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Goa Carbon Shares Rise 5% After Revenue Nearly Doubles in December Quarter

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Shares of calcined petroleum coke producer Goa Carbon rose more than 5% on January 19 after the company posted a 57% year-on-year rise in December quarter profit to Rs 25.6 crore.

The stock was quoted at Rs 599 on the NSE at 11:45 am, up 4.8%. The stock has gained 12% in the past month and now has a market capitalisation of Rs 548 crore. Among them, Rs 213 crore is the free float market value.

Despite higher input costs, the company delivered substantial revenue and profit growth. Operating income for the quarter rose 93% year-on-year to Rs 416.76 crore.

Alongside announcing its third-quarter results, the company also notified exchanges that Vikrant Garg had been appointed chief financial officer, effective January 18.

According to exchange filings, Garg has worked on thermal power projects, naval shipyards, subways, ports, shipping, airports, petrochemical complexes and other manufacturing sectors.

The company’s total production capacity is 3.08 lakh metric tons per year. It is a regular supplier of aluminium smelters, graphite electrodes and titanium dioxide manufacturers.

As of December 2022, promoters own 59.72% of the company, compared to 40.28% held by the public shareholding.

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