Country's largest carbon black manufacturer Phillips Carbon Black Ltd. (PCBL) reported a profit of Rs 12.64 crore for the current financial year as compared to a loss of Rs 86.60 crore in the last fiscal.
The company attributed the turnaround to improved sales volume, better cost management, sourcing of raw materials from multiple sources and improving efficiency.
Net sales stood at Rs 2,470.19 crore as compared to Rs 2,277.46 crore in the previous year. Volume increased by 9 percent as compared to last fiscal
"PCBL is actively scouting for new opportunities to expand the base of the company both nationally and internationally, a better management will also help in better packaging, better quality and on-time delivery," said Sanjiv Goenka, Chairman, PCBL.
However, net profit fell to Rs 0.47 crore in the March quarter as compared to Rs 2.03 crore during the same period last fiscal. Goenka said that this was due to the inventory write-down of Rs 12 crore during the quarter on account of fall in crude price.
PCBL is ranked seventh in the world in terms of producing carbon black, a key ingredient in manufacturing tyres. Besides supplying to all the major tyre manufacturers in the country, Its global clients include Bridgestone, Michelin, Goodyear.
