New Delhi, 13th Aug 2024: 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 30th June 2024. In Q1’FY25, the company witnessed a drop in sales revenue compared to the previous quarter primarily due to its key raw material production related quality issues. Impact of drop in sales is getting reflected in lower EBITDA.
The raw material issues have been normalised in Q2. The government, responding to the company's request, initiated an anti-dumping investigation concerning the import of soft ferrite cores from neighbouring country. The investigation is generally progressing as per the notified schedule. Likely favourable outcome will help improve operating margin and capacity utilization.
Commenting on Company’s performance Mr. Ambrish Jaipuria, Chairman, Cosmo Ferrites Ltd. “The company has successfully developed several new products tailored for automotive applications. Currently, it is progressing towards obtaining approvals in export markets for these innovations, a move anticipated to optimize capacity and enhance margins. The Company is also in the process of reducing overheads and take price corrections to improve the profitability.”
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