Phillips Carbon Black, part of RP-Sanjiv Goenka Group, posted a net profit of Rs. 72 crore during the quarter ended March 2020 compared to a profit of Rs. 74 crore in the corresponding period of the previous year. The company sales dropped to Rs.709.60 crores during the period ended March 31, 2020 as compared to Rs.774.46 crores in the corresponding period of the previous year.

 

The company reported a profit of Rs. 283 crore in FY20 as against Rs. 388 crore in FY19. Annual sales stood at Rs.3272.55 crores as against Rs.3548.49 crores in the previous year.

 

"The profitability was hit in the backdrop of continued global recession in the automobile industry further aggravated by COVID-19 pandemic, the company said.

 

The company is looking to expand capacity at its Palej plant in Gujarat by 32,000 tonnes and is progressing strategically. The company expect this to be commissioned by Q3FY21 while its greenfield project in South India will be “fast-tracked at an appropriate time”, it said in a notice to the bourses.