Improved results with partial recovery of export demand: Cosmo Ferrites Ltd.
Cosmo Ferrites Limited, a leading manufacturer and exporter of Soft Ferrites and an emerging player in wire wound magnetic components today declared its financial results for the quarter ended March 2023.
Enhanced Q4 results vs. Q3 are mainly on the back of some normalization of order flows from Europe which was impacted due to overstocking/recession fears/chip shortages.
The new kiln for valued added speciality cores has been commissioned at Q4 end FY 22-23 and should add to revenue/profitability in the coming quarters.
Q4 results included Rs. 80 lakhs charge under ‘other expenses’ on account of loss on the sale of an old asset. There was also an ‘other income’ of Rs. 91 lakhs towards interest and legal expenses recoverable pursuant to an arbitration award.
Commenting on Company’s performance Mr. Ambrish Jaipuria, Chairman, of Cosmo Ferrites Ltd. Said: “The Company is working on several medium-term growth prospects, particularly in the automotive sector, and expect customer approvals in FY 23-24 which should lead to margin expansion.”.
About Cosmo Ferrites Limited
Established in 1986, Cosmo Ferrites Limited is the largest producer of manganese (MnZn) based Soft Ferrite cores in India. Cosmo Ferrites is also the leading soft ferrite core exporter from India exporting to more than 50 countries across the Globe. The Company has a State-of-the-art manufacturing facility located in the foothills of Himalaya in the State of Himachal Pradesh. The products manufactured go into multiple applications in Electronics industry. The Company is also into manufacturing wire wound magnetic components, a forward integration of Soft Ferrites.