The earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a decline, registering at ₹56 crore in Q3 FY24 compared to ₹72 crore in the previous quarter and ₹86 crore in the same quarter of the previous year. Consequently, the EBITDA percentage has decreased over the periods, from 11.7 per cent in Q3 FY23 to 10.9 per cent in Q2 FY24, and further down to 9.0 per cent in Q3 FY24, reflecting a contraction in operational profitability, the company said in a press release.
Profit before tax (PBT) for the quarter fell to ₹10 crore, a stark contrast to ₹29 crore in Q2 FY24 and ₹49 crore in Q3 FY23. Similarly, profit after tax (PAT) also experienced a decline, coming in at ₹11 crore for Q3 FY24, down from ₹22 crore in Q2 FY24 and significantly lower than ₹46 crore in Q3 FY23.
Earnings per share (EPS), not annualised, have followed this downward trajectory, with Q3 FY24 recording an EPS of ₹4.4, a decrease from ₹8.3 in Q2 FY24 and ₹16.9 in Q3 FY23.
“While short term challenge remains due to adverse packaging film margin, the company continues to build speciality films vertical and plans to launch high value-added sun control film (Cosmo Sunshield) in FY25. In the next 12-18 months, speciality BOPET films, sunshield films, rigid packaging and specialty chemicals would start adding to the company’s overall profitability,” said Pankaj Poddar, CEO, Cosmo First.
ALCHEMPro News Desk (DP)
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