Cosmo Films 2019-2020 profit rises 85%

Pankaj Poddar, CEO, Cosmo Films

Cosmo Films Limited, a manufacturer of films for packaging, labeling, and lamination applications and synthetic paper, on iv June reported an 85.63% increase in net profit for the fiscal year 2019-2020 to INR 113.44 crore. Information technology stood at INR 61.11 crore in 2018-19.

Its acquirement from operations in the financial year 2019-2020 increased by two.17% to INR 2,203.53 crore as against INR two,156.52 crore in 2018-19. The EBITDA during 2019-2020 increased by 55% primarily due to higher specialty sales, balanced need and supply scenario, operational efficiencies, and improved performance past subsidiaries.

The net profit during the 4th quarter, however, was down 24.37% at Rs 20.85 crore. The company said that operations were affected in March due to the declaration of the national broad lockdown. The operations of the visitor were suspended at its Gujarat and Maharashtra plants for a couple of days in March but resumed in the beginning half of Apr.

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 increment postal service-COVID-xix with increasing shift in consumer preference towards packaged products, particularly in food, and increased concerns of cleanliness and hygiene. This should diviner well for the visitor."

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