|In Rs. Crores||Q3 FY23||Q2 FY23||Q3 FY22|
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 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
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.”