Containers & Packaging company Cosmo First announced Q1FY24 results: Net Revenue of Rs 658 crore in Q1FY24 compared to Rs 715 crore in Q4FY23 EBITDA of Rs 55 crore in Q1FY24 compared to Rs 74 crore in Q4FY23 EBITDA % of 8.4% in Q1FY24 compared to 10.4% in Q4FY23 PBT of Rs 16 crore in Q1FY24 compared to Rs 35 crore in Q4FY23 PAT of Rs 14 crore in Q1FY24 compared to Rs 32 crore in Q4FY23 EPS of Rs 5 in Q1FY24 compared to Rs 12 in Q4FY23 Commenting on Company’s performance Pankaj Poddar, Group CEO, Cosmo First said, “The Company is working on multiple growth drivers including specialty BOPET films, sun shield film, rigid packaging, specialty chemicals, Petcare, etc. We are optimistic that these initiatives will provide impetus to faster growth of the Company in the coming years. In the short-term, we remained focused on increasing specialty sales & grow new businesses.” Result PDF
Containers & Packaging firm Cosmo First announced Q1FY23 Result : Strong Q1, FY23 results from Cosmo amidst tougher external environment 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 temporary imbalance in the demand supply scenario. Margins were also under pressure in the overseas subsidiaries due to increased raw material costs and weakening of foreign currencies against US dollar. Our sustained focus on speciality films in the last 2-3 years and ongoing improvement of internal efficiencies helped achieving higher EBITDA despite the margin pressure. Our annualized ROCE and ROE stands 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 speciality films portfolio which accounts for more than 65% of our sales and is growing quarter on quarter would enable us to hold strong. Commenting on Company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd. said “In packaging business, we expect growth journey to continue with speciality 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, Zigly has now four experience centres. We target to have 15 experience centres by FY23. In coming years, the Company’s growth will be driven by expanded portfolio of speciality films, commissioning of 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.” Result PDF