Shares of Goa Carbon nosedived over 9 percent in early trade on May 17, a day after the company posted a dismal set of numbers for the January-March quarter.
Net profit slumped 65.2 percent on year in the fourth quarter to Rs 5.3 crore from Rs 15 crore in the corresponding quarter last year. The company's net profit for January-March is the lowest in the past seven quarters.
The sharp decline in bottomline can be largely attributed to a weak operational performance during the quarter under review. EBITDA margin also contracted sharply by more than 300 basis points on year to 4.91 percent in the fourth quarter.
Some weakness in profitability was also due to the temporary shutdown in operations at the petcoke maker's Bilaspur unit due to maintenance work during the quarter.
At 09.42 am, shares of Goa Carbon were trading with a cut of 8.76 percent at Rs 483.55 on the National Stock Exchange.
Around one lakh shares of the petcoke maker changed hands on the exchanges so far, double the one-month daily traded average of 51,000 shares.
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Nonetheless, topline for the company rose 15.1 percent year-on-year to Rs 316 crore in Q4 as against Rs 274.5 crore in the year ago period.
As for the stock performance, the scrip has flushed out over 172 percent returns for the past three years, but is still down 7.5 percent for 2023.
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