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Cosmo Films net profit up 84% to Rs 53 crore in September quarter

Cosmo Films Ltd has reported an 83.65 per cent increase in consolidated net profit to Rs 52.71 crore in the second quarter ended September.

manufacturing companies | Packaging sector

Press Trust of India  |  New Delhi 

growth, profit, loss, revenue, share, value, stock, economy, returns, investment

Cosmo Films Ltd has reported an 83.65 per cent increase in consolidated net profit to Rs 52.71 crore in the second quarter ended September.

The company had posted a consolidated net profit of Rs 28.70 crore in July-September quarter a year ago, Cosmo Films said in a BSE filing.

Its revenue from operations wasat Rs 559.78 crore, up 0.69 per cent, during the quarter under review as against Rs 555.91 crore in the corresponding quarter of the previous fiscal.

The company posted highest ever EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 99 crores during Q2 FY21 on the back of higher speciality sales and better operating margins from last year, said Cosmo Films.

Sales volume, which was impacted in Q1 FY21 due to COVID-19, normalized during Q2 FY21 and is expected to remain so in the following quarters, barring unforeseen conditions due to the pandemic, it added.

Commenting on the outlook, Cosmo Films CEO Pankaj Poddar said: "The company is set to further grow the specialty films business as we are enabling some large production lines to manufacture specialty products from Q4FY21. Changeover may marginally impact the production volume in Q3FY21.

We continue to make good progress on the sustainability projects started in the previous quarter which will contribute towards the betterment of the environment and cost rationalisation in the coming quarters," he added.

Cosmo Films' total expenses in Q2 FY21 was at Rs 493.68 crore as against Rs 522.68 crore, down 5.54 per cent.

Cosmo Films is a leading solutions provider in the packaging, lamination, labelling and synthetic paper segments.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, November 11 2020. 19:23 IST