Cosmo Films Limited, a manufacturer of films for packaging, labeling, and lamination applications and synthetic paper, on 4 June reported an 85.63% increase in net profit for the financial year 2019-2020 to INR 113.44 crore. It stood at INR 61.11 crore in 2018-19.
Its revenue from operations in the financial year 2019-2020 increased by 2.17% to INR 2,203.53 crore as against INR 2,156.52 crore in 2018-19. The EBITDA during 2019-2020 increased by 55% primarily due to higher specialty sales, balanced demand and supply scenario, operational efficiencies, and improved performance by subsidiaries.
The net profit during the fourth quarter, however, was down 24.37% at Rs 20.85 crore. The company said that operations were affected in March due to the announcement of the national wide lockdown. The operations of the company were suspended at its Gujarat and Maharashtra plants for a couple of days in March but resumed in the first half of April.
The company said it subsidiary project for masterbatches is progressing as scheduled and will commence operations from the second quarter of the financial year 2020-2021.
Commenting on the financial performance of the company Pankaj Poddar, CEO, Cosmo Films Ltd said, “Flexible packaging demand should increase post-COVID-19 with increasing shift in consumer preference towards packaged products, particularly in food, and increased concerns of cleanliness and hygiene. This should augur well for the company.”
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