Stock Report

Cosmo Ferrites Limited's expansion plan on track

Posted On : 2022-01-20 07:41:50( TIMEZONE : IST )

Cosmo Ferrites Limited's expansion plan on track

Cosmo Ferrites Limited, a leading manufacturer and exporter of Soft Ferrites and an emerging player in wire wound magnetic components has declared its financial results for the quarter ended December 2021.

During Q3FY22, Company reported net revenue growth of 82% YoY on the back of higher volumes, higher sales realisation and sale of more value added products resulting from customised solutions. Strong Domestic and Export demand, better sales realisation and continuously improving internal efficiencies contributed to improvement in EBITDA. During the quarter, the company decommissioned an old kiln. The written down value of the same (net of realizable value) amounting to Rs. 2.79 crores has been charged off impacting the results of the quarter accordingly. Further there is a provision of Rs. 1.50 crores towards exceptional item of interest on unsecured loans for earlier period consequent to the Lenders exercising their right of recompense on some of the said loans as per the terms of the waiver given earlier impacting PBT for the quarter. PAT for the Quarter improved YoY to Rs. 4.08 crores and EPS also improved YoY to Rs. 3.39 per equity share.

Commenting on Company's performance Mr. Ambrish Jaipuria, Chairman, Cosmo Ferrites Ltd. said "There is strong domestic and export demand and we continue to develop new customers and new applications for our products. We are fairly bullish on the overall demand in view of Government's efforts to push Electronics manufacturing within the Country and the huge potential in the Export market. Company's expansion plans to increase Soft Ferrites manufacturing capacity from 2400 MT per annum to 3600 MT per annum is on track and we expect it to be operational in Q2 of FY 23 and would further drive revenue growth next year."

Shares of COSMO FERRITES LTD. was last trading in BSE at Rs. 375.00 as compared to the previous close of Rs. 371.15. The total number of shares traded during the day was 19352 in over 530 trades.

The stock hit an intraday high of Rs. 378.00 and intraday low of 361.00. The net turnover during the day was Rs. 7111397.00.

Source : Equity Bulls


COSMOFERRITES INE124B01018 ExpansionProject SoftFerrites Q3FY22