Cosmo First Ltd

Cosmo First Ltd

₹ 573 -0.70%
24 May - close price
About

Established in 1981, Cosmo Films Limited is engaged in specialty films for packaging, lamination and labeling applications. Its films offerings include biaxially oriented polypropylene (BOPP) films, cast polypropylene (CPP) films and soon to be offered biaxially oriented polyethylene terephthalate (BOPET) films.

Key Points

Products and Brands
Packaging Films: These are used for any flexible packaging application Print & Pouching Films, Barrier Films, Overwrap Films, Lidding Films, etc. [1]
Lamination Films: These films find their way into mostly print publishing and graphic art film segments. [2]
Label Films: These enable complete information legibility on a constricted surface area available for the brand presentation. [3]
Industrial Films: Ready to use industrial film for useful applications, such as adhesive tapes, textile bags, long lasting printing applications etc. [4]
Pet Care: In FY22, company forayed into the pet care vertical through its brand Zigly. Its a D2C Omni channel business model to address pets need at every stage of life.[5] Company has a target of opening 100+ experience centers by FY25/26.[6] Company has ~5,900 SKUs and its the first pet care app.
Rigid Plastics: Specializes in creating customized packaging solutions for FMCG products. It uses injection molding and thermoforming techniques.
Masterbatches: Masterbatch is a concentrated mixture of pigments and additives used for imparting specific desired
properties and coloring in plastic. Some are like white masterbatch, anti-stat (with 30%
concentration), master batch for blown films etc.
Adhesives: Cosmo plans to launch products in niche areas.[7]

  • Market Cap 1,505 Cr.
  • Current Price 573
  • High / Low 773 / 451
  • Stock P/E 24.2
  • Book Value 513
  • Dividend Yield 0.87 %
  • ROCE 6.99 %
  • ROE 4.70 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.12 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.71% over past five years.
  • Tax rate seems low
  • Earnings include an other income of Rs.68.0 Cr.
  • Debtor days have increased from 29.0 to 36.9 days.
  • Working capital days have increased from 45.1 days to 68.6 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
672 688 759 771 821 843 778 730 715 658 664 625 641
559 556 615 622 676 700 665 665 654 622 602 582 597
Operating Profit 113 132 144 148 145 143 113 65 61 35 61 42 44
OPM % 17% 19% 19% 19% 18% 17% 15% 9% 9% 5% 9% 7% 7%
13 11 8 13 19 7 11 21 13 20 11 14 23
Interest 9 12 9 7 11 12 10 17 17 18 22 23 26
Depreciation 16 14 15 15 18 16 17 20 22 21 22 23 24
Profit before tax 101 116 128 138 135 123 97 49 35 16 29 10 18
Tax % 26% 25% 24% 24% 20% 24% 25% 6% 8% 11% 25% -10% 12%
74 87 97 104 108 93 73 46 32 14 22 11 15
EPS in Rs 27.27 31.77 35.64 38.25 39.63 34.23 26.86 16.74 12.12 5.30 8.21 4.33 5.86
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,266 1,468 1,647 1,621 1,587 1,847 2,157 2,204 2,285 3,038 3,065 2,587
1,175 1,360 1,542 1,429 1,433 1,713 1,995 1,943 1,893 2,467 2,682 2,404
Operating Profit 91 109 105 191 154 133 161 261 393 572 383 183
OPM % 7% 7% 6% 12% 10% 7% 7% 12% 17% 19% 12% 7%
-1 -22 8 -1 15 34 20 19 37 48 51 68
Interest 29 43 40 30 36 52 56 53 42 40 55 89
Depreciation 39 45 35 36 42 51 54 65 59 63 75 89
Profit before tax 22 -2 38 124 91 64 72 163 329 517 304 72
Tax % 48% -206% 28% 22% 6% -1% 15% 30% 28% 23% 20% 14%
11 -6 28 96 86 64 61 113 237 397 244 62
EPS in Rs 3.88 -1.88 9.47 32.96 29.36 22.07 20.93 38.85 86.78 145.28 92.95 23.69
Dividend Payout % 43% -35% 25% 20% 23% 18% 19% 26% 19% 16% 5% 13%
Compounded Sales Growth
10 Years: 6%
5 Years: 4%
3 Years: 4%
TTM: -16%
Compounded Profit Growth
10 Years: 13%
5 Years: 3%
3 Years: -36%
TTM: -75%
Stock Price CAGR
10 Years: 29%
5 Years: 30%
3 Years: 3%
1 Year: -8%
Return on Equity
10 Years: 18%
5 Years: 21%
3 Years: 20%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 19 19 19 19 19 19 19 19 18 18 26 26
Reserves 327 341 361 437 554 600 661 721 836 1,173 1,272 1,321
509 587 490 422 623 788 811 789 760 818 932 1,048
176 204 209 263 348 355 377 375 506 744 880 1,132
Total Liabilities 1,032 1,151 1,079 1,142 1,544 1,763 1,869 1,905 2,120 2,753 3,110 3,528
439 637 595 647 989 1,023 1,013 1,023 1,020 1,003 1,427 1,589
CWIP 158 2 14 12 9 12 32 16 20 270 185 357
Investments 4 30 36 31 0 58 77 146 247 446 418 406
431 483 434 452 547 669 746 721 832 1,033 1,080 1,176
Total Assets 1,032 1,151 1,079 1,142 1,544 1,763 1,869 1,905 2,120 2,753 3,110 3,528

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
94 59 129 223 50 82 143 240 335 481 465 245
-139 -51 -44 -79 -223 -123 -90 -106 -105 -447 -325 -235
36 19 -121 -138 165 62 -35 -165 -193 -52 -153 -19
Net Cash Flow -9 28 -36 6 -7 21 17 -31 37 -18 -13 -8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 37 34 27 26 37 38 35 32 30 26 24 37
Inventory Days 66 74 57 61 86 78 64 68 98 108 95 106
Days Payable 46 48 37 57 50 52 47 39 53 71 94 143
Cash Conversion Cycle 58 60 47 31 74 64 53 61 75 63 25 -0
Working Capital Days 53 50 33 16 45 41 33 33 52 41 26 69
ROCE % 7% 7% 9% 18% 12% 9% 8% 14% 23% 31% 17%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
44.23% 44.09% 44.09% 44.09% 44.09% 44.25% 44.28% 44.40% 44.96% 45.04% 45.04% 45.04%
3.99% 4.53% 5.45% 6.18% 5.96% 5.83% 4.63% 4.74% 4.74% 3.72% 3.45% 3.19%
1.65% 1.31% 1.24% 1.00% 0.94% 0.94% 0.94% 0.96% 0.77% 0.88% 0.76% 0.03%
48.20% 48.51% 48.10% 47.69% 47.88% 47.68% 48.86% 48.71% 48.32% 49.16% 49.62% 50.45%
1.93% 1.56% 1.12% 1.04% 1.12% 1.30% 1.31% 1.21% 1.19% 1.19% 1.13% 1.30%
No. of Shareholders 28,86737,18936,16438,66545,60346,74762,80548,39647,54845,99747,42346,304

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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