Cosmo Films Limited, a Global Leader in Films for Packaging, Labelling, Lamination and Synthetic Paper and an emerging player in Specialty Chemicals and Polymers today declared its financial results for the quarter ended June 2021.
During Q1FY22, EBITDA has increased by 53 per cent on account of higher speciality sales (20 per cent growth), better operating margins and uptick performance by subsidiaries.
This together with marginal reduction in overall tax rate led to an increase of 85 per cent in PAT. Increase in EPS was still higher due to impact of buyback of shares in December 2020.
Expected capacity expansion (Specialized Polyester line), focus towards growing specialty sales, diversification into specialty chemicals, FMCG business and pet care would drive further growth in coming years.
Credit rating agency CRISIL has upgraded Company's long-term credit rating during the quarter to AA- and short-term credit rating to A1+ with a stable outlook. The upgrade in credit rating reflects a strong financial profile as well as continuous growth of Cosmo Films in specialty films.
Commenting on company's performance Pankaj Poddar, CEO, Cosmo Films Ltd. said, "The company is enhancing its specialty films portfolio and has launched multiple innovative products making the product pipeline even stronger. Sustainability is at our core, & Cosmo is continuously reducing its carbon footprint while helping brands on more sustainable packaging. Cosmo Specialty Chemicals, a subsidiary of Cosmo Films forayed into the Fast-Moving Consumer Goods (FMCG) industry with the launch of 'Fabritizer', a product which assures a 99.9 per cent protection against viruses and bacteria on clothes. The company's R&D has successfully completed the development of 20+ textile chemical products, each with specific USPs. Many of the textile chemicals products have already received prestigious GOTS approval as well as customer approvals while the commercial production will start in Q2FY22."
"We are also ready for pilot launch of pet care in Q2FY22 under the brand name "Zigly" which will be a unique value proposition with omni-channel presence for pet parents."
Established in 1981 and founded by Ashok Jaipuria, Cosmo Films today is a global leader in specialty films for packaging, lamination, labeling and synthetic paper. With engineering of innovative products and sustainability solutions, Cosmo Films over the years has been partnering with worlds' leading F&B and personal care brands and packaging & printing converters to enhance the end consumer experience. Its customer base is spread in more than 100 countries with sales & manufacturing units in India and Korea and additionally sales & distribution base in Japan, USA, Canada and Europe.
The Company is strategically expanding beyond Films into Specialty Chemicals & Polymers as well as Pet care business.
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( With inputs from ANI )
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