Acuite has downgraded its long term rating to 'ACUITE BBB-' (read as ACUITE triple B minus) from 'ACUITE BBB' (read as ACUITE BBB) and reaffirmed its short term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs.273.00 cr. bank facilities of Goa Carbon Limited (GCL). The outlook is revised from 'Negative' to 'Stable'.
The rating downgrade is mainly on account of continued moderation in the operating performance for FY2020. The revenues deteriorated to Rs.416.82 crore in FY2020 from Rs.461.96 crore in FY2019. GCL made losses on both the operating as well as net levels marked by EBITDA losses of Rs.14.67 crore and PAT losses of Rs.27.75 crore for FY2020. The losses were mainly on account of lower sales realization and demurrage expenses incurred during the year. A cuite believes that the ability of the company to improve its operating performance and to manage its cash flows efficiently will be a key monitorable.
Goa Carbon Limited (GCL) was incorporated in 1967 with its registered office at Dempo House, Campal, Panaji-Goa. GCL is engaged in manufacturing and marketing Calcined Petroleum Coke (CPC). GCL has manufacturing facilities located at Goa, Bilaspur and Paradeep with combined capacity of 225,000 metric tonnes per annum. Mr. Shrinivas V. Dempo is the chairman of the company. GCL is a part of Dempo Group which has presence in Iron Ore mining and exports, Calcined Petroleum Coke, Construction, Publishing, Ship Building, Travel and Trade. GCL is listed on BSE and NSE.
Shares of GOA CARBON LTD. was last trading in BSE at Rs.225 as compared to the previous close of Rs. 229.2. The total number of shares traded during the day was 2118 in over 188 trades.
The stock hit an intraday high of Rs. 232.9 and intraday low of 225. The net turnover during the day was Rs. 480315.