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

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.”