Kolkata, May 6 (IANS) India’s largest carbon black manufacturer, Phillips Carbon Black Ltd., on Wednesday said its consolidated net profit during April 2014 to March 2015 rose by over 112 percent at Rs.10.67 crore against a loss of Rs.86.56 crore during 2013-14.
Its consolidated net revenues, during the time period under review rose by 8.46 percent at Rs.2,470.19 crore against Rs.2,277.46 crore earned during 2013-14.
“The internal inefficiencies during 2013-14 have been done away with and the carbon black market is seemingly upbeat. We are presently consolidating our position,” the company’s chairman Sanjiv Goenka told media persons while discussing the company’s annual results here.
He said the company implemented cost management mechanisms which led to lowering of costs.
During 2013-14, PCBL had borne a hedging cost of Rs.108.49 crore which was reduced to Rs.52.71 crore in 2014-15.
Goenka also said: “In order to increase efficiency and reduce cost, additional sources of raw material are being explored. Similarly, the company is looking for new opportunities for supply of carbon black to internationally renowned tyre companies in different parts of the world.”