RP Sanjiv Goenka group controlled Phillips Carbon Black Ltd (PCBL) today reported a sharp dip in standalone net profit at Rs 47 lakh for the quarter ended March 2015 as against a profit of Rs 2.03 crore in the corresponding period last year.
"The net profit had dropped during the quarter following write-off of Rs 12 crore on oil stock loss," PCBL Chairman Sanjiv Goenka said here today.
The company had posted a net profit of Rs 12.64 crore for 2014-15 as against a massive loss of Rs 86.60 crore in the year before.
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Goenka said the current year is expected to be better in terms of capacity utilisation which was 3.11 lakh tonnes in FY15 as against an installed capacity of 4.8 lakh tonnes.
He hoped that the tyre industry will be better and with new management team in place the company will improve in terms of efficiency.
Speaking about the proposed Vietnam project, Goenka said the project was delayed due to some unfavourable duty structure for which the company was waiting.
Now, the company will go slow on the project as it plans to focus on consolidation for at least six months before it begins exploring overseas market, he said.
"The project is not shelved but we are not moving ahead on it right now," Goenka said.
