Cosmo Films reported a 65% jump in consolidated net profit to Rs 104.42 crore on a 35% increase in revenue from operations to Rs 771 crore in Q3 FY22 over Q3 FY21.
Consolidated profit before tax grew by 57% to Rs 138 crore in Q3 FY22 from Rs 88 crore posted in Q3 FY21. EBITDA jumped 44% to Rs 161 crore registered in Q3 FY22 as against 112 crore in Q3 FY21.A jump in EBITDA was on the back of higher speciality sales, better operating margins and improved performance by subsidiaries. Enhanced EBITDA together with lower finance cost and lower effective tax rate led to increase in PAT.
Commenting on company's performance, Pankaj Poddar, Group CEO of Cosmo Films said, In coming years, the company's growth will be driven by Specialized Polyester line and new BOPP line, continuing focus on specialty sales and diversification into specialty chemicals and pet care business. Zigly's pilot launch has delivered better than the forecast and the company looks forward to rolling out its digital first Omni channel business model. Textile Chemicals business which started commercial production in Q2 FY22 has taken off well. Within the first three months, the company has commercialized 40+ products and has started supplies to 40+ customers. The company continues to conduct extensive trials customers with the customers and expects to add newer products and customers in the coming months.
Meanwhile, the board of directors has declared second interim dividend of Rs 10 per equity share.
Cosmo Films is a global leader in specialty films for packaging, lamination, labeling and synthetic paper. The company is strategically expanding beyond films into specialty chemicals & polymers as well as pet care business.
Shares of Cosmo Films were trading 0.49% higher at Rs 1,806.65 on BSE. Meanwhile, the benchmark Nifty 50 index declined 251.75 points or 1.46% to 17,026.20.
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