Following a shift in product mix and focus on value-added premium grade products, RP-Sanjiv Goenka Group company Phillips Carbon Black Ltd (PCBL) has reported an over 112 per cent increase in net profit to ₹108 crore for Q2 FY19, against ₹51 crore in Q2 FY18. Revenues rose 47 per cent to ₹880 crore.
According to Sanjiv Goenka, Chairman, apart from value added premium offerings, the company has also utilised 98.5 per cent of its capacity and reported improved efficiencies.
“We now have 50 engineers at our Palej (Gujarat) R&D centre working on newer grades,” he told reporters at a press conference.
According to Goenka, the company is yet to decide on the location of its greenfield project that will entail an estimated investment of ₹600 crore with an annual capacity of 150,000 tonnes.
While it is more or less decided that the project will be set up in South India, the company is in discussions with Tamil Nadu, Telangana and Andhra Pradesh, he added.
This apart, PCBL is adding 50,000 tonnes of capacity annually at Mundra in Gujarat, while another 30,000 tonnes will be added at Palej. While the Mundra project should be ready by November, Palej will be completed in Q2 FY20.