The stock, not surprisingly, has opened sharply in the red today morning, given the poor performance for Q3FY14. Net profit came in at Rs. 56 lakh, a 53% sequential drop while YoY, it shows a turnaround from a net loss at Rs.1.58 crore. The net revenue of this calcinated petroleum coke (CPC) maker rose 23% YoY at Rs.72 crore though QoQ, it dropped 22%. The company had a forex loss of Rs.1.90 crore.

Although the company has a manufacturing capacity of 75,000 TPA of CPC, its operations vary significantly every quarter, due to erratic delivery schedules of customers and company’s inability to pass on price hikes. Its Goa plant during the quarter was shut for 92 days, Bilaspur plant were shut for 38 days and Paradeep for 40 days. But a day before the results were announced, the company stated that its Bilaspur has once again been shut down due to non-availability of raw material. At end of 9MFY14, the company is sitting on a net loss at Rs.5.74 crore, not boding too well for FY14. The company is under process of establishing a greenfield 3 lakh tpa CPC plant in Chinam which appears quite ambitious.