Phillips Carbon Black said that the company has commissioned two specialty black lines at Palej, Gujarat for production of wide range of specialty black products.
The company said that the two specialty black lines totalling about 32,000 MTPA are for servicing the growing needs of customers.
The announcement was made after market hours yesterday, 17 February 2021. Shares of Phillips Carbon Black fell 1.05% to settle at Rs 197.60 yesterday.
The stock hit a 52-week high of Rs 212.4 on 09 February 2021. The stock hit a 52-week low of Rs 54.2 on 24 March 2020.
Phillips Carbon Black, a part of RP-Sanjiv Goenka Group, is India s largest carbon black manufacturer.
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Phillips Carbon Black rose 1.66% to Rs 193.35 after the company s consolidated net profit jumped 79% to Rs 125.44 crore in Q3 FY21 from Rs 70.06 crore in Q3 FY20.
Net sales during the quarter remained flat at Rs 769.40 crore as compared to the same period last year.
Total expenditure fell by 10.4% to Rs 581.15 crore while interest expenses declined by 25.2% to Rs 7.96 crore in Q3 December 2020 over Q3 December 2019.
Profit before tax in Q3 FY21 stood at Rs 154.93 crore, up by 66.5% from Rs 93.06 crore in Q3 FY20. Current tax expense in the third quarter increased by 26.7% year-on-year (YoY) to Rs 27.03 crore.
Offering business updates, the company said that the new specialty black Line in Palej Plant at Gujarat, having capacity of 12 KTPA, has since been put on trial. Commissioning of new specialty black line in Palej Plant, Gujarat having capacity of 20 KTPA is expected in February 2021.