Phillips Carbon Black Limited, a part of RP-Sanjiv Goenka Group and India's largest carbon black manufacturer, reported a sizeable decline in its first quarter sales and profits due to slowdown in automobile sector due to Covid-19 pandemic.

The company's net profit declined by 92.6% YoY and stood at Rs 2.54 crore in Q1FY21 as against Rs 66.82 crore in the corresponding period last year.

The sales also dropped by 60.56% YoY and reached Rs 359.53 crore versus Rs 911.52 crore in Q1FY20.

At EBITDA level, the company stood at Rs 38.47 crore in Q1FY21 that decreased by 65.97 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 113.06 crore.

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 few months back.