Cosmo First Limited declared its financial results for the quarter ended Sept 2022.
Cosmo First, declaring its financial results for the quarter ended Sept 2022 announced that commissioning of several new production lines in India within a short span coupled with subdued order flow from overseas customers (geo-political crisis, supply chain corrections, and currency fluctuations) led to disruption of overall demand supply scenario as well as the margins. Impact on Cosmo was minimal as its strong portfolio of speciality films wasn’t prone to competitive pressures.
Margins were also under pressure in the overseas subsidiaries due to increase in raw material costs, weakening of foreign currencies against US dollar particularly in Japan and Korea.
BOPET line was commissioned two days before the end of Q2. Despite drop in this quarter earnings, Cosmo’s financials remain strong with annualized ROCE and ROE at 25% and 32% respectively.
Commenting on Company’s performance Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd. said, “In films business, we have recently developed some unique products which will support specialty sales growth. Our Specialty Chemicals business doubled its revenue YOY.”
Founded by Mr. Ashok Jaipuria in 1981, Cosmo First is a specialty films specialist with strong portfolio of solutions in the specialty chemicals (Masterbatches, Adhesive, Coating & Textile chemicals).