Panaji, January 10, 2019: The Board of Directors of Goa Carbon Ltd. (GCL) approved the unaudited financial results for the third quarter ended December 31, 2018 on January 10, 2019. A Dempo group company, GCL is the second largest manufacturer of Calcined Petroleum Coke (CPC) in the country.
Highlights of the quarter –
- Capacity utilization of Company for the Quarter three of FY 2018-19 has come down to 35% due to the ban on import of Raw Petroleum Coke. This underutilization of capacity has resulted in the loss of Rs 7.54 Cr. during 3rd quarter of 2018-19. The Company has registered a Turnover of Rs 95.99 Cr during the said quarter.
- After the Hon’ble Supreme Court lifted the import ban, the Company has started procuring the Raw Petroleum Coke (RPC). The prices for the RPC are in upward trajectory. Selling Price of aluminum has come down resulting in pressure on the selling prices of the Calcined petroleum Coke (CPC).
- The Company has received new orders of approximately 70,000 MT of CPC and the efforts are being made to source the RPC from different sources at competitive price which can also facilitate appropriate blends to absorb the pressure on the selling price of CPC.
Mr. Shrinivas Dempo, Chairman, GCL, said “This was a challenging quarter for us due to the ban imposed by the Hon’ble Supreme Court on the import of pet coke which got lifted in October 2018 followed by further regulatory delays in commencing the production. The Company is planning to sell 50,000 MT of CPC during fourth quarter of FY 2018-19 and aiming for the capacity utilization of 96% during the said quarter. Overall, the management is aiming for a turnover of Rs 500 Cr for this F.Y and the year profitability depends upon the exchange rate and the material price which the management is negotiating with the Vendors.