Phillips Carbon announces Q2 results; stock closes higher by 2.98 per cent
Philips Carbon Black Limited (PCBL) reported its September quarter results today.
Profit before tax for the company stood at Rs 72.47 crore in Q2FY21, which is 28.9 per cent lesser than the corresponding quarter last year. Profit after tax for Q2FY21 stood at Rs 57.55 crore, showing a YoY decrease of 25 per cent. However, the September quarter has seen a significant recovery from the June quarter, where the PBT stood at Rs 2.68 crore and PAT stood at Rs 2.31 crore.
PCBL is the largest producer of carbon black in the country and also, one of the largest players in the world with an installed capacity of 5,71,000 MTPA of carbon black.
The press release also stated that the greenfield project of about 1,50,000 MT for manufacturing of various grades of carbon black and 25 MW of co-generation power over 60 acres of land in Tamil Nadu is progressing strategically. It is expected to be commissioned in 2023.
Reacting to the results announcement, the stock closed 2.98 per cent higher today at Rs134.90. Its intraday high was 138, whereas the intraday low was 133. Since the beginning of this year, the stock has outperformed the broader market index S&P BSE 500. The stock has given a return of 9.85 per cent as against the return of -2.58 given by S&P BSE 500.