ICICI Direct: Phillips Carbon Black Posts Resilient Q1 Performance, Bullishness Reloaded
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ICICI Direct Report
Phillips Carbon Black Ltd. reported a steady performance in a Covid-19 impacted Q1 FY21.
Net sales for the quarter were at Rs 360 crore, down 61% YoY. Carbon black sales volume for the quarter came in at approximately 51,300 tonne, down 52% YoY with blended realisation at Rs 68/kilogram versus Rs 83/kilogram in base quarter.
The Company reported positive Ebitda and profit after tax prints despite a steep decline in sales volume and value.
Ebitda in Q1 FY21 was at Rs 39 crore with Ebitda margins at 10.7% (Ebitda/tonne at approximately Rs 7,500/tonne).
Profit after tax in Q1 FY21 came in at Rs 2.3 crore. The company guided for near normalcy in operations courtesy aftermarket sales in its key user industry tyres.
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