Mumbai, 25th May 2023: 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 specialty cores has been commissioned at Q4 end FY 22-23 and should add to revenue/profitability in the coming quarters.
Q4 results included an 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.”.