Phillips Carbon up 5%

Yesterday evening, Phillips Carbon Black had some good news to share.

It commissioned 2 of its specialty black lines at Palej, in Gujarat.

This is for production of wide range of specialty black products, totalling about 32,000 MTP A to service the growing needs of its customers.

The company had ended Q3FY21 on a good note with consolidated net profit jumping 79% (YoY) to Rs.125 crore on a flat net sales at Rs.769 crore. A 10% decline in total operating expenses and a 25% decrease in interest expenses helped shore up the bottomline.

Its greenfield project of about 150 KTPA for manufacture of various grades of carbon black and 23 MW of cogeneration power over 60 acres of land in Tamil Nadu is progressing strategically and is expected to be commissioned by March 2023.

The 7 MW co-generation power plant in Kochi, Kerala is expected to be commissioned by end of 2021.

The stock price reacted positively to this news, rising over 5% to hit an intraday high at Rs.208. Its 52-week high is not too far at Rs.212.40.