Cosmo Films 2019-2020 profit rises 85%

Revenue was also up

166
Cosmo Films
Pankaj Poddar, CEO, Cosmo Films

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.”

As you join us today from India and elsewhere, we have a favour to ask. Through these times of ambiguity and challenge, the packaging industry in India and in most parts of the world has been fortunate. We are now read in more than 90 countries as our coverage widens and increases in impact. Our traffic as per analytics more than doubled in 2020 and many readers chose to support us financially even when advertising fell to pieces.

As we come out of the pandemic in the next few months, we hope to again expand our geography and evolve our high-impact reporting and authoritative and technical information, with some of the best correspondents in the industry. If there were ever a time to support us, it is now. You can power Packaging South Asia’s balanced industry journalism and help to sustain us by subscribing.

Subscribe Now

LEAVE A REPLY

Please enter your comment!
Please enter your name here