Cosmo Films profit up 171 pc in Q3 at Rs 36 crore

New Delhi [India], Nov 13 (ANI): Cosmo Films Ltd, a global leader in films for packaging, labelling and lamination applications besides synthetic paper, on Thursday reported 171 per cent jump in its profit after tax of Rs 36 crore during the quarter ended December.
In the October to December quarter of previous fiscal, it had reported a profit of Rs 13 crore. The Q3 FY20 net revenue increased to Rs 580 crore from Rs 558 crore year-on-year due to growth in sales volumes.
The company achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 77 crore during the quarter, up from Rs 36 crore in Q3 FY19.
Earnings per share for Q3 FY20 work out to Rs 18.80.
The company’s research and development division has done successful trials for in-house manufacturing of certain masterbatches and coating chemicals as a part of backward integration as well as diversification into new related business, said Chief Executive Officer Pankaj Poddar.
“It will start production, sales and internal consumption of these masterbatches and chemicals over the next few quarters under a new wholly-owned subsidiary. These are low capex projects with good margin expansion for the company,” he said in a statement.
With engineering of innovative products and sustainability solutions, Cosmo Films over the years has been partnering with worlds’ leading F&B brands, packaging and printing converters to enhance their consumer experience.
The company is the largest exporter of BOPP films from India and also the largest producer of thermal lamination films in the world. Its customer base is spread in more than 100 countries with manufacturing units in India, South Korea and Japan.
(ANI)