Cosmo First Limited Formerly Cosmo Films Ltd Consolidated Results Strong Q1 and FY23 results from Cosmo amidst the tougher external environment

Cosmo First Limited
(Formerly Cosmo Films Ltd)
Consolidated Results
Strong Q1 and FY23 results from Cosmo amidst the tougher external environment

Cosmo First Limited today declared its financial results for the quarter ended June 2022.

During the quarter, the flexible packaging industry experienced pressure on margins due to the commissioning of several new production lines within a short span of 4-5 months. The bunching of capacity expansions caused a temporary imbalance in the demand-supply scenario. Margins were also under pressure in the overseas subsidiaries due to increased raw material costs and the weakening of foreign currencies against the US dollar. Our sustained focus on specialty films in the last 2-3 years and ongoing improvement of internal efficiencies helped achieve higher EBITDA despite the margin pressure.

Our annualized ROCE and ROE stand at 27% and 36%, respectively, with TTM EPS increasing to Rs. 150.

The demand-supply balance should get restored over the next few quarters with strong organic growth in domestic demand and geo-political normalcy returning in Europe. In the meantime, our specialty films portfolio, which accounts for more than 65% of our sales and is growing quarter on quarter, would enable us to hold strong.

The bonus shares issue announced in May 2022 was completed ahead of time, and the trading in bonus shares commenced on June 29, 2022. The bonus issue reflects management’s continued commitment to share the prosperity with the shareholders.

Commenting on Company’s performance, Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd., said, “In packaging business, we expect growth journey to continue with specialty films. Our continued thrust on innovating films with lower carbon footprints would further strengthen our leadership position in specialty films. During the quarter, our Specialty Chemicals business has posted a threefold increase in revenue over last year. Our Petcare vertical, Ziggy, now has four experience centers. We target to have 15 experience centers by FY23.

In coming years, the Company’s growth will be driven by an expanded portfolio of specialty films, commissioning of the Specialized Polyester line, and capacity expansion of CPP and BOPP films, as well as innovative multi products offering in specialty chemicals and growth in Omni channel ecosystem for Pets Care.”

About Cosmo First Limited

Founded by Mr. Ashok Jaipuria in 1981, 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 & Textile chemicals) along with a digital-first Omni channel Pet care business under the brand name ‘Ziggy.’

This article was shared with Prittle Prattle News as a Press Release.
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