Cosmo Films Ltd. FY16 PAT up by 248% at Rs. 96 crore
The Board of Directors of Cosmo Films Limited, a leading global player in speciality BOPP films, announced its results for the fourth quarter and the annual financial results for the year ending on 31st March 2016 as under:
Cosmo Films registered a volume growth of ~8% for the financial year ending 31st March 2016. However, the revenue still dipped due to cost plus pricing given that the raw material prices have gone down.
Q4 FY16 EBITDA grew 39% YoY, from Rs. 37 crore to Rs. 52 crore. Q4 FY16 PAT grew 68% YoY from Rs. 14 crore to Rs. 24 crore.
For the financial year ending 31st March 2016, EBITDA grew 80% YoY, from Rs. 109 crore to Rs. 197 crore. PAT grew 248% YoY from Rs. 28 crore to Rs. 96 crore. The company’s EBITDA margin improved from 6.64% in FY15 to 12.15% in FY16; while the PAT margin also improved significantly from 1.68% in FY15 to 5.94% in FY16.
It is clarified that quarter ended December 31, 2015 included a reversal of tax of 10.82 crore comprising of Rs 3.46 crore pertaining to year ended March 31, 2015 and Rs 7.36 crore pertaining to six months ended Sep 30, 2015.
The ramp up in profits is attributed to internal efficiencies driven largely by power cost and freight cost savings, volume increase through internal efficiencies and increase in overall speciality sales.
Commenting on the company’s financial performance, Mr. Pankaj Poddar, CEO, Cosmo Films Ltd. said, “We have done exceedingly well in reducing our variable costs through several engineering initiatives. We continue to achieve more cost efficiencies, but our key focus in the coming year shall be on increasing our speciality sales as well as improvement in US operations. US market is quite big with better margins and we would work towards increasing our market presence there.” Original Resource http://www.cosmofilms.com/uploads/releases/Cosmo_Films_Ltd_FY16_PAT_up_by_248_percent_at_INR_96_crore.pdf