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ICICI Securities Report
Philips Carbon Black Ltd.'s Q4 FY22 Ebitda disappointed on higher other expenses, but gross profit/kg improved quarter-on-quarter which is good.
PCBL's management sounded bullish on the carbon black cycle with favourable demand supply, and anticipates an upside risk to both volumes and spreads in the coming period.
It sees 10ktpa incremental volumes in specialty; post Chennai plant commissioning, it anticipates overall incremental volume growth of >50ktpa.
It also sees the possibility of an upside risk to spreads for carbon black in exports market with supply restriction from Russia and China.
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