Cosmo Films Limited, a global leader in films for packaging, labelling & lamination applications and synthetic paper today declared its financial results for the quarter ended March 31, 2018.
In Q4 FY18, the Company achieved the highest ever quarterly sales volume (up 14% YoY) primarily on the back of near to full capacity utilization of the BOPP line commissioned in February 2017. Commodity film margins remained subdued negating the favourable impact of volume increase.
For the full year, sales volume grew by 25% but lower commodity films margins wiped out more than whole of the gains of the volume increase. PAT and EPS dropped further due to higher interest and depreciation of the new BOPP line commissioned last year. One-time tax reversal due to recent change in Income Tax Act enabled to partially mitigate the drop in PAT and EPS.
Commenting on the financial performance of the company Pankaj Poddar, CEO, Cosmo Films Ltd. said, “We continue to focus on expanding specialty which has grown by 20% YoY and full utilization of capacity. While BOPP film margins continued to be volatile, our continuous focus on improving operational efficiencies helped in maintaining EBIDTA level.”
Established in 1981, Cosmo Films Limited today is a global leader in speciality films for packaging, lamination and labeling applications. Its films offerings include biaxially oriented polypropylene (BOPP) films, cast polypropylene (CPP) films and soon to be offered biaxially oriented polyethylene terephthalate (BOPET) films. Today, the company is the largest exporter of BOPP films from India and is also the largest producer of thermal laminating films in the world with plant cum distribution centres in the U.S, Korea & Japan and global channel partners in more than seventy countries.