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Indo Count Industries Ltd — Annual Report 2020
Jun 14, 2020
61460_rns_2020-06-14_eb30a2a2-bf09-4a72-a944-f264b7dc5dac.pdf
Annual Report
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14[th] June, 2020
The National Stock Exchange of India Ltd. BSE Limited Listing Department Department of Corporate Services Exchange Plaza, Floor 25, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Company Symbol : ICIL Scrip Code No. : 521016
Subject: Press Release Q4FY20 Results
Please find enclosed herewith a copy of Press Release with respect to the Audited Financial results of the Company for the quarter and year ended 31[st] March 2020.
Kindly take the above on record.
Thanking you,
Yours faithfully,
For Indo Count Industries Limited
AMRUTA Digitally signed by AMRUTA NIHAR NIHAR AVASARE Date: 2020.06.14 AVASARE 08:22:14 +05'30'
Amruta Avasare Company Secretary ACS No.: 18844
Encl.: A/a
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,PRESS RELEASE: 13[th] June 2020, MUMBAI
INDO COUNT INDUSTRIE S LTD Q4 & FY20 RESULTS
Indo Count Industries Ltd. reported audited Standalone and Consolidated results for the quarter and year ended 31[st] March 2020
MANAGEMENT PERSPECTIVE
Commenting on the results , Mr. Anil Kumar Jain, Executive Chairman , said,
“With good customer base, capital adequacy, wider geographic distribution, extensive sectoral understanding of products and product development as well as a relatively under-leveraged Balance Sheet we are well prepared to quickly adapt to the changing customer ecosystem.
Owing to the good liquidity position, the Company has the ability to service the business operations and further invest in growth opportunities.”
Sales Volume
The Company has achieved volume sales of 61.8 mn meters for FY20 registering a growth of 7% YoY
Financial Performance : Consolidated
| Particulars (Rs. Crs) | Q4FY20 | Q4FY19 | YOY% | FY20 | FY19 | YOY% |
|---|---|---|---|---|---|---|
| Total Income^^ | 425 | 442 | -4% | 2,135* | 1,945 | 10% |
| Total Expenses | 390 | 426 | 1,897 | 1,778 | ||
| EBITDA | 35 | 16 | 126% | 238 | 166 | 43% |
| EBITDA Margin (%) | 8.3% | 3.5% | 478 bps | 11.1% | 8.5% | 259 bps |
| Depreciation | 11 | 9 | 43 | 35 | ||
| EBIT | 24 | 7 | 262% | 194 | 131 | 48% |
| EBIT Margin (%) | 5.7% | 1.5% | 420 bps | 9.1% | 6.7% | 237 bps |
| Finance Cost | 8 | 9 | 39 | 36 | ||
| PBT before Exceptional items | 16 | (2) | 155 | 95 | ||
| Exceptional Items | - | - | 98^ | 0 | ||
| PBT | 16 | (2) | 57 | 95 | ||
| Tax | 8 | 2 | (16) | 36 | ||
| PAT | 8 | (5) | 73 | 60 |
^^ Total Income includes Other Income
*The MEIS benefit earned from 1[st] April 2019 to 30[th] September 2019 of Rs. 32.71 Crs earlier shown as exceptional item has been regrouped and reduced from Revenue from Operations of the Group in the Year end financials
^ Exceptional Item includes Rs. 94.27 Crores provided against refund of excess export benefits of earlier years by way of MEIS as per the Adjudication Order issued by office of The Commissioner of Customs.
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Consolidated Balance Sheet
| Particulars (Rs. Crs) | Mar’20 | Mar’19 |
|---|---|---|
| Shareholders Equity (Excluding Minority) | 986 | 975 |
| Gross Debt | 349 | 338 |
| Net Debt | 198 | 304 |
| Net Debt:Equity | 0.2 | 0.3 |
Consolidated Performance Highlights (Q4 & FY20)
Reported Total Income
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✓ For Q4FY20, Total Income stood at Rs. 425 Crs as against Rs. 442 Crs for Q4FY19
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✓ For FY20, Total Income stood at Rs. 2,135 Crs against Rs. 1,945 Crs in FY19, a growth of 10% YoY
Reported EBIDTA
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✓ EBITDA for Q4FY20 registered a growth of 126% and stood at Rs. 35 Crs versus Rs. 16 Crs for Q4FY19. EBITDA Margin was at 8.3% in Q4FY20 versus 3.5% in Q4FY19 registering a growth of 478bps on YoY basis
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✓ EBITDA for FY20 registered a growth of 43% and stood at Rs. 238 Crs versus Rs. 166 Crs for FY19. EBITDA Margin was at 11.1% in FY20 versus 8.5% in FY19 registering a growth of 259 bps on YoY basis
Reported Profit After Tax
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✓ Q4FY20 PAT stood at Rs. 8 Crs as against loss of Rs. 5 Crs in Q4FY19
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✓ FY20 PAT stood at Rs. 73 Crs as against Rs. 60 Crs in FY19 despite exceptional items totalling to Rs. 98 Crs which includes Rs. 94.27 Crores provided against refund of excess export benefits of earlier years by way of MEIS
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✓ FY20 PAT grew by 22%
Dividend
- ✓ The Board has recommended Final Dividend of 30% (Re. 0.60 per equity share of Rs. 2/- each) for the Financial Year ended 31st March 2020
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Impact on financials due to COVID-19
Volumes
✓ Shutdown of operations due to Covid-19 pandemic led to volume forgo of 2.5-3.0 mn mts
Total Income
- ✓ Due to temporary stoppage of operations, orders valued at approximately Rs. 95 Crs could not be executed in Q4 FY 2020 and stands postponed to FY 21
TEXPROCIL Export Award 2018-2019
The Company had won TEXPROCIL Export Award 2018-2019 in the following categories: -
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✓ Gold Trophy for the Highest export performance in Made Ups-Bed Linen/Bed Sheets/Quilts ✓ Gold Trophy for the Special Achievement Award in Made-ups
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✓ Silver Plaque for the Second Highest exports performance in Yarn-Counts 50s and below
Sustainability Initiatives : Project GAGAN
The Company has taken an initiative to improve sustainability in cotton farming for farmers in Warora Taluka of Chandrapur District in Maharashtra state by helping farmers in increasing productivity of their farms along with judicious use of water, pesticides and fertilizers.
The program aims at covering 1,500 farmers in 10 villages to begin with and subsequently increasing the ~ scope of this program to 30 villages thus benefitting 4,500 farmers in near future.
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A BRIEF INSIGHT INTO INDO COUNT INDUSTRIES LIMITED
CIN: L72200PN1988PLC068972
Indo Count Industries Ltd (ICIL), is one of India’s largest Home Textile manufacturer. Mr. Anil Kumar Jain, Executive Chairman, has been ranked 10th amongst the India’s Best Top 100 CEO’s 2017 by Business Today. Under his leadership, the Company has focused on some of the world’s finest fashion, institutional and utility bedding & sheets and has built significant presence across the globe. Over the years, the Company has successfully carved out a niche for itself and has become a total bedding resource. The company’s annual capacity is 90 million meters.
The Company’s product comprises the following: -
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Bed Sheets: Flat sheet with top Hem, fitted sheet, pillow cases and duvets
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Fashion Bedding: Comforters, bed in bag, quilts and coverlets, decorative pillows, etc.
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Utility Bedding: mattress pads, protectors, comforters filled with fibre
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Institutional Linen: Caters to hotels, hospitals and others
The Company has launched 4 Brands namely, Heirlooms of India, ATLAS, Morris & Co. and Purity Home in the Fashion Bedding segment. The company has also launched a utility bedding Brand by the name of “Whole Comfort” in the Global markets
ICIL is one of the largest manufacturers and exporter of bed linen from India; amongst the top three bed sheet suppliers in USA and Eleventh largest global home textiles supplier to USA. ICIL has a strong global clientele and exports to more than 54 countries. Major revenues are derived from USA, the Company’s largest market; its other prominent markets comprise UK, Canada, Europe, MENA region and Australia etc. The Company enjoys long-term relationships with large global marquee retailers.
KOHL’s, a large retailer in USA has awarded our Company for “Best Collaboration in Design & Product development”.
JC Penney, another large retailer in USA has awarded our Company with a “Platinum Certification Status” for Sheets & Fashion bedding category.
CARE’s credit rating is CARE A+ (Single A Plus; Outlook: Stable) for Company’s Long-Term Bank Facilities and CARE A1 (Single A One) for Short Term Bank Facilities. ICRA credit rating is ICRA A+ (A plus) for Company’s Long-Term Bank Facilities and ICRA A1 (A one) for Short Term Bank facilities with Outlook revised to Stable from Negative.
Safe Harbor Statement
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and result s of research and development, potential project characteristics, project potential and target dates for project related issues are forward -looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward -looking statements. The company assumes no obligation to update forward -looking Statements to reflect actual results changed assumptions or other factors.
For further information, please contact:
Investor Relations Advisors:
Indo Count Industries Limited CIN: L72200PN1988PLC068972
K R Lalpuria Executive Director & C.E.O Indo Count Industries Ltd Tel: +91 22 43419500 Email: [email protected]
K. Muralidharan Chief Financial Officer Indo Count Industries Ltd Tel: +91 22 43419500 Email: [email protected]
Website: www.indocount.com
Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285
Shogun Jain Group Account Head Strategic Growth Advisors Private Limited Tel: +91 22 6114 6619 Email: [email protected]
Ami Parekh Business Analyst Strategic Growth Advisors Private Limited Tel: +91 22 6114 6612 Email: [email protected]
Website: www.sgapl.net