Phillips Carbon Black posts 4-fold jump in net profit
Kolkata: Phillips Carbon Black Limited witnessed a near four-fold jump in net profit at Rs 57 crore for the quarter ended December 31, 2017. Net profit during the same period last year stood at Rs 15 crore. The profit resulted from higher sales and better capacity utilisation.
The company's standalone revenue for the quarter came in at Rs. 612.4 crore, registering 13.7 percent increase, supported by 14.2 percent jump in revenue from carbon black segment. Revenue from operations was Rs 539 crore in the same period last year.
The company has posted a net profit of Rs 155.53 crore for the 9 months period ended December 31, 2017 as against Rs 36.87 crore for the 9 months period ended December 31, 2016.
The Profit After Tax (PAT) for the quarter came in at Rs 56.59 crore, which is an increase of 280.3 percent. This was due to jump in interest expenses by 41 percent.
It may be mentioned that the Board of Phillips Carbon Black has approved proposal for fund raising by way of issue of securities for an aggregate amount not exceeding Rs 500 crore.
The Board has also approved sub-division of equity shares having face value of Rs 10 each into five equity shares of face value of Rs 2 each. The decision was taken at a board meeting on Wednesday.
The company has an installed capacity of 4, 80,000 tonne across its four plants in Durgapur, Kochi, Mundra and Palej.