Shares of this calcined petroleum coke manufacturing company surged by 15 percent in Wednesday’s trading after the company announced quarterly results and dividends. The shares have delivered more than 30 percent to its shareholders in six months.
With a market capitalization of Rs. 636 crores, the shares of Goa Carbon Ltd started Wednesday’s trading session on a higher note at Rs. 624.85 compared to its previous close of Rs. 606.35. The shares hit a high of Rs. 710.40, gaining 15 percent, also recorded as the company’s fresh 52-week high and are currently trading at Rs. 696 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced its quarterly results. The revenue increased by 22 percent from Rs. 224 crores during Q2FY24 to Rs. 272 crores in Q3FY24. In addition, the net profits improved by 21 percent from Rs. 29 crores to 35 crores during the same period.
Comparing these metrics on a YoY, the revenue declined by around 35 percent from Rs. 417 crores during Q3FY23 to Rs. 272 crores during Q3FY24. On a contrasting note, the net profits zoomed by 35 percent from Rs. 26 crores to Rs. 35 crores during the same timeframe.
Furthermore, with the quarterly results, the Board of Directors of the Company also declared an interim dividend of Rs.10 per equity share of Rs.10 each (at the rate of 100%) for the financial year 2023-24 and also fixed 29th January 2024 as the record date for payment of interim dividend, which shall be paid on or after 7th February 2024.
Due to consistent operating revenue and profits on a YoY basis, the profitability metrics of the company improved with the return on equity (RoE) increasing from 39.61 percent during FY 21-22 to 53.72 percent in FY 22-23, and, the return on capital employed (RoCE) zoomed from 24.76 percent to 32.09 percent during the same timeframe. Furthermore, the net profit margin increased from 4.93 percent during FY21-22 to 5.92 percent during FY22-23.
Looking at the latest shareholding pattern, Promoters have 59.72 percent of shares, Retail investors have 40.28 stakes and the remaining 0.01 percent of shares are with the DIIs.
Headquartered in Goa, Goa Carbon was incorporated in 1967. They are in the business of manufacturing and marketing Calcined Petroleum Coke. It is a part of the Dempo group of companies.
Written By Vaibhav Patil
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