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Cosmo Films reports 53% increase in EBITDA and 84% in PAT on YOY basis
Posted On : 2020-11-11 00:20:52( TIMEZONE : IST )
Cosmo Films Limited, a global leader in films for packaging, labeling, lamination and synthetic paper today declared its financial results for the quarter ended September 2020.
The Company posted highest ever EBITDA of Rs.99 crores during Q2 FY21 on the back of higher speciality sales and better operating margins from last year.
Sales volume, which was impacted in Q1 FY21 due to Covid-19, normalized during Q2 FY21 and is expected to remain so in the following quarters, barring unforeseen conditions due to the pandemic.
The Masterbatches plant, being implemented through the wholly owned subsidiary, started commercial production during Q2 FY21. The company expects the volumes to pick up in the coming quarters.
The shares buyback as announced in October 2020 reflects management's confidence in the company business strategy and growth prospects. The Company has robust financial fundamentals and the buyback will lead to further improved EPS, RoE, and RoCE. The Dividend policy remains intact with no changes.
Commenting on the performance of the company Mr. Pankaj Poddar, CEO, Cosmo Films Ltd. said, "The Company is set to further grow the specialty films business as we are enabling some large production lines to manufacture specialty products from Q4FY21. Changeover may marginally impact the production volume in Q3FY21. We continue to make good progress on the sustainability projects started in the previous quarter which will contribute towards the betterment of the environment and cost rationalization in the coming quarters.
The specialized BOPET project is progressing as per plan and commercial production would start from second quarter of FY22-23 as scheduled. Activities are on track for the pilot launch of the Pet Care business in the Delhi-NCR region by Q1FY22."
Shares of COSMO FILMS LTD. was last trading in BSE at Rs.442 as compared to the previous close of Rs. 462.2. The total number of shares traded during the day was 6345 in over 567 trades.
The stock hit an intraday high of Rs. 460 and intraday low of 432.5. The net turnover during the day was Rs. 2837166.
