Goa Carbon Reports Net Loss of Rs 5.07 Cr for Q1 FY20-21

Goa Carbon Reports Net Loss of Rs 5.07 Cr for Q1 FY20-21

Goa Carbon Ltd., a petrochemicals manufacturer based in India announced its results for the first quarter ended June 30, 2020.

Q1 Results- QoQ

The company reported a net loss of Rs 5.07 crores ($0.69 million) for the period ended June 30, 2020 as against net loss of Rs 4.83 crores ($0.66 million) for the previous quarter.

Net sales dropped 19.6% to Rs 55.82 crores ($7.6 million) during the period ended June 30, 2020 as com-pared to Rs 69.46 crores ($9.4 million) during the previous quarter.

Q1 Results- YoY

The company reported a net loss of Rs 5.07 crores ($0.69 million) for the period ended June 30, 2020 as against net loss of Rs 5.01 crores ($0.68 million) for the prior-year quarter.

Net sales dropped 60% to Rs 55.82 crores ($7.6 million) during the period ended June 30, 2020 as com-pared to Rs 140.36 crores ($19.1 million) during the prior-year quarter.

On the impact of the pandemic on its business, Goa Carbon Ltd in its stock exchange filings said, “The Company has done a detailed assessment of the impact on the going concern. Based on this assessment, there are no adjustments required. The management has taken into consideration all the known impacts of COVID19 while preparation of these financial results and the Company will continue to monitor any material changes in future economic conditions.”

“Due to the absence of viable export and domestic orders, the plants of the Company were shut down during the quarter ended June 30, 2020.”