Cosmo Films announces new name ‘Cosmo First,’ bonus post record results
The Q4FY22 EBITDA has increased by 31% on the back of higher speciality sales, better operating margins and uptick performance by subsidiaries.
Cosmo Films declared its financial results for the quarter ended March 2022. The Q4FY22 EBITDA has increased by 31% on the back of higher speciality sales, better operating margins and uptick performance by subsidiaries. Enhanced EBITDA together with lower effective tax rate led to increase in PAT by 45%.
FY22 ROCE and ROE stands at 29% and 39% respectively with increase in EPS to Rs.222 per share. Net debt at Rs.303 crore is less than 0.5 times to EBITDA.
Considering that company’s business activities have expanded beyond films into specialty chemicals (master batches, coatings, textile chemicals and soon-to-launch adhesives), the Board of Directors of the Company have recommended change in name of the Company from “Cosmo Films Limited” to “Cosmo First Limited”, subject to the approval of its shareholders.
The Board of Directors of the Company have also recommended for approval by shareholders, bonus issue of 1 equity share of Rs 10 each for every 2 equity share of Rs 10 each held by shareholders of the Company as on the record date. The bonus issue reflects management’s confidence in the company’s business strategy and growth prospects.
Commenting on Company’s performance Pankaj Poddar, Group CEO, Cosmo Films said “All through our journey, we have prided ourselves in our ability to provide industry first niche solutions in the areas of packaging, lamination, industrial and labelling applications. We have made inspired diversifications into Speciality Chemicals, Consumer care and D2C retail, aiming to be a pioneer in previously fragmented industries. In coming years, the Company’s growth will be driven by Films Division (Specialized Polyester line, largest CPP and BOPP line) as well as growth into consumer care, specialty chemicals & Pet care business.”