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Phillips Carbon Black Ltd has reported a net profit of Rs 12.64 crore in 2014-15 against a net loss of Rs 86.60 crore in the previous fiscal. The company has announced 10 per cent dividend for the financial year 2015.
Sanjiv Goenka, Chairman, said that the company was looking for additional sources of raw material. "Similarly, the company is looking for new opportunities for supply of carbon black to internationally renowned tyre companies in different parts of the world," Goenka said.
International custormers such as Bridgestone, Goodyear, Michelin and Pirelli contribute around 30 per cent of its carbon black sales.
"We hope to remove our internal inefficiencies and improve our position in the international market going forward," Goenka said.
Phillips Carbon Black is currently ranked 7th largest in the world in terms of producing carbon black. In 2014-15, it had produced 3.12 lakh tonnes against an installed capacity of 4.8 lakh tonnes. The global tyre industry has been going through a difficult phase in the past couple of years when the demand was down.
PCBL's revenue was up 8 per cent at Rs 2,485 crore in 2014-15. However, price realisation did not improve much owing to internal inefficiencies.
He said the company's proposed manufacturing project in Vietnam might not take off this year. Goenka indicated that it could be taken up later. "We would focus on consolidation of our existing capacities in India this year," he added.
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