homebusiness NewsCosmo Films eyes 15 18% revenue growth in FY23 as speciality polyester line comes on stream
Cosmo Films eyes 15-18% revenue growth in FY23 as speciality polyester line comes on stream
Cosmo Films is focusing to increase its speciality portfolio and speciality sales should contribute 70 percent to the overall portfolio, said Pankaj Poddar, chief executive officer of the firm on Friday. The firm expects an 8-10 percent growth in revenue in FY22, while it sees a 15-18 percent revenue growth in FY23 as speciality chemicals line comes on stream.
Cosmo Films is focusing to increase its speciality portfolio and speciality sales should contribute 70 percent to the overall portfolio, said Pankaj Poddar, chief executive officer of the firm on Friday. The firm expects an 8-10 percent growth in revenue in FY22, while it sees a 15-18 percent revenue growth in FY23 as speciality line comes on stream.
“Next year the speciality polyester line will come up and therefore we expect 15-18 percent revenue growth next year,” said Poddar told CNBC-TV18.
At present, the company’s focus is more on the speciality side. The short-term focus is only to shift away from commodity sales to more speciality sales and make sure that the total portfolio has a very significant portion of specialities.
“This year the company is looking at 8-10 percent growth,” Poddar said while adding that the demand mostly is coming from packaging and labelling.
Raw material prices were high in the last quarter, but “We were able to pass it on to customers in every possible way,” Poddar said.
April and May panned out well for the company.
“April was one of the best months for us, May looks equally strong. Having said that, there are some segments in India where the demand is down especially for textiles, but fortunately, we have a very limited presence in textiles. In most of the segments we are in, the demand is very robust and prices are also strong,” he stated.
On production capacity, Poddar said, “In the short-term, we are fully booked. Our order book today is booked till mid-June. In a year’s time, we will surpass our earlier target of 70 percent speciality portfolio in our overall sales and most likely we will be able to meet that target before the date. Therefore we are seeing if this is the right time for Cosmo to consider another expansion, but it is too early at this stage.”
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(Edited by : Ajay Vaishnav)
First Published: May 21, 2021 10:57 AM IST
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