Q3 results of Cosmo Ferrites – Outlook promising post temporary hiccups

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Q3 results of Cosmo Ferrites – Outlook promising post temporary hiccups
In Rs. CroresQ3 FY23Q2 FY23Q3 FY22
Net Revenue23.324.634.8
EBITDA1.81.99.2
PBT(0.6)(0.5)5.5
PAT(0.5)(0.4)4.1

Mumbai, 9th February 2023: Cosmo Ferrites Limited, a leading manufacturer and exporter of Soft Ferrites and an emerging player in wire wound magnetic components todaydeclared its financial results for the quarter ended December 2022.

The performance during the quarter both in terms of revenue and EBIDTA is flat QoQ due to subdued order flows from Europe (largely due to recession fears/chip shortages). This impacted the YoY performance on the revenue front and had a more than proportionate impact on EBIDTA. 

Export orders flow had started picking up gradually. The company expects this should gain momentum in the coming months and together with the commissioning of new kiln in Q1 FY 23-24 for valued added speciality cores, there should be an uptick in the performance.

Commenting on the company’s performance Mr. Ambrish Jaipuria, Chairman, Cosmo Ferrites Ltd. said “The performance during the quarter remained affected due to same factors we experienced in the last quarter. We hope to see recovery in the coming quarters. We are working on some good prospects for substantial and steady business in the automotive sector (Electric Vehicles included). We expect customer approvals in FY 23-24 which should lead to significant margin expansion.”