Cosmo Films, a leading manufacturer of packaging films, on 25 January reported a 65% year-on-year increase in consolidated profit after tax in Q3 of FY 2021-2022.
The company’s profit after tax in Q3FY22 was INR 104 crore compared to INR 63 crore in the same period of last year. The revenue during the quarter was INR 771 crore, up from INR 572 crore.
During the quarter, the company received sanctions under a production linked incentive (PLI) scheme to produce specialty films for use in electronic products. The incentive under the scheme will be for five years on 100% production of the new plant.
Commenting on the company’s performance, Pankaj Poddar, group chief executive officer, Cosmo Films, said, “In coming years, the company’s growth will be driven by specialized polyester line (commissioning in FY 23) and new BOPP line (commissioning in FY25), continuing focus on specialty sales and diversification into specialty chemicals and pet care business (under Zigly brand).”
Cosmo Films’ first report on sustainability and ESG initiatives
Zigly’s pilot launch has delivered better than the forecast, and the company looks forward to rolling out its digital-first omnichannel business model, Poddar said.
He added that the textile chemicals business that started commercial production in Q2 FY22 has taken off well. The company has commercialized more than four products within the first three months and has started supplying more than 40 customers. Poddar said that the company continues to conduct extensive trials with the customers and expects to add newer products and customers in the coming months.
“The company has also published its first report on sustainability and ESG initiatives on its website. It continues to work on several sustainability projects which shall further create a favorable environment impact besides cost optimization,” he said.
