In the context of high contrast imaging, we propose to evaluate the performance of the Apodized Pupil Lyot Coronagraph (APLC) working without Lyot Stop, namely Stop-less Lyot Coronagraph (SLLC). This coronagraph is a combination of an entrance pupil apodizer and an opaque mask in the following focal plane. However, contrary to APLC, SLLC is amputated by the traditional pupil stop. Our goal is to stress the interest of using this coronagraphic solution, in particular for instruments for which the introduction of a stellar coronagraph with Lyot stop is made impossible. We estimate the intensity attenuation achieved with SLLC and carry out our study with a focus on the case of Gran Telescopio Canarias (GTC). In a first step, numerical simulations are made assuming the absence of any aberration, thereafter SLLC performance is evaluated considering AO corrected wavefronts in our approach for ground-based instruments. SLLC performance proves to be equivalent to that obtained with APLC in presence of AO compensated atmospheric turbulence images, which Strehl ratio is S=0.552 at the wavelength lambda=1.57 mu m. This coronagraph allows to remove the peak intensity of a star image and therefore, avoid detector saturation. Moreover, it helps increasing the image dynamic range. A mean contrast gain in stellar magnitudes Delta m=0.23 is obtained with SLLC whereas APLC reaches a value Delta m=0.38.