Goa Carbon posts Rs 252.73 lakh profit in 9 months
Panaji, Apr 25 (UNI) Goa Carbon Limited (GCL), a part of the Rs 1,100 crore Dempo group and the second largest manufcturer of calcinated petroleum coke in India, has posted a net profit before tax of Rs 62.39 lakh in the third quarter (Q3) ended on March 31 this year as against Rs 61.82 lakh loss in the corresponding period last fiscal.
According to the company release here today, it had also recorded sales of Rs 2,451.45 lakh for the quarter as against Rs 3,022.34 lakh in Jan-March last year.
The growth in profit was attributed to increase in selling price of the product. Its net profit was likely to be Rs 34.13 lakh as aginst Rs 39.54 lakh loss respectively for the quarter.
The board of directors of the company had adopted and approved the unaudited results for the quarter today. For the nine month period, the company recorded a topline and bottomline figures of Rs 8,833.25 lakh and Rs 252.73 lakh respectively with its EPS standing at Rs 3.44 (not annualised), the release added.
The company's executive chairman Mr Srinivas Dempo, commenting on the Q3 (Jan-March) performance, said the profitability would further improve now that the current budget had proposed 50 per cent reduction on basic customs duty.
This, he said, had also helped its subsidiary Paradeep Carbons Limited to turn around successfully making profits for three successive quarters besides achieving Rs 9,066.59 lakh and Rs 294.52 lakh topline and bottomlines respectively.
The company's managing director Dr A B Prasad said the merger of PCL with GCL ws expected to come through soon even as the companies were poised to post further growth with demand for aluminium increasing at faster rate with consumer industries witnessing bouyancy.
A part of Rs 37 crore, now being raised through the company's 1:1 rights issue, opened for subscription on April 18, would be utilised for retiring debt and the rest for meeting the working capital needs. The debt retirement would help save Rs 3.2 crore per annum in interest outgo, which will further add to profitability, according to Mr Dempo.
Negotiations were at an advanced stage to finalise contracts for supply of the calcinated petroleum coke to overseas buyers for the current fiscal at an enhanced price.
Its domestic customers include Nalco, Hindalco, Indal, Malco and Balco and foreign buyers include Aluminium Pachinery,France, besides those in Australia, Egypt, Dubai, Kuwait, Iran, Saudi Arabia, Singapore, Malaysia, Indonesia, Thailand, Africa, Russia, Wales and England.
UNI BM KU SKB1709