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RP-Sanjiv Goenka group firm, Phillips Carbon Black, reported a 240 per cent rise in standalone net profit to Rs 17 crore for the quarter ending December 31, 2016, as against the Rs 5 crore it reported in the year ago period.
According to a notification to the bourses, the company said it is currently under Minimum Alternate Tax (MAT) and is therefore subject to a tax rate of 21.35 per cent on Profit before Tax.
Phillips Carbon Black reported a PBT of Rs 42 crore for the Q3 FY-17; against Rs 14.2 crore in the year ago period.
“The extraordinarily high tax financials reflect deferred tax adjustment which do not have any cash flow impact,” it further stated.
During the quarter under review the company’s total income from operations rose by 5.5 per cent to Rs 539 crore (Rs 511 crore).
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