20 Jan 2022 , 09:16 AM
Cosmo Ferrites Limited, a leading manufacturer and exporter of Soft Ferrites and an emerging player in wire wound magnetic components has declared its financial results for the quarter ended December 2021.
During Q3FY22, Company reported net revenue growth of 82% yoy on the back of higher volumes, higher sales realisation and sale of more value added products resulting from customised solutions. Strong Domestic and Export demand, better sales realisation and continuously improving internal efficiencies contributed to improvement in EBITDA.
During the quarter, the company decommissioned an old kiln. The written down value of the same (net of realizable value) amounting to Rs2.79cr has been charged off impacting the results of the quarter accordingly.
Further there is a provision of Rs1.50cr towards exceptional item of interest on unsecured loans for earlier period consequent to the Lenders exercising their right of recompense on some of the said loans as per the terms of the waiver given earlier impacting PBT for the quarter. PAT for the Quarter improved yoy to Rs4.08cr and EPS also improved yoy to Rs3.39 per equity share.
Commenting on Company’s performance Ambrish Jaipuria, Chairman, Cosmo Ferrites Ltd. said “There is strong domestic and export demand and we continue to develop new customers and new applications for our products. We are fairly bullish on the overall demand in view of Government’s efforts to push Electronics manufacturing within the Country and the huge potential in the Export market.
Company’s expansion plans to increase Soft Ferrites manufacturing capacity from 2400 MT per annum to 3600 MT per annum is on track and we expect it to be operational in Q2 of FY 23 and would further drive revenue growth next year.
On Thursday morning trade, Cosmo Ferrites was trading at Rs393.75 per piece higher by 5% on Sensex.
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