Cosmo First Reports Improvement In March'24 Quarter Results
Date
5/16/2024 3:08:08 AM
(MENAFN- ForPressRelease) New Delhi, 15th May 2024: Cosmo First Limited declared its financial results for the quarter and financial year ended 31st March 2024.
The improvement in EBIDTA has been made possible with higher specialty sales as well as improvement in domestic BOPP film margins (effective March 2024). The industry margins for BOPET film (about 8% of Companyâ€TMs FY24 sales) continued to remain in negative zone. For BOPET film, the Company is focussed on profitable specialty films / shrink films to achieve EBIDTA breakeven.
The Q1, FY25 outlook for BOPP margins remains steady at March 2024-month level. Further, the Company is expecting improved sales of speciality BOPP films as well as reduction in costs.
During the quarter, the Specialty Chemical subsidiaryâ€TMs EBITDA has also improved due to enhanced realization of chemical coatings. The Cosmo Specialty Chemical should deliver double digit EBITDA and 20%+ ROCE in FY25.
During the quarter, the Companyâ€TMs credit rating has been re-affirmed by CRISIL as AA- with stable outlook.
The Board has recommended a dividend of Rs.3 per share.
Commenting on Companyâ€TMs performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd said “The Companyâ€TMs focus remains on its specialty business. It shall be further strengthened with launch of high-value-added sun control film, Cosmo Sunshield, in FY25. In Zigly, we are focussed on the same store sales growth.â€
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), Rigids (Cosmo Plastech) along with digital first Omni channel Pet care business under the brand name †̃Ziglyâ€TM.
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