Tuesday, February 27, 2024

Cosmo Films announces new name Cosmo First, bonus post record results

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Cosmo Films announces new name Cosmo First
Pankaj Poddar, group CEO, Cosmo Films

Cosmo Films, a global leader in films for packaging, labeling, lamination and synthetic paper and an emerging player in specialty chemicals, polymers, and pet care has declared its financial results for the quarter ended March 2022.

The Q4FY22 EBITDA has increased by 31% on the back of higher specialty sales, better-operating margins, and an uptick in performance by subsidiaries. Enhanced EBITDA together with a lower effective tax rate led to increasing in PAT by 45%.

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FY22 ROCE and ROE stand at 29% and 39% respectively with an increase in EPS to Rs 222 per share. Net debt at Rs 303 crores is less than 0.5 times to EBITDA.

Considering that the company’s business activities have expanded beyond films into specialty chemicals (masterbatches, coatings, textile chemicals, and soon-to-launch adhesives), D2C pet care, and soon-to-launch films for consumer applications, the board of directors of the company at its meeting held on 9 May 2022 have recommended change in the name of the company from Cosmo Films Limited to Cosmo First Limited, subject to the approval of its shareholders. Cosmo First Limited stands for a four-decade young Indian business conglomerate that thrives on innovation to unlock value in diverse sunrise sectors such as films, consumer care, specialty chemicals, and D2C pet care (under Zigly brand).

The board of directors of the company has also recommended for approval by shareholders, a bonus issue of 1 equity share of Rs 10 each for every 2 equity shares of Rs 10 each held by shareholders of the company as on the record date. The bonus issue reflects management’s confidence in the company’s business strategy and growth prospects.

Pankaj Poddar, group CEO, Cosmo Films, said “All through our journey, we have prided ourselves in our ability to provide industry-first niche solutions in the areas of packaging, lamination, industrial and labeling applications. We have made inspired diversifications into specialty chemicals, consumer care, and D2C retail, aiming to be a pioneer in previously fragmented industries. In coming years, the company’s growth will be driven by films division (specialized polyester line, largest CPP and BOPP line) as well as growth into consumer care, specialty chemicals, and pet care business.”

NewsDesk
NewsDesk
The editorial team of The Packman who handle all the press releases with Sunil Jain working as the desk editor.

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