Phillips Carbon Black share price rallied nearly 8 percent intraday Friday as profit more than doubled in June quarter with strong operational performance.
Profit during the quarter grew by 102 percent to Rs 97.5 crore compared to Rs 48.2 crore in same period last year.
The bottomline was driven by shift in product mix to more value added premium grades, customer-centric initiatives and continuous improvements across all functions.
The carbon black producer said revenue from operations grew by 33.2 percent to Rs 781 crore compared to Rs 587 crore in same period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 69.7 percent year-on-year to Rs 157 crore and margin jumped 420 basis points to 20 percent for the quarter ended June 2018.
Sanjiv Goenka, Chairman said the 56,000 tonne capacity expansion at Mundra in Gujarat made steady progress during the year and is expected to be completed by Q3FY19. The 32,000 tonne capacity expansion at Palej in Gujarat is progressing satisfactorily and is expected to be completed by Q2FY20. Combined estimated investment is Rs 450 crore.
At 15:08 hours IST, the stock price was quoting at Rs 234.95, up Rs 12.60, or 5.67 percent on the BSE.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
