 "Cosmo Films reports 45.30% increase in net profit at Rs 108 crore in Q4")
Cosmo Films has reported an increase of 45.30 per cent in consolidated net profit at Rs 108.18 crore for the fourth quarter ended March 2022, helped by higher sales and better operating margins.
The company had posted a consolidated net profit of Rs 74.45 crore for January-March period a year ago, Cosmo Films said in a BSE filing.
Revenue from operations was at Rs 820.88 crore as against Rs 671.80 crore in the year-ago period.
"The Q4FY22 EBITDA has increased by 31 per cent on the back of higher speciality sales, better operating margins and uptick performance by subsidiaries. Enhanced EBITDA together with lower effective tax rate led to increasing in PAT by 45 per cent," said an earning statement from Cosmo Films.
Total expenses were higher 20.77 per cent at Rs 705.46 crore as against Rs 584.13 crore.
For the fiscal year ended March 2022, Cosmo Films' consolidated net profit was up 67.41 per cent at Rs 396.61 crore. It logged a net profit of Rs 236.90 crore in 2020-21.
Also Read
Revenue from operation was at Rs 3,038.39 crore in 2021-22. This was 32.96 per cent higher than Rs 2,285.18 crore in the previous year.
In a separate filing, Cosmo Films said its board in a meeting held on Monday approved the change in name of the company from Cosmo Films Ltd to Cosmo First Ltd and consequent alteration in the Memorandum and Articles of Association of the company.
This has been done considering that the company's business activities have expanded beyond films into speciality chemicals (master batches, coatings, textile chemicals and soon-to-launch adhesives), D2C Pet care and soon-to-launch films for consumer applications, it said.
The decision is subject to the approval of shareholders.
The board has also approved issue of bonus equity shares in the proportion of one equity share of Rs 10 each for every two existing shares of Rs 10 each held by the shareholders of the company as on the record date.
"We have made inspired diversifications into Speciality 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 & Pet care business, Cosmo Films Group CEO Pankaj Poddar said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)