CFL/SE/2023-24/MAY/09 May 29, 2023

The Manager (Listing)	The Manager (Listing)
BSE Limited	National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Plot no. C/1, G Block,
Mumbai-400 001	Bandra — Kurla Complex
Scrip Code: 508814	Mumbai-400 051
	Security ID: "COSMOFIRST"

Sub: Audited Financial Results for the quarter and vear ended on March 31, 2023, and Outcome of Board Meeting

Dear Sir,

Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations™), this is to inform you that the Board of Directors of the Company at its meeting held today i.e., May 29, 2023, has inter alia approved the following:

Audited Financial Results of the Company for the Quarter and Year ended as on March 31, 2023. The Financial Results were duly reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company

The above Financial Results are enclosed along with a declaration on Auditor's Report with unmodified opinion.

1. Recommendation of final dividend (F.Y 2022-23) on the Equity Shares of the Company (@ 50% i.e., Rs. 5/- per equity share. The dividend on Equity Share shall be paid within 30 (thirty) days from the conclusion of the ensuing Annual General Meeting, the date of which will be intimated in due course.
1. Based on the recommendations of the Nomination and Remuneration Committee and subject to the approval of the members of the Company, the re-appointment of following Directors
- a. Mr. Ashok Jaipuria (DIN 00214707) as Managing Director of the Company for a further period of five years, commencing from April 02, 2024,
- b. Ms. Alpana Parida (DIN 06796621) as Non- Executive Independent Director of the Company for a second term of 5 consecutive Years w.e.f. May 15, 2024.

None of the above Directors are debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

Investment of 31.2% in the Equity Capital of the Renew Green (GJS One) Pvt Ltd, in connection with supply of renewable power on captive consumer basis.

The detailed disclosure as required under Regulation 30 of the Listing Regulations, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015, are enclosed as under

i. For re-appointment of Directors Annexure- I
ii. For Investment in Equity capital of the Company Annexure IT

The Meeting commenced at 02.30 P.M. and concluded at 04:55 P.M.

You are requested to take the same on your records.

Thanking You

Yours faithfully For Cosmo First Limited (Formerly Cosmo Films Limited)

Jyoti it Company Secretary & Compliance Officer

Encl: a/a

ANNEXURE-I

Name of Director& DIN	Mr. Ashok Jaipuria (DIN: 00214707)	Ms. Alpana Parida (DIN: 06796621),
ReasonforChange	Re-appointed as Managing Director ofthe Company	Re- appointed as Independent Director ofthe Company
Date and Term ofRe-appointment	Mr. Jaipuria has been re-appointed as anManaging Director of the Company for aconsecutiveperiodyearsfurtherof 5commencingfromApril2024,02,subject to the approval of shareholders ofthe Company.	Parida has been re-appointed asMs.anIndependent Director of the Company for asecondconsecutivetermyearsof5commencing from May 15, 2024, subjectapprovalshareholdersof thetheoftoCompany.
Brief Profile	Ashok Jaipuria is an entrepreneurMr.with over forty years of experience in theFounderHecorporateworld.theisManagingChairmanDirectorandofCosmo First Limited. He is a member ofthe Board of Governors(BoG)of theTechnologyIndianInstitute(IIT),ofIndore and an Independent Director onthe Board of Hindustan Sanitary ware.ExecutiveHebeenhasalsoanCommittee member of the Federation ofCommerceChamberIndianandofIndustry (FICCI) and a member of theBoard of Governors (BoG) of IIT Patnaandof LiverandInstituteBiliarytheSciences.	AlpanamoreMs.Paridatwothanhasdecadesexperienceandofretailinmarketing communications in the US andin India. She has also worked as Head ofMarketingprominentTanishq,withaconductsJewellerybrandSheIndia.inbranding workshops for large corporates.She has graduated from IIM-Ahmedabad1985 and has a degree in Economicsinfrom St. Stephens, Delhi University.
Disclosureofrelationship withDirectors.	Mr. Jaipuria is not related to any otherDirector of the Company.	Ms.ParidarelatedanyothernottoisDirector of the Company.

Cosmo First Limited (Formerly Cosmo Films Limited) CIN : L92114DL1976PLCO08355

ANNEXURE-II

Name of the target entity, details in brief such as size,turnover etc.	Renew Green (GJS One) Private Limited, thisconnectionof renewablewithsupplyinispower on captive consumer basis.
Whether the acquisition would fall within related partypromoter/promoterwhethertransaction(s)andthegroup/ group companies have any interest in the entitybeing acquired?If yes, nature of interest and details thereof and whetherthe same is done at "arms length";	Not a related party transaction.
Industry to which the entity being acquired belongs;	Renewable Power Energy
Objects and effects of acquisition (including but notlimited to, disclosure of reasons for acquisition of targetentity, if its business is outside the main line of businessof the listed entity),	To source hybrid renewable power on a groupcaptive basis.
governmentalBriefanydetailsoforapprovals required for the acquisition;	regulatory Not Applicable
completionIndicativeperiodtimeofforacquisition;	the 30 days
Nature of consideration - whether cash consideration orshare swap and details of the same;	Cash Consideration
Cost of acquisition or the price at which the shares areacquired	Rs. 7.5 Crores will be invested for subscribing tothe equity share capital of the Company.
Percentage of shareholding / control acquired and / ornumber of shares acquired;	31.2% of the Equity Capital of the Company
Brief background about the entity acquired in terms ofproducts/linebusinessacquired,dateofofincorporation, history of last 3 years turnover, countryin which the acquired entity has presence and any othersignificant information (in brief);	Renew Green (GJS One) Privat Limited is indevelopment,businessconstruction,theofoperating and maintaining renewable energybased power plants in India.

Tel: +91 124 481 4444

Independent Auditor's Report To the Board of Directors of Cosmo First Limited (formerly known as 'Cosmo Films Limited')

Report on the Audit of Standalone Financial Results

Opinion

We have audited the Standalone Financial Results of Cosmo First Limited ('the Company") for the year ended 31 March 2023 included in the accompanying Statement of 'Standalone Financial Results for the quarter and year ended 31 March 2023 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the net profit and total comprehensive income and other financial information of the Company for the year ended 31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAl's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Statement

This Statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these Standalone Financial Results that give a true and fair view of the net profit and total comprehensive income and other financial information of the Company in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. Ve also:

¢ Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
e Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
¢ Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
¢ Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The Standalone Financial Results include the results for the quarter ended 31 March 2023 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For S.N. Dhawan & CO LLP

Chartered Accountants Firm Registration No.: 000050N/N500045

Rajeev Kumar Saxena Partner Membership No.: 077974 UDIN: 23077974BGXFFH9873

Place: New Delhi Date: 29 May 2023

COSMO FIRST LIMITED formerly Cosmo Films Limited) ( AUDITED STANDALONE FINANCIAL RESULTS

					(Rs in Crores)
			3 months ended
S.No	Particulars	31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
		Refer Note-4	Unaudited	Refer Note-4	Audited	Audited
]	Income:
	a) Revenue from operations	600.71	625.16	730.33	2,741.73	2,824.15
	b) Other income	13.11	18.45	19.96	57.71	45.56
	Total income	613.82	643.61	750.29	2,799.44	2,869.71
I]	Expenses:
	a) Cost of materials consumed	444.35	432.79	495.49	1,850.50	1,866.98
	b) Purchase of traded goods	2.88	1.96	-	7.55	-
	c) Changes in inventories of finished goodsand stock-in-trade	(29.12)	(1.95)	(24.66)	575	(32.82)
	d) Employee benefits expense	39.35	41.87	44.58	168.90	173.88
	e) Depreciation and amortisation expenses	19.82	19.08	16.33	69.08	58.08
	f) Finance costs	16.26	16.57	10.74	51.46	37.43
	g) Allowance for expected credit losses	0.41	(0.14)	0.10	(0.01)	0.24
	h) Other expenses	95.01	94.56	88.72	371.20	335.54
	Total expenses	588.96	603.74	631.30	2,524.43	2,439.33
m	Profit before tax (I-Il)	24.86	39.87	118.99	275.01	430.38
Iv	Tax expense:
	a) Current tax	4.26	8.29	18.60	48.06	75.61
	b) Deferred tax expense! (credit)	(0.35)	1.90	7.24	19.64	41.83
	c) Tax adjustments for earlier years	-	(6.33)	-	(6.33)	-
	Income tax expense	3.91	3.86	25.84	61.37	117.44
V	Net profit for the period (lll-IV)	20.95	36.01	93.15	213.64	312.94
VI	Other comprehensive income
a)	i) Items that will not be reclassified to profit or loss	0.69	0.02	0.60	0.76	0.09
	Income tax related to above	(0.25)	-	(0.21)	(0.27)	(0.03)
b)	i) Items that will be reclassified to profit or loss	(5.68)	(18.47)	(2.91)	(25.14)	6.73
	Income tax related to above	1.99	6.45	1.02	8.79	(2.85)
	Total other comprehensive income (net of tax)	(3.25)	(12.00)	(1.50)	(15.86)	3.94
VII	[Total comprehensive income for the period (V+VI)	17.70	24.01	91.65	197.78	316.88
VIII	Paid - up equity share capital (Face Value Rs.10)	26.25	27.26	18.17	26.25	18.17
IX	Other equity as per balance sheet				1,121.05	1,069.72
X	Earnings per share for the period (of Rs 10/- each)
	(not annualised for quarters)
	Basic (Rs)	7.91	13.38	34.54	79.57	116.54
	Diluted (Rs)	7.78	13.14	33.83	78.33	114.14

AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES

SL	<TES[Te	As at31.03.2023Audited	As at31.03.2022Audited
A	ASSETS
1	Non-current assets
	a) Property, plant and equipment	1,316.85	925.82
	b) Capital work-in-progress	140.07	267.84
	¢) Investment property	7.93	8.06
	d) Intangible assets	6.38	262
	e) Right of use assets	40.54	7.66
	f) Financial assets
	(1) Investments	244.27	155.73
	(ii) Loans	5.59	6.04
	(iii) Other financial assets	3.65	3.96
	g) Income tax assets (net)	33.19	8.99
	h) Other non-current assets	112.61	82.30
	Total non-current assets	1,911.18	1,469.02
2	Current assets
	a) Inventories	344.58	357.62
	b) Financial assets
	(i) Investments	374.80	409.59
	(ii) Trade receivables	157.49	197.90
	(iii) Cash and cash equivalents	10.47	22.74
	(iv) Bank balances other than (iii) above	13.12	15:14
	(v) Loans	1.47	1.43
	(vi) Other financial assets	54.01	23.91
	c) Other current assets	80.90	45.98
	Total current assets	1,036.84	1,074.28
	Total assets	2,948.02	2,543.30
	EQUITY AND LIABILITIES
B	Equity
1	a) Equity share capital	26.25	18.17
	b) Other equity	1,121.05	1,069.72
	Total equity	1,147.30	1,087.89
2	Non-current liabilities
	a) Financial liabilities
	(i) Borrowings	546.37	479.65
	(ii) Lease liabilities	38.00	6.39
	b) Provisions	18.07	16.77
	c) Deferred tax liabilities (net)	159.78	143.06
	d) Other non-current liabilities	57.58	58.11
	Total non-current liabilities	819.80	703.98
3	Current liabilities
	a) Financial liabilities
	(i) Borrowings	291.82	269.40
	(ii) Lease liabilities	4.16	1.72
	(iii) Trade payables
	(a) Total outstanding dues of micro enterprises and	6.34	11.00
	small enterprises
	(b) Total outstanding dues of creditors other than micro	502.92	330.97
	enterprises and small enterprises
	(iv) Other financial liabilities	71.27	80.90
	b) Provisions	13.83	12.40
	c) Other current liabilities	90.48	45.04
	Total current liabilities	980.92	751.43
	Total equity and liabilities	2,948.02	2,543.30

AUDITED STANDALONE CASH FLOW STATEMENT

AuditedAudited[Cash flow from operating activitiesA.Profit before tax275.01430.38Adjustment forDepreciation and amortisation expenses69.0858.08Finance costs51.4637.43Interest on financial assets carried at amortised cost(0.32)-Gain on investments carried at fair value through profit and loss(12.14)(22.70)(Gain)/loss on investments carried at fair value through other comprehensive0.97(0.33)incomeDividend income(0.55)(0.33)(Decrease)/increase in allowance for expected credit losses(0.01)0.24Interest income(15.41)Gain on derivatives classified under other comprehensive income(3.93)6.75Grant income on export promotion capital goods(3.27)Liabilities no longer required written back(6.36)Loss on sale of property, plant and equipment0.330.18Profit on disposal of non current assets held for sale-Employee share based compensation4.756.45Unrealised gain on exchange fluctuation(2.86)Unrealised claims recoverable(5.93)-Unrealised sales tax incentives(6.275.63)Operatina profit before working capital changes346.25486.51Adjustment forInventories13.04(86.06)Trade receivable40.12Loans0.402.10Other financial assets26.07(26.58)Other assets(23.08)2.21Trade payables168.26143.20Other financial liabilities(14.98)Other liabilities and provisions49.1320.50Cash flow from operating activities post working capital changes552.56583.61Income tax paid (net)(60.33)Net cash flow from operating activities (A)492.23511.42[Cash flow from investing activitiesB.Purchase of property, plant and equipment and intangible assets (includingcapital advances)(338.58)Sale of property, plant and equipment0.750.45Proceeds from disposal of non current assets held for sale0.18-Sale/(purchase) of current and non-current investments (net)35.67(187.50)Purchase of non-current investment in subsidiaries(81.10)(18.30)Interest received16.1015.14Dividend received0.550.33Investments in / (redemption of) fixed deposits (net)1.853.14)Net cash flow used in investing activities (B)(364.76)(464.37) Cash flow from financing activitiesC.Proceeds from long term borrowings203.42289.37Repayment of long term borrowings(139.46)(144.29)Repayment of short term borrowings (net)(99.18)(6.53)(Purchase)/sale of treasury shares (net)(11.08)(5.30)(50.26)(36.98)Interest paidDividend and tax thereon paid(62.70)-Buyback of equity shares including expenses & tax(133.78)-Payment of lease liability2.07)(0.62)Net cash flow used in financing activities (C)(139.74)(Decrease)/increase in net cash and cash equivalents (A+B+C)(12.27)Cash and cash equivalents at the beginning of the year22.7435.39Cash and cash equivalents at the end of the year22.7410.47	S.No	Particulars	Year ended31.03.2023	Year ended31.03.2022











				(14.28)

				(2.92)
				(0.72)

				(2.36)

				(2.03)




				(9.76)




				(1.16)


				(72.19)



				(271.53)
















				(59.70)

				(12.85)

Notes:

1 During the quarter ended 31st March 2023, the Company bought back 10,09,345 equity shares (3.70% of equity capital) through the "Tender Offer" route at a price of Rs. 1070 per share. Consequently, the paid up equity share capital has reduced from Rs. 27.26 crores to Rs. 26.25 crores. An amount of Rs. 133.78 crores (including income tax and direct buyback costs) has been utilized from the other equity for the aforesaid buyback and capital redemption reserve account of Rs. 1.01 crores (representing the nominal value of the equity shares bought back) has been created.

2 The Board of Directors had recommended dividend of Rs. 5 per equity share for the financial year FY 22-23 subject to approval of shareholders in annual general meeting.

3 Pursuant to the issuance of fresh certificate of incorporation dated 8th July 2022 by the Registrar of Companies (Delhi), the name of the Company stands changed to "Cosmo First Limited" from "Cosmo Films Limited".

4 The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 29th May 2023. The figures for the quarter ended 31st March 2023 and 31st March 2022 are the balancing figures between audited figures in the respect of the full financial year and published year to date figures upto the third quarter of years ended 31st March 2023 and 31st March 2022 respectively which were subjected to limited review.

5 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

6 Pursuant to the approval of Shareholders through postal ballot, the Company had allotted 90,86,357 bonus equity shares of Rs. 10/- each in ratio of 1 (one) Equity share for 2 (two) equity share held to the equity shareholder(s) whose name appeared in the register of members on 17th June 2022 i.e. the "Record Date". In accordance with IND-AS 33 (Earnings per share), the calculation of basic and diluted earnings per share for all periods presented have been adjusted and restated.

7 Fiaures for the previous period have been rearouped wherever required. | PY

New Delhi 20th May 2023

Tel: +91 124 481 4444

Independent Auditor's Report To the Board of Directors of Cosmo First Limited (formerly known as 'Cosmo Films Limited')