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Provided Rs 50 cr for stock loss due to oil price changes: Phillips Carbon

Updated : October 16, 2020 03:20 PM IST

Phillips Carbon’s net profit fell 25 percent year-on-year to Rs 59.31 crore and revenue was down 23 percent to Rs 664 crore.

Sanjiv Goenka, Chairman of Phillips Carbon said net profit was lower because of Rs 50 crore being written off towards stock loss arising from the steep fall in oil prices.

“The first quarter was pretty much of a wash out, the second quarter has bounced back well, volumes are showing very robust traction and our focus on international markets is paying off and our international volumes is going up.”

“So overall profitability on a standalone basis is good. But we thought it is prudent to provide for this Rs 50 crore of stock loss that we have had on oil price and so we have whittled it off in this quarter itself.”

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