Indo Count Industries Ltd — Annual Report 2021

May 17, 2021

17th May, 2021

National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Company Symbol: ICIL

BSE Limited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001

Scrip Code No.: 521016

Dear Sir/Madam,

Subject: Outcome of Board Meeting held on 17th May, 2021

We wish to inform the exchanges that at the Board Meeting held today i.e. on 17th May, 2021, the Board of Directors of the Company approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended March 31, 2021.

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements), 2015 ('Listing Regulations'), we are enclosing herewith the following:

• 1. Audited Standalone & Consolidated Financial Results of the Company for the quarter and year ended March 31, 2021;
• 1. Auditor's Report on the Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended March 31, 2021 issued by M/s. Suresh Kumar Mittal & Co., Statutory Auditors of the Company; and
• 1. Declaration of unmodified opinion on Auditor's Report on financial results pursuant to Regulation 33 (3) (d) of Listing Regulations signed by Mr. K. Muralidharan, Chief Financial Officer of the Company.

Further, the Board at its meeting held today recommended Final Dividend of 75% (Rs. 1.5 per equity share of Rs. 2/- each) for the Financial Year ended 31st March, 2021. The said dividend, if declared at the ensuing Annual General Meeting (AGM), will be paid to the shareholders within 30 days of AGM.

The meeting of the Board of Directors commenced at 12.30 p.m. (IST) and concluded at 2.45 p.m. (IST).

Thanking you,

Yours faithfully,

For Indo Count Industries Limited

AMRUTA NIHAR AVASARE Digitally signed by AMRUTA NIHAR AVASARE Date: 2021.05.17 14:54:45 +05'30'

Amruta Avasare Company Secretary & Compliance Officer

Encl.: A/a

INDO COUNT INDUSTRIES LIMITED

CIN No.: L72200PN1988PLC068972

Regd. Off. - Office No. 1, Plot No. 266, Village Alte, Kumbhoj Road, Taluka Hatkanangale, Dist. Kolhapur - 416 109. e-mail icilinvestors@indocount.com; website www.indocount.com

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021

Part - I						(Rs. in Crore except EPS)
Sr. No.	Particulars	Quarter Ended		Year Ended
		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
1	Income
	Revenue from Operations	703.68	782.42	376.16	2,514.75	1,965.07
	Other Operating Income	14.63	8.94	24.09	37.74	54.32
	Total Income	718.31	791.36	400.25	2,552.49	2,019.39
2	Expenses
	Cost of Materials Consumed	430.00	389.78	229.90	1,332.80	1,090.70
	Purchases of Stock-in-Trade	39.79	27.32	0.69	73.15	3.47
	Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(108.83)	(13.64)	(39.89)	(114.62)	(9.29)
	Employee Benefits Expense	48.08	34.31	32.49	145.28	124.62
	Finance Costs	10.52	6.79	7.88	26.93	36.93
	Depreciation	9.77	10.19	10.34	40.31	40.65
	Other Expenses	198.22	209.07	139.51	696.06	577.62
	Total Expenses	627.55	663.82	380.92	2,199.91	1,864.70
3	Profit before Exceptional Items and Tax (1-2)	90.76	127.54	19.33	352.58	154.69
4	Exceptional Items	-	-	-	-	(98.46)
5	Profit before Tax (3-4)	90.76	127.54	19.33	352.58	56.23
6	Tax Expenses
	Current Tax	24.07	31.78	8.29	88.53	17.40
	Deferred Tax	2.68	0.25	(3.58)	3.79	(34.93)
	Total Tax Expenses	26.75	32.03	4.71	92.32	(17.53)
7	Net Profit for the period (5-6)	64.01	95.51	14.62	260.26	73.76
8	Other Comprehensive Income (after tax)
	a) Items that will not be reclassified to Profit or Loss	1.05	(0.15)	(0.63)	0.59	(0.62)
	b) Items that will be reclassified to Profit or Loss	0.07	13.02	(33.83)	61.20	(46.49)
	Total Other Comprehensive Income (after tax)	1.12	12.87	(34.46)	61.79	(47.11)
9	Total Comprehensive Income (7+8)	65.13	108.38	(19.84)	322.05	26.65
10	Paid up Equity Share Capital (of Rs. 2 each)	39.48	39.48	39.48	39.48	39.48
11	Other Equity				1,234.90	932.89
12	Earning Per Share of Rs. 2 each (not annualised for the quarters):
	a) Basic	3.24	4.84	0.74	13.18	3.74
	b) Diluted	3.24	4.84	0.74	13.18	3.74

STATEMENT OF AUDITED STANDALONE ASSETS & LIABILITIES AS AT 31ST MARCH, 2021

			(Rs. in Crore)
	Particulars	As at	As at
		31-03-2021	31-03-2020
A	ASSETS	Audited	Audited
1	Non-current assets
	(a)Property, Plant and Equipment	514.61	525.93
	(b)Capital Work-in-Progress	7.72	5.86
	(c)Right-of-Use	18.23	18.25
	(d)Other Intangible Assets	2.65	2.63
	(e)Financial Assets
	(i) Investments	24.92	24.92
	(ii) Loans	1.91	3.33
	(iii) Others	0.00	0.00
	(f)Other Non-Current Assets	8.27	6.43
	Sub-total - Non current assets	578.31	587.35
2	Current assets
	(a)Inventories	677.28	501.01
	(b)Financial Assets
	(i) Investments	166.93	0.10
	(ii) Trade Receivables	525.15	257.92
	(iii) Cash and Cash Equivalents	114.31	125.64
	(iv) Bank Balances other than (iii) above	2.24	2.54
	(v) Loans	1.70	0.31
	(vi) Others	51.30	4.33
	(c)Current Tax Assets (Net)	7.18	21.33
	(d)Other Current Assets	122.27	158.15
	Sub-total - Current assets	1,668.36	1,071.33
	TOTAL - ASSETS
		2,246.67
B	EQUITY AND LIABILITIES
			1,658.68
	(a)Equity Share Capital	39.48	39.48
	(b)Other Equity	1234.90	932.89
	Equity attributable to owners	1274.38	972.37
	Sub-total - Equity	1274.38	972.37
	LIABILITIES
1	Non-Current Liabilities
	(a)Financial Liabilities
	(i) Borrowings	19.35	36.10
	(ii) Other Financial Liabilities	1.56	5.89
	(b)Provisions	2.76	5.79
	(c)Deferred Tax Liabilities (Net)	82.63	58.05
	(d)Other Non-Current Liabilities	7.59	7.98
	Sub-total - Non-Current Liabilities	113.89	113.81
2	Current Liabilities
	(a)Financial Liabilities
	(i) Borrowings	505.86	291.85
	(ii) Trade Payables due to:
	- Micro & Small Enterprise	40.65	18.87
	- Other than Micro & Small Enterprise	189.11	97.35
	(iii) Other Financial Liabilities	30.13	92.15
	(b)Other Current Liabilities	92.65	72.28
	Sub-total - Current Liabilities	858.40	572.50
	TOTAL EQUITY AND LIABILITIES	2,246.67	1,658.68

STATEMENT OFAUDITED STANDALONE CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2021

Particulars		For the Year ended 31 March, 2021		Rs. in CroreFor the Year ended 31 March, 2020
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Exceptional Items and Tax		352.58		154.70
Adjustments for:
Depreciation and Amortisation		40.31		40.64
Profit on Sale of Assets		(0.50)		(0.00)
Finance Cost		26.93		36.93
Interest Income		(9.99)		(2.33)
Other Comprehensive Income		82.57		(62.95)
Dividend Income on Mutual Funds			-	(0.81)
Loss on Sale of Assets		1.99		0.01
Loss/(Profit) on Redemption of Mutual Funds		(0.08)		0.18
Loss/(Profit) in value of NAV of Mutual Funds		(0.94)		0.08
Exceptional Items			-	(98.46)
Operating Profit before Working Capital changes		492.87		67.99
Changes in Working Capital:
Adjustment for (Increase) / Decrease in Operating Assets:
Non-Current Financial Assets	1.42		(1.60)
Other Non-Current Assets	(1.84)		1.22
Inventories	(176.28)		(34.30)
Trade Receivables	(267.22)		17.12
Current Financial Assets	(48.06)		14.35
Other Current Assets	35.89	(456.09)	(41.03)	(44.24)
Adjustment for Increase / (Decrease) in Operating Liabilities:
Non Current Financial Liabilities	(4.32)		5.89
Non-Current Provisions	(3.03)		0.78
Other Non-Current Liabilities	(0.39)		(0.39)
Trade Payables	113.54		(10.11)
Other Current Financial Liabilities	(62.02)		58.94
Other Current Liabilities	20.36		47.96
Current Provisions		-64.14		-103.07
Net Taxes (paid) / refund received		(74.38)		(26.03)
Net Cash Flow from Operating Activities (A)		26.54		100.79
B) CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure		(35.08)		(32.82)
Proceeds from Sale of Assets		2.74		0.01
Purchase of Non-Current Investments		0.01		(0.00)
Purchase of Current Investments		(165.83)		45.98
Dividend Income on Mutual Funds			-	0.81
Interest Income		9.99		2.33
Loss on Purchase of Business Activity		(8.19)		-
Net Cash Flow from Investing Activities (B)		(196.36)		16.31
C) CASH FLOW FROM FINANCING ACTIVITIES
Net Increase / (Decrease) in Non-Current Borrowings		(16.74)		(21.34)
Net Increase / (Decrease) in Current Borrowings		214.00		63.35
Finance Cost		(26.93)		(36.93)
Final Dividend on Equity Shares (including DDT)		(11.84)		(14.28)
Net Cash Flow from Financing Activities (C)		158.49		(9.20)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)		-11.33		107.90
Cash and Cash Equivalents at the beginning of the year		125.64		17.74
Cash and Cash Equivalents at the end of the year		114.31		125.64
Reconciliation of Cash and Cash Equivalents with the Balance Sheet:
Cash and Cash Equivalents as per Balance Sheet		114.31		125.64
Cash and Cash Equivalents at the end of the year comprises of:
(a) Cash in Hand		0.07		0.27
(b) Balance with Banks
- In Current Accounts		27.66		42.19
(ii) In Fixed Deposits		86.58		83.18

Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 17, 2021. . The Statutory Auditors have expressed an unqualified audit opinion.
• 2 Due to outbreak of Covid-19 pandemic and subsequent lockdown enforced by the Government of India, the manufacturing operations were temporarily shut down from 23rd March 2020 and after a period of ~ 30 days, restarted partially from 26th April, 2020 subject to conditions imposed by the Government. As a result of lockdown, the volumes for the month of April 2020 and May 2020 were impacted and accordingly, results of FY 2021 are not comparable with corresponding FY 2020. The Company has assessed, and is continuously reviewing, its liquidity, future cash flow projections and the probability of occurrence of the forecasted transactions underlying the hedges based on orders in hand and current indicators of future economic conditions. The financial results for Q4 FY 21 takes into consideration such assessment of the possible effects of the Covid 19 and the recoverability of the carrying value of its assets. However, the impact of pandemic in the subsequent period may be different from the estimations used at the time of finalising these financial results.
• 3 The Central Govemment of India has announced a new scheme called Remission of Duties or Taxes on Export Product (RoDTEP) which has replaced Merchandise Export from India Scheme (MEIS) and Rebate of State and Central Taxes and Levies (RoSCTL) benefit w.e.f. January 1, 2021. As the rates under RoDTEP have not been notified till date, the income on account of benefits under the new scheme has not been recognized for the Quarter ended March 31, 2021.
• 4 The Board has recommended Final Dividend of Rs. 1.5 per equity share of Rs. 2/- each i.e. @ 75% , subject to the approval of shareholders at ensuing Annual General Meeting.
• 5 The Board at its meeting held on 21st October 2020 approved scheme of amalgamation of the Company with M/s. Pranavaditya Spinning Mills Limited, the Subsidiary Company. The Company has received Noobjection from BSE Limited and NSE Limited for the scheme. The appointed date for the amalgamation is October 1, 2020 and the scheme will be effective upon filing of order of National Company Law Tribunal (NCLT) approving the scheme with Registrar of Companies. The Company is in the process of filing the application with NCLT.
• 6 Pursuant to Voluntary Deregistration of Indo Count Australia Pty Ltd., wholly owned Subsidiary Company by the Australian Securities & Investments Commission (ASIC) on October 7, 2020 as per the intimation received from ASIC, Indo Count Australia Pty Ltd has ceased to be subsidiary of the Holding Company w.e.f. October 7, 2020. Due to this event there is no material impact on the financials of the Company.
• 7 The figures for the Quarter ended March 31, 2021 are balancing figures between the audited figures of the full Financial Year and the reviewed year-to-date figures upto the third Quarter of the Financial Year.
• 8 The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
• 9 The Company mainly operates only in one segment namely "Textiles" and hence segment details are not required to be published.
• 10 In line with the requirements of Regulation 47(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results are available on 10In line with the requirements of Regulation 47(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results are available on the Stock Exchanges website at (www.bseindia.com and www.nseindia.com) and on the Company's website at www.indocount.com.

For and on behalf of the Board of Directors

Anil Kumar Jain Executive Chairman DIN: 00086106

Date: May 17, 2021 Place: Mumbai

CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

Independent Auditor's Report on Audited standalone Quarterly Financial Results and Year to Date Results Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of Indo Count Industries Limited

Opinion

We have audited the accompanying standalone quarterly financial results of Indo Count Industries Limited (the company) for the quarter ended 31st March, 2021 and the year to date results for the period from 1st April, 2020 to 31st March, 2021, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

• i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended 31st March, 2021 as well as the year to date results for the period from 1st April, 2020 to 31st March, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results 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 together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 2 to the standalone financial results, which describes the uncertainties and the impact of Covid-19 pandemic on the Company's operations and results as assessed by the management. Our opinion is not modified in respect of this matter.

CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' 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 design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the 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 Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

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. We 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.
• . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of express he all the port on the effectiveness of the company's internal control.

60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

• . 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 Company's ability 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 financial results 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 financial results represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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 Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31,2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the listing Regulations.

For Suresh Kumar Mittal & Co. Chartered Accountants Firm Registration No. 500063N

ANKUR BAGLA PARTNER Membership Number: 521915

Place: New Delhi Date: 17th May, 2021 UDIN: 21521915 AAAACB 5194

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INDO COUNT INDUSTRIES LIMITED

CIN No.: L72200PN1988PLC068972

Regd. Off. - Office No. 1, Plot No. 266, Village Alte, Kumbhoj Road, Taluka Hatkanangale, Dist. Kolhapur - 416 109.

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021

Part - I						(Rs. in Crore except EPS)
Sr. No. Particulars			Quarter Ended			Year Ended
		31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
		Audited	Unaudited	Audited	Audited	Audited
1	Income
	Revenue from Operations	690.51	783.14	400.56	2,519.19	2,080.13
	Other Operating Income	14.24	9.11	24.41	37.83	54.63
	Total Income	704.75	792.25	424.97	2,557.02	2,134.76
2	Expenses
	Cost of Materials Consumed	417.46	402.32	230.30	1,334.38	1,107.64
	Purchases of Stock-in-Trade	42.38	28.26	0.37	70.71	0.37
	Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(117.61)	(32.34)	(27.87)	(135.25)	31.46
	Employee Benefits Expense	51.81	38.37	38.43	159.04	148.07
	Finance Costs	10.91	7.09	8.31	28.08	39.25
	Depreciation	10.47	10.90	11.06	43.15	43.46
	Other Expenses	204.75	212.80	148.37	713.63	609.37
	Total Expenses	620.17	667.40	408.97	2,213.74	1,979.62
3	Profit before Exceptional Items and Tax (1-2)	84.58	124.85	16.00	343.28	155.14
4	Exceptional Items (Refer Note 4)	-	(0.02)	-	(3.65)	(98.46)
5	Profit before Tax (3-4)	84.58	124.83	16.00	339.63	56.68
6	Tax Expenses
	Current Tax	24.49	31.89	9.75	89.23	18.88
	Deferred Tax	2.33	0.11	(2.00)	1.27	(35.30)
	Total Tax Expenses	26.82	32.00	7.75	90.50	(16.42)
7	Net Profit for the period (5-6)	57.76	92.83	8.25	249.13	73.10
8	Other Comprehensive Income (after tax)
	a) Items that will not be reclassified to Profit or Lossa) Items that will not be reclassified to Profit or Loss	1.361.36	(0.15)(0.15)	(0.64)(0.64)	0.890.89	(0.60)(0.60)
	b) Items that will be reclassified to Profit or Loss	(1.01)	12.65	(35.25)	59.27	(47.99)
	Total Other Comprehensive Income (after tax)	0.35	12.50	(35.89)	60.16	(48.59)
9	Total Comprehensive Income (7+8)	58.11	105.33	(27.64)	309.29	24.51
10	Net Profit attributable to :
	- Owners	57.88	92.92	7.95	250.63	73.78
	- Non-controlling interests	(0.12)	(0.09)	0.30	(1.50)	(0.68)
11	Other Comprehensive Income attributable to :
	- Owners	0.27	12.50	(35.88)	60.09	(48.58)
	- Non-controlling interests	0.08	-	(0.01)	0.07	(0.01)
12	Total Comprehensive Income attributable to :
	- Owners	58.15	105.42	(27.93)	310.72	25.20
	- Non-controlling interests	(0.04)	(0.09)	0.29	(1.43)	(0.69)
13	Paid up Equity Share Capital (of Rs. 2 each)	39.48	39.48	39.48	39.48	39.48
14	Other Equity				1,245.09	946.54
15	Earning Per Share of Rs. 2 each (not annualised for the quarters):
	a) Basic	2.93	4.71	0.40	12.70	3.74
	b) Diluted	2.93	4.71	0.40	12.70	3.74

STATEMENT OF AUDITED CONSOLIDATED ASSETS & LIABILITIES AS AT 31ST MARCH, 2021

(Rs. in Crore)
	Particulars	As at	As at
		31-03-2021	31-03-2020
		Audited	Audited
A	ASSETS
	1 Non-current assets
	(a)Property, Plant and Equipment	540.25	553.72
	(b)Capital work-in-Progress	7.72	5.86
	(c)Right-of-Use	18.23	18.25
	(d)Other Intangible Assets	2.65	2.63
	(e)Financial Assets
	(i) Investments	-	-
	(i) Loans	3.84	3.96
	(ii) Others	0.00	0.00
	(f)Other Non-Current Assets	8.28	6.44
	Sub-total - Non current assets	580.97	590.86
	2 Current assets
	(a)Inventories	718.04	523.72
	(b)Financial Assets
	(i) Investments	166.93	0.10
	(ii) Trade Receivables	515.66	242.33
	(iii) Cash and Cash Equivalents	119.76	139.36
	(iv) Bank Balances other than (iii) above	6.78	10.99
	(v) Loans	1.40	0.31
	(vi) Others	51.30	4.33
	(c)Current Tax Assets (Net)	8.99	23.20
	(d)Other Current Assets	125.71	160.52
	Sub-total - Current assets	1,714.57	1,104.86
	TOTAL - ASSETS	2,295.54	1,695.72
B	Equity AND LIABILITIES
	(a)Equity Share Capital	39.48	39.48
	(b)Other Equity	1245.09	946.54
	Equity attributable to owners	1,284.57
	Non-controlling interests	5.52
	Sub-total - Equity	1,290.09
	LIABILITIES
1	Non-Current Liabilities
	(a)Financial Liabilities
	(i) Borrowings	19.35	36.10
	(ii) Other Financial Liabilities	1.56
	(b)Provisions	2.76	6.46
	(c)Deferred Tax Liabilities (Net)	79.64	57.48
	(d)Other Non-Current Liabilities	7.59	7.98
	Sub-total - Non-Current Liabilities	110.90	113.91
2	Current Liabilities
	(a)Financial Liabilities
	(i) Borrowings	537.08	292.73
	(ii) Trade Payables due to:
	- Micro & Small Enterprise	40.65	20.25
	- Other than Micro & Small Enterprise	193.98	108.95
	(iii) Other Financial Liabilities	29.17	91.73
	(b)Other Current Liabilities	93.57	75.03
	(c)Current Tax Liabilities (Net)	0.10
			986.026.94992.965.89
			0.16
	Sub-total - Current Liabilities	894.55	588.85

TOTAL EQUITY AND LIABILITIES 2,295.54 1,695.72

STATEMENT OF AUDITED CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2021

				Rs. in Crore
Particulars		For the Year ended 31 March, 2021		For the Year ended 31 March, 2020
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Exceptional Items and Tax		343.27		155.14
Adjustments for:
Depreciation and Amortisation		43.15		43.46
Profit on Sale of Assets		(0.50)		(0.00)
Finance Cost		28.08		39.25
Interest Income		(10.12)		(2.38)
Other Comprehensive Income		82.98		(62.94)
Dividend Income on Mutual Funds		0.00		(0.81)
Loss on Sale of Assets		1.99		0.01
Loss/(Profit) on Redemption of Mutual Funds		(0.08)		0.18
Loss/(Profit) in value of NAV of Mutual Funds		(0.94)		0.08
Exceptional Items		(3.65)		(98.46)
Operating Profit before Working Capital changes		484.18		73.53
Changes in Working Capital:
Adjustment for (Increase) / Decrease in Operating Assets:
Non-Current Financial Assets	0.12		(2.23)
Other Non-Current Assets	(1.84)		1.22
Inventories	(194.32)		6.99
Trade Receivables	(273.33)		12.97
Current Financial Assets	(43.85)		13.75
Other Current Assets	34.82	(478.40)	(36.76)	(4.06)
Adjustment for Increase / (Decrease) in Operating Liabilities:
Other Non Current Financial Liabilities	(4.32)		5.89
Non Current Provisions	(3.70)		0.82
Other Non-Current Liabilities	(0.39)		(0.39)
Trade Payables	105.43		(14.75)
Other Current Financial Liabilities	(62.56)		55.51
Other Current Liabilities	18.54		49.32
Current Provisions	-	53.00	-	96.40
Net Taxes (paid) / refund received		(75.08)		(26.11)
Net Cash Flow from Operating Activities (A)		(16.30)		139.76
B) CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditure		(35.84)		(33.12)
Proceeds from Sale of Assets		2.80		0.01
Purchase of Shares of Minority		0.00		(0.00)
Purchase of Current Investments		(165.81)		45.98
Dividend Income on Mutual Funds		-		0.81
Interest Income		10.12		2.38
Net Cash Flow from Investing Activities (B)		(188.73)		16.06
C) CASH FLOW FROM FINANCING ACTIVITIES.
Net Increase / (Decrease) in Non-Current Borrowings		(16.74)		(21.34)
Net Increase / (Decrease) in Current Borrowings		244.34		35.81
Finance Cost		(28.08)		(39.25)
Final Dividend on Equity Shares (including DDT)		(11.84)		(14.28)
Transitional Reserve of Balance Sheet Items		(2.25)		(0.52)
Net Cash Flow from Financing Activities (C)		185.43		(39.58)
Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C)		(19.60)		116.24
Cash and Cash Equivalents at the beginning of the year		139.36		23.12
Cash and Cash Equivalents at the end of the year		119.76		139.36
Reconciliation of Cash and Cash Equivalents with the Balance Sheet:
Cash and Cash Equivalents as per Balance Sheet		119.76		139.36
Cash and Cash Equivalents at the end of the year comprises of:
(a) Cash in Hand		0.07		0.28
(b) Balance with Banks
- In Current Accounts		33.11		55.90
- In Fixed Deposits		86.58		83.18

Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 17, 2021. . The Statutory Auditors have expressed an unqualified audit opinion.
• 2 Due to outbreak of Covid-19 pandemic and subsequent lockdown enforced by the Government of India, the manufacturing operations were temporarily shut down from 23rd March 2020 and after a period of ~ 30 days, restarted partially from 26th April, 2020 subject to conditions imposed by the Government. As a result of lockdown, the volumes for the month of April 2020 and May 2020 were impacted and accordingly, results of FY 2021 are not comparable with corresponding FY 2020. The Group has assessed, and is continuously reviewing, its liquidity, future cash flow projections and the probability of occurrence of the forecasted transactions underlying the hedges based on orders in hand and current indicators of future economic conditions. The financial results for Q4 FY 21 takes into consideration such assessment of the possible effects of the Covid 19 and the recoverability of the carrying value of its assets. However, the impact of pandemic in the subsequent period may be different from the estimations used at the time of finalising these financial results.
• 3 The Central Govemment of India has announced a new scheme called Remission of Duties or Taxes on Export Product (RoDTEP) which has replaced Merchandise Export from India Scheme (MEIS) and Rebate of State and Central Taxes and Levies (RoSCTL) benefit w.e.f. January 1, 2021. As the rates under RoDTEP have not been notified till date, the income on account of benefits under the new scheme has not been recognized for the Quarter ended March 31, 2021.
• 4 Exceptional Item for the Quarter ended December 31, 2020 and Year ended March 31, 2021 represents the expenditure incurred on account of VRS/Separation Scheme approved by the Board of an Indian Subsidiary on 15th July 2020.
• 5 The Board has recommended Final Dividend of Rs. 1.5 per equity share of Rs. 2/- each i.e. @ 75% , subject to the approval of shareholders at ensuing Annual General Meeting.
• 6 The Board at its meeting held on 21st October 2020 approved scheme of amalgamation of Pranavaditya Spinning Mills Limited, the Subsidiary Company with the Holding Company. The Companies have received Noobjection from BSE Limited and NSE Limited for the scheme. The appointed date for the amalgamation is October 1, 2020 and the scheme will be effective upon filing of order of National Company Law Tribunal (NCLT) approving the scheme with Registrar of Companies. The Companies are in the process of filing the application with NCLT.
• 7 Pursuant to Voluntary Deregistration of Indo Count Australia Pty Ltd., wholly owned Subsidiary Company by the Australian Securities & Investments Commission (ASIC) on October 7, 2020 as per the intimation received from ASIC, Indo Count Australia Pty Ltd has ceased to be subsidiary of the Holding Company w.e.f. October 7, 2020. Due to this event there is no material impact on the financials of the Group.
• 8 The figures for the Quarter ended March 31, 2021 are balancing figures between the audited figures of the full Financial Year and the reviewed year-to-date figures upto the third Quarter of the Financial Year.
• 9 The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
• 10 The Group mainly operates only in one segment namely "Textiles" and hence segment details are not required to be published.
• 11 In line with the requirements of Regulation 47(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results are available on the Stock Exchanges website at (www.bseindia.com and www.nseindia.com) and on the Company's website at www.indocount.com.

For and on behalf of the Board of Directors

Anil Kumar Jain Executive Chairman DIN: 00086106

Place: Mumbai Date: May 17, 2021

CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3. Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Indo Count Industries Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Indo Count Industries Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiaries, the Statement:

i. includes the results of the following entities:

• a) Indo Count Industries Limited (Holding company)
• b) Pranavaditya Spinning Mills Limited (Subsidiary)
• c) Indo Count Retail Ventures Pvt. Ltd (Wholly Owned Subsidiary)
• d) Indo Count Global Inc., USA (Wholly Owned Subsidiary)
• e) Indo Count UK Limited (Wholly Owned Subsidiary)
• Indo Count Australia Pty Ltd (Wholly Owned Subsidiary) (upto 06.10.2020)
• f) Indo Count Global DMCC (Formerly known as Hometex Global DMCC) (Wholly Owned $g)$ Subsidiary)

ii. is presented in accordance with the requirements of the Listing Regulations in this regard; and

iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2021.

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SURESH KUMAR MITTAL & CO. CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the 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 Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 2 to the consolidated financial results, which describes the uncertainties and the impact of Covid-19 pandemic on the Group's operations and results as assessed by the management. Our opinion is not modified in respect of this matter.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable 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. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud $\bullet$ 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.
• Obtain an understanding of internal control 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 $\bullet$ are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of $\bullet$ 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 $\bullet$ related to events or conditions that may cast significant doubt on the ability of the Group 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 Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in $\bullet$ a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information

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SURESH KUMAR MITTAL & CO. CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors 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.

We also performed procedures in accordance with the Circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, as amended, to the extent applicable.

Other Matter

• The Statement include the audited Financial Results of one subsidiary whose Financial i. Statements reflect Group's share of total assets of Rs 104.06 Crore as at March 31, 2021, total revenues of Rs 54.70 Crore and Rs 132.62 Crore, total net profit after tax of Rs. 0.28 Crore and Rs.1.27 Crore, total comprehensive income of Rs. (0.76) Crore and Rs. (0.58) Crore, for the quarter and the year ended on that date respectively, and net cash outflows of Rs. (4.56) Crore for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditor. The independent auditors' reports on interim financial statements of these entities have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
• The Statement include the unaudited Financial Results of three subsidiaries whose ii. Financial Statements reflect Group's share of total assets of Rs 6.66 Crore as at March 31, 2021, total revenues of Rs 0.92 Crore and Rs 3.35 Crore, total net profit after tax of Rs. (0.33) Crore and Rs. (0.29) Crore, total comprehensive income of Rs. (0.38) Crore and Rs. (0.37) Crore, for the quarter and the year ended on that date respectively, and net cash outflows of Rs. (0.64) Crore for the year ended March 31, 2021, as considered in the Statement. These unaudited interim Financial Result have been furnished to us by the Board of Directors and our opinion on the consolidated Financial Results there it

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CHARTERED ACCOUNTANTS

60, 1st Floor, Pocket H-3. Sector-18, Rohini, DELHI - 110085. Mobile: 9871411946 E-mail: sureshkmittal@gmail.com

relates to the amounts and disclosures included in respect of these subsidiaries is based solely on such unaudited Financial Results. In our opinion and according to the information and explanations given to us by the Board of Directors, these Financial Results are not material to the Group.

The Statement includes the results for the quarter ended March 31, 2021 being the iii. balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

Place: New Delhi Date: 17th May, 2021 UDIN: 21521915 AAAACC 5775

For Suresh Kumar Mittal & Co. Chartered Accountants Firm Registration No. 500063N

ANKUR BAGLA PARTNER Membership Number: 521915

17th May, 2021

National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Company Symbol: ICIL

BSE Limited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001

Scrip Code No.: 521016

Subject: Declaration on Auditors' Report with Unmodified Opinion under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015

Dear Sir/Madam,

Dear Sir/Madam,

In accordance with the provisions of Regulation 33 (3) (d) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, I, Mr. K. Muralidharan, Chief Financial Officer of Indo Count Industries Limited (CIN: L72200PN1988PLC068972) having its Registered Office at Office No. 1, Plot No. 266, Village Alte, Kumbhoj Road, Taluka Hatkanangale, District Kolhapur-416109, Maharashtra, hereby declare that, M/s. Suresh Kumar Mittal & Co, Chartered Accountants (ICAI Registration No.500063N), Statutory Auditors of the Company, have issued an Audit Report with unmodified opinion on the Audited Standalone & Consolidated Financial Results of the Company for the quarter and year ended March 31, 2021.

Kindly take this declaration on your record.

Thanking you,

For Indo Count Industries Limited

K. Muralidharan Chief Financial Officer