Phillips Carbon to expand

Written by Corporate Bureau | Kolkata, Jul 30 | Updated: Jul 31 2008, 06:41am hrs
Phillips Carbon Black Ltd, the country's leading producer of carbon black and ranked No 9 globally, is planning to increase its production capacity to 4.1 lakh tonne per annum from 2.7 lakh tonne at present by September 2009.

The RP Goenka group company aims to increase its turnover by 40%-50% in the current fiscal, on last year's figure of Rs 1,100 crore, according to managing director Ashok Goyal.

Phillips Carbon, which has plants at Durgapur, Baroda and Kochi, is building a new one at Mundra, he said. The Mundra plant, being built at a cost of Rs 250 crore, would have a capacity of 90,000tpa and start production by the end of this fiscal.

Meanwhile, Kochi would be expanded to 90,000 tonne per annum from 40,000tpa now at a cost of Rs 140 crore.

"The company also has plans of diversification and acquisition in the next two years," Goyal told reporters after the 47 th annual general meeting of shareholders. The AGM itself lasted barely seven minutes.

However, he declined to divulge details.

For the first quarter of the current fiscal, Phillips Carbon reported a profit after tax of Rs 22.9 crore against Rs 21.9 crore in the same period of the previous fiscal. Turnover in the latest quarter was Rs 300 crore, compared with Rs 235 crore in the same period of the previous fiscal.

The company has a 41% market share in India and is also the country's largest exporter of carbon black.