Press Releases & Reports

Cosmo First Limited

(Formerly Cosmo Films Ltd)

Consolidated Results

 Cosmo First expands new businesses while temporary inventory corrections impact specialty sales

• New Delhi, 14^th February 2023: Cosmo First Limited today declared its financial results for the quarter ended Dec 2022.

   

  During the quarter, BOPP and BOPET industry faced excess supply caused due to bunching of new production lines and on the other hand demand disruptions in overseas markets. The contribution margin dropped below the sustainable levels and impacted everyone in the industry. The Company mitigated the impact on the back of its strong presence in speciality films segment.
  
  The performance could have been better but for 

  • 
    One time inventory loss in Raw materials and Finished Goods (both in India and subsidiaries).

  Planned maintenance of some of the production lines.

  Restricted flow of orders for speciality films due to festive and holiday season in Europe and USA.
  Larger funding of operating deficit in the rapidly growing Pet care vertical.

  
  

  The BOPET line which was commissioned towards the end of last quarter continued to focus on perfecting recipes, processes and quality parameters for various speciality and value-added films in line with the Company's entry strategy in polyester films.

   

  The Company's Petcare vertical is rapidly expanding and clocked monthly run rate of Rs. 1 crore in sales revenue from its 11 experience centres in various locations and increasing online presence through its website and mobile Apps.

   

  The Company's financials remain strong with annualized ROCE and ROE at 20% and 25% respectively and net debt to EBITDA of less than one times.

  •  
• In December 2022, the Company announced the Buyback of its shares from all the shareholders via the tender route with an outlay of Rs.108 crores. The offer period ended on 9th February 2023 and the shareholders should receive payment by 20’h February 2023 as scheduled.

Commenting on CompCfny's per/ormance Mr. Pankaj Poddar, Croup CEO, Cosmo First Ltd. said “the near-term outlook for BOPP and Polyester films is expected to be challenging though the Company's strong speciality films portfolio should deliver superior returns. Zigly is rapidly becoming well known among the pet parents benefitting all the pet lovers and the Company's shareholders. Specialty Chemicals division should double its net revenues while actively focussing on new product launches.”

About Cosmo First Limited

Founded in 1981, Cosmo First today has a presence across 100+ countries around the globe. Cosmo First is a global leader in specialty films and an emerging player in specialty chemicals (Masterbatches, Adhesive, Coating & Textile chemicals) along with digital first Omni channel Pet care business under the brand name ‘Zigly’.