Cosmo Films Ltd. Q3 net jumps over six folds to Rs.33 cr

Chandigarh, January 28, 2016: The Board of Directors of Cosmo Films Limited, a leading global speciality BOPP films player,approved the accounts of the company for the third quarter ended December 31, 2015 at its board meeting held recently.

The company’s PAT rose to an impressive Rs. 32.9 crore for the quarter from Rs. 5.0 crore in the corresponding period last year. Cosmo Films has also registered increase in its EBIDTA for the period to Rs.46.3 crore from Rs.16.8 crore in the corresponding quarter last year.

Cosmo Films registered a volume growth of more than 20% in this period riding on demand growth and wider penetration. Total revenues for the period was Rs. 389.8 crore compared to Rs. 361.7 crore in the corresponding period of last year, registering a growth of 8%, even while the sales prices reduced in line with the declining raw material prices.

The company has seen a 5% growth in speciality films over last quarter. Company’s power cost has remained similar albeit significant volume growth due to increased throughput and various energy efficiency initiatives. Along with these, tax expense for the quarter includes a reversal of tax of Rs 10.8 crores comprising of Rs 3.4 crores pertaining to year ended March 31, 2015 and Rs 7.3 crores pertaining to six months ended September 2015. 

Better sales demand, growth in specialty films, significant savings in variable costs have been some of the driving factors for the company’s impressive performance this quarter. Commenting on the company’s quarter results, Mr. Pankaj Poddar, CEO, Cosmo Films Ltd. said, “Going forward, we intend to become one of the best examples of a Global Customer Centric Organization meeting the specialty film needs of the flexible packaging, laminating and labeling industry. Our new expansion will enable us to become one of the lowest cost players in the commodity films segment as well.”