Result Highlights
For the Quarter ended June 30, 2016 (Q1FY17):
•Net Profit of Rs. 18.9 crore; y-o-y growth of 2.7%
•Total Income of Rs. 382.5 crore as compared to 408.9 crore in Q1FY16
•EPS for Q1FY17 stood at Rs. 9.7 as compared to Rs. 9.5for Q1FY16
New Delhi, July 26, 2016: Cosmo Films Limited, a leading global player in speciality BOPP films, today declared its financial results for the first quarter ended June 30, 2016.
The company reported an increase of 2.7% in its Net Profit to Rs. 18.9 crore for Q1FY17, as compared to Rs. 18.4 crore in the corresponding quarter of last fiscal.
Total Income for the quarter ended June 30, 2016 stood at Rs. 382.5 crore, as compared to Rs. 408.9 crore in Q1FY16 on account of reduced raw material prices being passed on to customers although there is volume growth of 6.3% on account of improvement in manufacturing lines efficiency.
Cosmo Films’ Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY17 stood at Rs. 44.7 crore as compared to Rs. 48.5 crore in Q1FY16. India operations EBITDA has improved to Rs. 50.8 from Rs. 48.9 crore in Q1FY16. The impact from higher margins in Q1FY16 on account of temporary polypropylene shortage has been addressed on the back of volume growth of 6.3% and growth in speciality films sale in excess of 10%. The subsidiaries continue to be in improvement trajectory though there is reduction in reported EBITDA due to non-recurring inventory reserve, hedging losses on Japanese Yen in Q1FY17 (vs. hedging gains in Q1FY16) and onetime gain in Q1FY16 from retrospective reversal of custom duty in USA.
Commenting on the financial performance of the company Mr. Pankaj Poddar, CEO, Cosmo Films Ltd. said, “India operations performance has improved on back of higher volumes & healthy increase in speciality sales. We continue to be on improvement trend in subsidiaries also, although there is reduction in reported EBITDA due to non-recurring items”.
About Cosmo Films Limited
Established in 1981, Cosmo Films Limited today is one of the global leaders and manufacturers of Biaxially Oriented Polypropylene (BOPP) films used for packaging, labels and lamination applications. The company is the largest exporter of BOPP films from India and is also the largest producer of thermal laminating films in the world with plant cum distribution centres in the U.S, Korea & Japan and global channel partners in more than fifty countries. For more information, visit www.cosmofilms.com.