Cosmo Ferrites Limited, a leading manufacturer and exporter of Soft Ferrites and an emerging player in wire wound magnetic components, has reported Rs 34.75 crore net revenue for the third quarter of the current financial year, which is 82 per cent more when compared with the corresponding quarter of previous year.
The company's revenue rose sharply 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, Cosmo Ferrites Limited said in a statement.
During the quarter, the company decommissioned an old kiln. The written down value of the same (net of realizable value) amounting to Rs 2.79 crore has been charged off impacting the results of the quarter accordingly.
Further, there is a provision of Rs 1.50 crore towards the exceptional item of interest on unsecured loans for an 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.
The company has reported a profit after tax of Rs 4.08 crore for the October-December 2021 quarter, which is 994 per cent higher when compared with Rs 0.31 crore profit reported during the corresponding quarter of last fiscal.
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 the 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," Jaipuria said.