Phillips Carbon Black gains after strong Q3 performance

Phillips Carbon Black rose 1.66% to Rs 193.35 after the company's consolidated net profit jumped 79% to Rs 125.44 crore in Q3 FY21 from Rs 70.06 crore in Q3 FY20.

Net sales during the quarter remained flat at Rs 769.40 crore as compared to the same period last year.

Total expenditure fell by 10.4% to Rs 581.15 crore while interest expenses declined by 25.2% to Rs 7.96 crore in Q3 December 2020 over Q3 December 2019.

Profit before tax in Q3 FY21 stood at Rs 154.93 crore, up by 66.5% from Rs 93.06 crore in Q3 FY20. Current tax expense in the third quarter increased by 26.7% year-on-year (YoY) to Rs 27.03 crore.

Offering business updates, the company said that the new specialty black Line in Palej Plant at Gujarat, having capacity of 12 KTPA, has since been put on trial. Commissioning of new specialty black line in Palej Plant, Gujarat having capacity of 20 KTPA is expected in February 2021.

The greenfield project of about 150 KTPA for manufacture of various grades of carbon black and 23 MW of cogeneration power over 60 acres of land in Tamil Nadu is progressing strategically and is expected to be commissioned by March 2023.

The 7 MW co-generation power plant in Kochi, Kerala is expected to be commissioned by end of 2021, it added.

Phillips Carbon Black (PCBL), a part of RP-Sanjiv Goenka Group, is India's largest carbon black manufacturer.

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