Goa Carbon returns to green, earns profits

Positive results, interim dividend pushes Goa Carbon to only buyers zone on Monday. The stock was struck in its upper circuit limit of plus 5 per cent at Rs. 1,061.05 per share.

The company registered net profit at Rs 22.50 crore in Q3 compared to net loss of Rs 0.93 crore on a year-over-year basis. The revenues were at Rs. 187 crore compared to Rs. 82 crore in the corresponding period, which is a higher by 160 per cent.

Goa Carbon has also announced an interim dividend of Rs. 5.00 per share of Rs.10. The record date for the dividend is fixed for January 17.

Goa Carbon is a manufacturer of calcined petroleum coke, which is a critical ingredient in the production of aluminum. The increase in demand for aluminium has indirectly helped the company make profits. In terms of outlook, the company has indicated cost pressure due to increase in raw material prices, which can be attributed to rising crude oil prices. The company is running at full capacity utilization and may look at acquisition for expansion.