The Board of Directors of Goa Carbon Ltd (GCL) approved the unaudited financial results for the second quarter ended September 30, 2018 on October 5, 2018. A Dempo Group company, GCL is the second largest manufacturer of Calcined Petroleum Coke (CPC) in the country. In the First Half of the Financial Year 2019, revenue for the period was ₹238.23 cr in H1 FY19 v/s ₹239.99 cr for the corresponding period. Net profit after tax for the half year ended on September 30, 2018 stands at ₹6.18 cr v/s ₹19.51 cr for the corresponding period.
Shrinivas Dempo, Chairman, GCL, said “It has been a challenging quarter for us due to the ban imposed by the Supreme Court on the import of the petcoke. Restriction on the import of new raw materials and limitation on making the desired blend out of the available raw material has restricted us to fulfill orders only from the existing customers. The reduction in tonnage has impacted our profitability for the quarter under review.”
“We are optimistic that the hearing, on the ban of petcoke, on October 9 by the Supreme court shall emerge positive for the industry,” he added.
Incorporated in 1967, GCL is the second largest manufacturer of Calcined Petroleum Coke (CPC) in India. A part of the Dempo Group, GCL supplies CPC to leading domestic as well as international aluminum smelters. GCL has a total manufacturing capacity of 240,000 TPA. While it started with manufacturing facility in Goa (75,000 TPA), GCL further augmented its capacity in 2002 by acquiring a petcoke calcining unit at Bilaspur in Chhatisgarh (40,000 TPA) and Paradeep Carbons Ltd. (PCL) at Paradeep in Odisha (125,000 TPA). The Bilaspur and Paradeep units are now merged with GCL