Net revenue

Cosmo Ferrites third quarter net revenue increases 82% to Rs 34.75 crore

Cosmo Ferrites Limited, a leading manufacturer and exporter of soft ferrites and an emerging player in wire wound magnetic components, reported net sales of Rs 34.75 crore for the third quarter of the current financial year , or 82% more than the corresponding. quarter of the previous year. The company’s revenue grew strongly due to higher volumes, higher sales realization and the sale of higher value-added products resulting from customized solutions.

Strong domestic and export demand, better sales realization and continued improvement in internal efficiency contributed to the improved EBITDA, Cosmo Ferrites Limited said in a statement. During the quarter, the company retired an old furnace. The impaired value of the same (net of realizable value) amounting to Rs 2.79 crore was charged which impacted the results of the quarter accordingly.

In addition, there is a provision of Rs 1.50 crore for the exceptional interest element on unsecured loans for a prior period as a result of the lenders exercising their right of reward on some of the said loans in accordance under the terms of the previously given waiver affecting PBT for the district. The company reported an after-tax profit of Rs 4.08 crore for the October-December 2021 quarter, 994% higher than the profit of Rs 0.31 crore recorded in the corresponding quarter last fiscal year.

Commenting on the company’s performance, Ambrish Jaipuria, President of Cosmo Ferrites Ltd, said: “Domestic and export demand is strong and we continue to develop new customers and new applications for our products. We are rather optimistic about overall demand given the government’s efforts to push electronics manufacturing in the country and the huge export market potential.” “The company’s expansion plans aimed at increasing the soft ferrite manufacturing capacity of 2,400 MT per year to 3,600 MT per year is on track and we expect it to be operational in the second quarter of FY23 and further drive revenue growth the next year,” Jaipuria said. (ANI)

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