Cosmo First reports Q4 FY24 PAT at Rs. 15 Cr
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Cosmo First reports Q4 FY24 PAT at Rs. 15 Cr

The improvement in EBIDTA has been made possible with higher specialty sales as well as improvement in domestic BOPP film margins

  • By ICN Bureau | May 18, 2024

Cosmo First Limited declared its financial results for the quarter and financial year ended March 31, 2024. The company has posted Q4 FY24 net revenue at Rs. 641 crore as compared to Rs. 625 crore in Q3 FY24. PAT in Q4 FY24 stood at Rs. 15 crore as compared to Rs. 11 crore in Q3 FY24.

For the Financial Year ended March 31, 2024, Cosmo First has posted net revenue of Rs. 2,587 crore as compared to Rs. 3.065 crore in the Financial Year ended March 31, 2023. EBITDA for FY 2024 reported at 251 crore as compared to Rs. 434 crore in FY 2023. For Q4 FY24, the company reported EBITDA at Rs. 67 crore as compared to Rs. 56 crore in Q3 FY24.

The improvement in EBIDTA has been made possible with higher specialty sales as well as improvement in domestic BOPP film margins (effective March 2024). The industry margins for BOPET film (about 8% of Company’s FY24 sales) continued to remain in negative zone. For BOPET film, the Company is focussed on profitable specialty films / shrink films to achieve EBIDTA breakeven.

The Q1, FY25 outlook for BOPP margins remains steady at March 2024 month level. Further, the company is expecting improved sales of speciality BOPP films as well as reduction in costs.

During the quarter, the Specialty Chemical subsidiary’s EBITDA has also improved due to enhanced realization of chemical coatings. The Cosmo Specialty Chemical should deliver double digit EBITDA and 20%+ ROCE in FY25.

During the quarter, the Company’s credit rating has been re-affirmed by CRISIL as AA- with stable outlook.

The Board has recommended a dividend of Rs.3 per share.

Commenting on company’s performance, Pankaj Poddar, Group CEO, Cosmo First Ltd said “The Company’s focus remains on its specialty business. It shall be further strengthened with launch of high-value-added sun control film, Cosmo Sunshield, in FY25. In Zigly, we are focussed on the same store sales growth.”

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