Cosmo Films to change name to Cosmo First
Cosmo declared its financial results for the quarter ended March 2022 on 9 May. The Q4FY22 EBITDA has increased by 31% on the back of higher speciality sales, better operating margins and uptick performance by subsidiaries. Enhanced EBITDA together with lower effective tax rate led to an increase in PAT by 45%.
16 May 2022 | By Rahul Kumar
FY22 ROCE and ROE stands at 29% and 39% respectively with an increase in EPS to Rs 222 per share. Net debt at Rs 303-crore is less than 0.5 times to EBITDA.
Considering that the company’s business activities have expanded beyond films into specialty chemicals (master batches, coatings, textile chemicals and soon-to-launch adhesives), D2C pet care and soon-to-launch films for consumer applications, the board of directors of the company at its meeting held on 9 May 2022 recommended the change in name of the Company from Cosmo Films Limited to Cosmo First Limited, subject to the approval of its shareholders.
Cosmo First stands for four-decade young Indian business conglomerate that thrives on innovation to unlock value in diverse sunrise sectors such as films, consumer care, speciality chemicals and D2C pet care (under the Zigly brand).
The board of directors have also recommended for approval by shareholders, bonus issue of 1 equity share of Rs 10 each for every two equity shares of Rs 10 each held by shareholders of the company as on the record date. The bonus issue reflects management’s confidence in the company’s business strategy and growth prospects.
Pankaj Poddar, Group CEO, Cosmo Films, said, “All through our journey, we have prided ourselves in our ability to provide industry-first niche solutions in the areas of packaging, lamination, industrial and labelling applications. We have made inspired diversifications into speciality chemicals, consumer care and D2C retail, aiming to be a pioneer in previously fragmented industries. In coming years, the company’s growth will be driven by the films division (specialised polyester line, largest CPP and BOPP line) as well as growth into consumer care, specialty chemicals and pet care business.”