We interacted with the Phillip Carbon Black (PCB) management to get an update on company operations, post a stellar Q3 results (PAT up 80%YoY to Rs1.25bn). Management highlighted that record volumes including Specialty Carbon Black, supportive market conditions (given closure of ~30% Chinese supplies) and low cost inventory aided profitability and the trend is expected to sustain for next 2 quarters. Capacity expansion plans remain on track and company expects incremental sales volumes of 100-110K MT over FY22-23E post which the 150K MT greenfield capacity will drive growth beyond FY24E....