Monday, June 17, 2024

Cosmo First reports improvement in March 2024 quarter results

Cosmo First has declared its financial results for the quarter and financial year ended 31 March 2024. The improvement in EBIDTA has been made possible with higher specialty sales as well as an improvement in domestic BOPP film margins (effective March 2024). The industry margins for BOPET film (about 8% of the company’s FY24 sales) continued to remain in negative zone. For BOPET film, the company is focussed on profitable specialty films/shrink films to achieve EBIDTA breakeven.

The Q1 FY25 outlook for BOPP margins remains steady at March 2024-month level. Further, the company is expecting improved sales of specialty BOPP films as well as reduction in costs.

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During the quarter, the specialty chemical subsidiary’s EBITDA improved due to enhanced realization of chemical coatings. According to the company, Cosmo Specialty Chemicals should deliver double-digit EBITDA and 20%+ ROCE in FY25.

During the quarter, the company’s credit rating has been re-affirmed by CRISIL as AA- with a stable outlook. The Board has recommended a dividend of Rs.3 per share.

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Commenting on the company’s performance Pankaj Poddar, group CEO, Cosmo First, said, “The company’s focus remains on its specialty business. It shall be further strengthened with the launch of a high-value-added sun control film, Cosmo Sunshield, in FY25. In Zigly, we are focussed on the same-store sales growth.”

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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