Phillips Carbon Black Limited reported sharply higher consolidated profit grew 80% yoy to Rs125.03cr in Q3FY21 against Rs69.62cr in Q3FY20. The company’s revenue stood at Rs769.4cr against Rs768.85cr yoy.
The company stock was in demand in early trade on Thursday after the annoucement of results. Phillips Carbon Black Ltd became the latest tyre company this week whose stock hit a new 52-week high of Rs199.80 per piece in early deals after opening at Rs198.00
At around 10.06 am, each stock was trading at Rs194.95 up Rs4.75 or 2.50% from its previous closing of Rs190.20 on the BSE.
“The result reflects increased volume, operational efficiency, value-added products, customer centricity and improved margins,” company said in a regulatory filing on Wednesday.
The Board of Directors of the company has declared an interim dividend at 350% (Rs7 per equity share of Rs2 each) for the year ending March 31, 2021.
The company has many expansion plans to look for future:-
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New Speciality Black line in Palej Plant, Gujarat having capacity of 12KTPA has since been put on trial.
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Commissioning of new Speciality Black line in Palej Plant, Gujarat having capacity of 20KTPA is expected in February, 2021.
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The greenfield project of about 150 KTPA for manufacture of various grades of carbon black and 23MW of co-generation power over 60 acres of land in Tamil Nadu is progressing strategically and is expected to be commisioned by March, 2023.
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7 MW co-generation power plant in Kochi, Kerala is expected to be commissioned by end of 2021.