Cosmo Films reports higher PAT inspite of lower revenues
DSIJ Intelligence / 04 Nov 2016
Cosmo Films Limited, a leading global player in speciality BOPP films, today declared its financial results for the second quarter ended Sep 30, 2016. Q2FY17 PAT at Rs. 21 crore; up by 12% over last quarter.
Cosmo Films Limited, a leading global player in speciality BOPP films, today declared its financial results for the second quarter ended Sep 30, 2016. Q2FY17 PAT at Rs. 21 crore; up by 12% over last quarter.
During the quarter, gross margins have declined by 250 basis points due to subdued demand in overseas markets and commissioning of new capacities. Despite the decline in margins, both EBITDA and EPS havegrown vs. previous quarter on the back of growth in sale of speciality films and improved operational efficiencies.
On YOY basis, revenue has dropped due to falls in raw material prices which were passed on to the customers. EBIDTA gap is due to non-operative and non-repetitive items of Rs. 3.5 crores (mainly foreign currency fluctuations in subsidiaries). PAT was however, positively impacted due to lower tax in India from SEZ tax exemption which was not there in corresponding period of last year.
The stock shut shop at Rs 386 per share down by almost 6.22 per cent on Thursday.
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