The announcement was made after trading hours on 21 January 2022.

While making this announcement, the company also announced its earnings for the quarter ended on 31 December 2021.

PCBL reported 11.2% fall in consolidated net profit to Rs 111.43 crore despite a 50.3% increase in revenue from operations to Rs 1,156.14 crore in Q3 FY22 over Q3 FY21.

Total expenses during the quarter rose by 66.3% YoY to Rs 1,025.85 crore due to a sharp increase in raw material costs (up 105.6% YoY).

The company's board has approved an interim dividend of Rs 10 per share for the financial year ending 31 March 2022 and has fixed 2 February, 2022 as the record date for the same.

Upon recommendation of the nomination and remuneration committee, the board of directors of the company have recommended the appointment of K Jairaj as a non-executive independent director of the company for a period of five years with effect from 8 March 2022.

PCBL (formerly Phillips Carbon Black), a part of RP-Sanjiv Goenka Group, is India's largest carbon black producer and exporter.

The scrip fell 1.27% to end at Rs 232.80 on the BSE on Friday.