat NRE Coke's total income from operations declined 0.73% to Rs 327.98 crore in Q4 March 2013 over Q4 March 2012.

The good show by Gujarat NRE Coke in Q4 March 2013 was despite a steep decline in exceptional item gain during the quarter compared to corresponding previous quarter. There was an exceptional item gain of Rs 9.63 crore in Q4 March 2013, as against gain of Rs 58.05 crore in Q4 March 2012.

Gujarat NRE Coke's net profit galloped 902.26% to Rs 30.97 crore on 24.84% growth in total income from operations to Rs 1713.04 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Out of 5 crore warrants issued to promoters of the company during the year (FY 2013), 4.50 crore warrants were converted during Q3 December 2012 and the balance 50 lakh warrants of Rs 10.54 crore have been converted into 50 lakh equity shares of face value of Rs 10 each on 26 May 2013.

Gujarat NRE Coke had issued 200, 5.5% unsecured foreign currency convertible bonds (FCCB) of $100,000 each aggregating $20 million on 29 October 2012. These bonds are convertible into equity shares of the company at the option of bondholders at Rs 22.50 per share. If not converted, then they are redeemable on 30 October 2017, the company said. Of these FCCBs of Rs 108.78 crore, a sum of Rs 50 lakh remain unutilized till 31 March 2013, Gujarat NRE Coke added.

Gujarat NRE Coke is the largest independent producer of met coke in India. Gujarat NRE also owns coking coal mines in Australia. The coal mines are owned through its subsidiary -- Gujarat NRE Coking Coal (GNM). Gujarat NRE Coke, through forward integration has also forayed into steel making and power generation through the renewable energy route.

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