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14 April, 2021 19:42 IST
Cosmo Films Q3 consolidated net profit rises 74% to Rs 627.6 mn
Source: IRIS | 28 Jan, 2021, 07.09PM
Rating: NAN / 5 stars.
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 Cosmo Films, engaged in the manufacturing of bi-axially oriented polypropylene films (BOPP) and thermal films, on January 27 reported 73.80% rise in consolidated net profit at Rs 627.6 million for December quarter 2020.

The company had posted a profit after tax of Rs 361.1 million for the year-ago period.

Revenue from operations decreased 1.30% to Rs 5,723.1 million in the quarter as against Rs  5798.7 million in the same period a year ago.

The Company posted highest EBITDA of Rs.1,120 million during Q3 FY21 (despite 7% lower volumes) on the back of higher speciality sales (13% YOY), better operating margins from last year and inventory gain of Rs. 70 million due to raw material price increase.

During the quarter, the company bought back 1.26 million shares at a price of Rs. 576 per share. The buyback reflects management's confidence in the company business strategy and growth prospects. Improvement in EPS, RoE, and RoCE will start coming from next quarter.

Cosmo Films EPS increased to Rs 33.2 in December 2020 from Rs 18.9 in December 2019.The Board of Directors have declared interim dividend of Rs 25 per share for FY 20-21 and fixed Feb. 8, 2021 as the record date.

Commenting on performance of the company, Pankaj Poddar, CEO, Cosmo Films said, "The Company has posted highest ever EBITDA during Q3, FY21 despite 7% lower volume (partly due to de-bottlenecking one large production line to enable specialty films production). The Company is set to further grow the specialty films production with the same. The Company’s subsidiary will soon start commercialization of textile chemicals developed through in-house R&D. The Company’s sustainability drive is helping in reducing various wastages & carbon footprint and also contributing towards cost reduction. Specialized BOPET, Specialized Chemicals and Pet Care projects are progressing as per plan."

Shares of the company gained Rs 56.65, or 12.72%, to settle  at  Rs 502.  The total volume of shares traded  was  116,586 at  the BSE (Thursday).

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