GOA CARBON LTD = RESULTS = Q/E DEC 2011

Goa Carbon Limited

NSE Symbol        GOACARBON

GOA CARBON has produced dismal results in this quarter ending Dec,2011 (Q3 FY 12).

Net Sales has come down to Rs.68.89 cr in Current Qtr – compared to Rs.130.69 cr (down by -47.29%) in previous qtr of Q2 FY 12 and Rs.79.83 cr (down by -13.7%) in corresponding Qtr of Q3 FY 2011.

Even with lower Raw Material consumption, the total Expenditure far exceeds the net sales – Expenses stand at Rs.73.31 cr in Q3 FY 12; compared to Rs.124.46 in previous Qtr (down by -41.1%); and compared to Rs.73.94 cr (down by -0.86%) in corresponding Qtr.

Loss from Operations stands at          -4.35 cr in Q3 FY 12; compared to a profit of Rs.6.33 cr in previous qtr of Q2 FY 12; and profit of Rs.6.22 cr in corresponding Qtr of Q3 FY 11.

Net loss stands at Rs.-2.9 cr – compared to a profit of Rs.4.07 cr in previous qtr and a profit of  Rs.2.80 cr in corresponding Qtr.

On a Face value of Rs.10 – the Basic EPS     stands at Rs.-3.17 in Q3 FY 12; compared to Rs.4.45 in previous qtr; and Rs.3.06 in corresponding qtr of Q3 FY 11.

Thus, the annual EPS of Goa Carbon for FY 2012 cannot be predicted at the moment.

In 1999, GOA CARBON acquired a  calcination unit with a capacity of 40,000 TPA of calcined petroleum coke. In 2001, GOA CARBON LIMITED acquired another calcination unit, with a capacity of 1,25,000 TPA of calcined petroleum coke.

The company had explained that –

The company’s operation and Results fluctuate from period to period on account of :

(i)          The delivery schedule of the customers which vary from time to time

(ii)         The inability of the company to always increase selling price in line with the cost of imported raw materials, the FOB price of which varies substantially from time to time;

(iii)        Exchange fluctuations arising because of the company’s dependence on the import of raw materials and export of finished products. For the 9 m/e dec,2011 also, there is a huge exchange loss.

(iv)       In the last quarter (Q2 FY 12) the Goa Plant was closed down for 71 days and Bilaspur Plant for 75 days; In Q3 FY 12, the shut down was as below : i) Goa Plant - 46 days ii) Bilaspur Plant - 61 days iii) Paradeep Plant - 37 days

(v)         The company operates in one segment – of manufacture and sale of calcined Petroleum coke.

(vi)       The company says that  - it has accounted unrealised exchange loss of Rs 14.15 crores (net) (Previous period gain Rs 0.53 crores (net)) for the nine months period ended 31.12.2011 due to the restatement of foreign currency loans availed from overseas banks. The loans are repayable during the Financial Year 2012-13.

RESULTS TABLE

GOA CARBON	31-Dec-11	30-Sep-11	% DIF 1	30-Jun-11	31-Mar-11	31-Dec-10	% DIF 2
Net Sales	6889.12	13068.86	-47.29	5887.58	9426.79	7983.09	-13.7
Other Operating Income	6.35	10.38	-38.82	2.16	79.69	33.17	-80.86
Increase in SIT / WIP	-1645.2	2306.85	-171.32	-2076.63	14.91	-2856.62	-42.41
Raw Materials	6846.52	8285.38	-17.37	6709.01	7552.86	8702.24	-21.32
Employees Cost	381.38	295.54	29.05	288.41	311.4	267.69	42.47
Depreciation	59.49	60.28	-1.31	60.89	63.04	69.27	-14.12
Other Expenditure	1688.66	1498.22	12.71	673.01	1173.24	1211.75	39.36
Total Expenditure	7330.85	12446.27	-41.1	5654.69	9115.45	7394.33	-0.86
Profit from Operations	-435.38	632.97	-168.78	235.05	391.03	621.93	-170
Other Income	163.65	94.61	72.97	168.33	64.45	27.13	503.21
Interest	162.85	119.31	36.49	84.3	140.6	239.34	-31.96
Profit before tax	-434.58	608.27	-171.45	319.08	314.88	409.72	-206.07
Tax expense	-144.92	200.87	-172.15	105.01	117.12	129.34	-212.05
Net Profit	-289.66	407.4	-171.1	214.07	197.76	280.38	-203.31
Dividend (%)	-	-		-	40	-	#VALUE!
Face Value (In Rs	10	10	0	10	10	0	#DIV/0!
Paid Up Equity	915.11	915.11	0	915.11	915.11	915.11	0
Basic EPS	-3.17	4.45	-171.24	2.34	2.16	3.06	-203.59
Public holding (%)	40.4	40.84	-1.08	40.99	41.02	0	#DIV/0!

*  *  *  E  N  D  *  *  *