Bengaluru, 14th February 2024: Cosmo First Limited today declared its financial results for the quarter ended December 2023.
| In Rs. Crores | Q3 FY24 | Q2 FY24 | Q3 FY23 |
| Net Revenue | 625 | 664 | 730 |
| EBITDA | 56 | 72 | 86 |
| EBITDA % | 9.0% | 10.9% | 11.7% |
| PBT | 10 | 29 | 49 |
| PAT | 11 | 22 | 46 |
| EPS (In Rs.)(not annualized) | 4.4 | 8.3 | 16.9 |
During the quarter, the domestic margin both BOPP and BOPET shrank further due to desperate and below cost selling resorted by the industry. The company could withstand the disorderly market movements and outperformed the industry at large on the strength and growth of its specialty film business. The near-term outlook in terms of BOPP and BOPET margins remains hazy.
The company recently launched metallized capacitor film for electronic industry and Rigid Packaging for FMCG industry. Market response has been very good, and the company expects to hit full capacity utilization in the next 2-3 quarters and add to EBITDA earnings.
Zigly has undergone revamping of its IT infrastructure making it future ready for harnessing the exponential growth of Petcare industry in India. The marketing attribution has been rapidly improving with improvement in RoAS (Return on Advertising Spends) and other key performance parameters.
The Specialty Chemical subsidiary is progressing as per plan and is at the cusp of delivering double digit EBITDA and high teens ROCE from FY25.
The company’s credit rating has been re-affirmed by CRISIL as AA- with stable outlook in January 2024.
Commenting on Company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd said “While short term challenge remains due to adverse packaging film margin, the company continues to build speciality films vertical and plans to launch high value-added sun control film (Cosmo Sunshield) in FY25. In the next 12-18 months, Speciality BOPET films, Sunshield films, Rigid Packaging and Specialty Chemicals would start adding to the company’s overall profitability. With the exponential growth of pet care industry in India, Zigly would surely be a winner and a significant wealth creator for the Company’s shareholders”.
About Cosmo First Limited
Founded in 1981 by Mr. Ashok Jaipuria, Cosmo First today has a presence across 100+ countries around the globe. Cosmo First is a global leader in specialty films and an emerging player in specialty chemicals (Masterbatches, Adhesive & Coating chemicals), digital first Omni channel Pet care business under the brand name ‘Zigly’, Rigid Packaging (Cosmo Plastech) and soon to be launched Window Films (under Cosmo Sunshield brand name).