Cosmo Films' PAT up by 372%
Cosmo Films has announced a 372% hike in its Profit after Tax (PAT), for the first quarter ended June 30 2015. The PAT rose to Rs 18 crore as compared to Rs 4 crore in the corresponding quarter of the previous year. The EBITDA registered at Rs 48 crore is a 74% increase from the previous year's Rs 28 crore.
14 Sep 2015 | 2648 Views | By PrintWeek India
However, the total revenues of the BOPP manufacturing firm dropped by 8% from Rs 443 crore to Rs 409 crore. The company, in its statement attributes this to the fall in raw material prices, and in turn the sale prices.
Pankaj Poddar, CEO, Cosmo Films said, “We attribute this quarter’s performance to our constant focus on high-margin specialty products, overall improvement in BOPP films demand and our efforts to rationalise costs and improve efficiencies.”
The first quarter results soon followed the announcement of the completion of the installation of two additional lines at its export-oriented unit (EOU), located at Aurangabad, Maharashtra. With the installation of the 2m chemical coating line and 2.4mtr wide metalliser, Cosmo had made its Shendra EOU as 100% self-sufficient.
The board of directors of Cosmo Films also approved the BOPP capacity expansion of 60,000 tonnes per annum, which they state, shall be commissioned by early 2017.
Poddar said, "We anticipate continued strong demand for BOPP films in the coming years and as part of this belief, we intend to expand our BOPP production capacity over the next few years to support company’s growth plans.”