Cosmo First Limited declared its financial results for the quarter ended March 2023

2024-04-26 01:05:00 Business

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New Delhi, 29th May 2023: Cosmo First Limited today declared its financial results for the quarter ended March 2023.

During the quarter, commodity films margins in both BOPP and BOPET suffered a further decline severely impairing the profitability of the industry. Cosmo with over two third of its revenue coming from specialty films could withstand the margin pressure and outperformed the industry once again.

The company expects the position to improve in the coming months bringing an end to QoQ declining phase, happening since the last 3 quarters. The company will continue to build its specialty products portfolio and maintain its lead over the other industry players.

The company?s pet care vertical continues to grow rapidly and clocked monthly run rate revenue (GMV) of Rs. 2 crores from its 15 experience centres and increasing online presence through its website and mobile app. An acquisition opportunity in the online pet care space is in the final stage and is expected to be closed soon. This would further accelerate the growth of the pet care vertical.

The specialty chemical subsidiary is set to launch newer adhesives which together with healthy growth in the masterbatch vertical would enable the subsidiary to have further growth in FY 23-24.

The company?s balance sheet remains strong with substantial cash reserve and net debt to EBITDA of about one time.

The Board of Directors had recommended a dividend of Rs 5 per equity share for the financial year FY 22-23 subject to approval of shareholders in the annual general meeting. This coupled with the 1:2 bonus in June 2022 and share buyback with tax-free handsome gain over the market price in February 2023 affirms the company?s commitment to provide regular returns and share prosperity with the shareholders.

Commenting on company?s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd. said ?The company has launched many new specialty films including shrink for packaging and non- packaging applications. Several other specialty films for non-packaging applications are in the pipeline and should hit the market in coming quarters. All these would further strengthen the company?s position in specialty films business.?

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) along with digital first Omni channel Pet care business under the brand name ?Zigly?.