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Indo Count Industries Ltd Earnings Release 2019
61460_rns_2019-08-08_c009092d-b3c8-4cf1-9df5-2d4c3a91497c.pdf
Earnings Release
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8 th August, 2019
| The National Stock Exchange of India Ltd. |
BSELimited |
|---|---|
| Listing Department | Department of Corporate Services |
| Exchange Plaza, | Floor 25, Phiroze Jeejeebhoy Towers, |
| Sandra Kurla Complex, Sandra (East), | Dalal Street, |
| Mumbai - 400 051 |
Mumbai - 400 001 |
| Company Symbol: ICIL |
Scrip Code No.: 521016 |
Subject: Press Release Ql- FV20
Please find enclosed herewith a copy of Press Release with respect to Unaudited Standalone & Consolidated Financial Results for the quarter ended so" June, 2019.
Kindly take the above on record.
Thanking you,
Yours faithfully,
For Indo Count Industries Limited
~A_/~ ,,_........ .~
Amruta Avasare Company Secretary ACS No.: 18844
Enel.:A/a
Indo Count Industries Ltd
Head Office 301, Arcadia, 3rd Floor, Nariman Point, Mumbai - 400021, Maharashtra, India:T 0224341 9500, F' 022 22823098 Marketing Office DosU Imperia, 2nd floor, Manpada. Ghodbunder Road, Thane (w) - 400 607, Maharashtra. India:T: 022 41511800,F: 022 2172 0121 Home Textile DiVision. T3, Kagal • Halkanangale Five Star, MIDC Ind. Area. Kolhapur - 416216, Maharashtra. India; T: 0231 6627900. F: 0231 6627979 Spinning Division 01, MIDC, Gokul Shirgaon, Kolhapur· 416234, Maharashtra. India; T 0231 2687400, F: 0231 2672161 Regd OffICe Office No 1, Plot No. 266, Village Alte, Kumbhoj Road,Taluka Hatkanangale, Dlst. Kolhapur- 416 109, Maharashtra. India;T: 02302463100/2461929 CIN. L72200PN1988PLC068972, E: [email protected], W: www.lndocount.com
P R E S S R E L E A S E: 8 th August 2019, MUMBAI
INDO COUNT INDUSTRIES LTD Q1FY20 RESULTS
Indo Count Industries Ltd. reported un-audited Standalone and Consolidated results for the quarter ended 30 th June 2019
MANAGEMENT PERSPECTIVE
Commenting on the results, Mr. Anil Kumar Jain, Executive Chairman, said, "We have laid a strong foundation and are optimistic on the future growth. Going forward, as we capitalize on the demand in our largest market, we expect this to replicate in our volume & value growth.
Our robust brand portfolio along with our deeper understanding of the markets has enabled us to strengthen our relations with the customers globally."
Sales Volume
Sales volume for Q1FY20 stood at 13.9 mn meters versus 14.4 mn metres in Q1FY19.
For the current financial year we expect volumes to be in the range of 63 - 65 mn meters
Financial Performance
| Standalone | Consolidated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Particulars (Rs. Crs) | Q1FY20 | Q1FY19 | YoY% | Q4FY19 | QoQ% | Q1FY20 | Q1FY19 | YoY% | Q4FY19 | QoQ% |
| Total Income | 477 | 457 | 4.4% | 402 | 18.8% | 518 | 477 | 8.7% | 442 | 17.3% |
| Less: Forex Gain | 9 | 14 | 0 | 9 | 14 | 0 | ||||
| Net Income | 468 | 443 | 5.6% | 402 | 16.5% | 509 | 463 | 10.0% | 442 | 15.3% |
| Total Expenses | 408 | 393 | 381 | 447 | 411 | 426 | ||||
| Less: Forex Loss | 3 | 0 | 10 | 3 | 0 | 10 | ||||
| Net Expenses | 405 | 393 | 371 | 444 | 411 | 416 | ||||
| NORMALIZED EBITDA* | 63 | 50 | 26.4% | 31 | 107.1% | 65 | 52 | 25.2% | 26 | 152.0% |
| NORMALIZED EBITDA (%) | 13.5% | 11.3% | 223bps | 7.6% | 592bps | 12.8% | 11.3% | 156bps | 5.9% | 695bps |
| Reported EBITDA | 69 | 64 | 8.4% | 20 | 241.1% | 71 | 66 | 8.0% | 16 | 355.5% |
| Reported EBITDA (%) | 14.6% | 14.0% | 53bps | 5.1% | 949bps | 13.8% | 13.9% | (10)bps | 3.5% | 1,022bps |
Figures are rounded off wherever required
Standalone Performance
Total Income
Total Income for Q1FY20 stood at Rs. 477 crores as against Rs. 457 crores for Q1FY19 registering a growth of 4.4%. The growth was 18.8% on QoQ basis which reported Total Income of Rs. 402 crores in Q4FY19.
EBIDTA
EBITDA for Q1FY20 registered a growth of 8.4% and stood at Rs. 69 crores versus Rs. 64 crores for Q1FY19. EBITDA Margin was at 14.6% in Q1FY20 versus 14.0% in Q1FY19 registering a growth of 53bps on YoY basis.
The growth in EBITDA on QoQ basis was more than 240% with a margin expansion of 949 bps.
Consolidated Performance
Total Income
Total Income for Q1FY20 stood at Rs. 518 crores as against Rs. 477 crores for Q1FY19 registering a growth of 8.7%. The growth was 17.3% on QoQ basis which reported Total Income of Rs. 442 crores in Q4FY19.
EBIDTA
Consolidated EBITDA for Q1FY20 registered a growth of 8.0% and stood at Rs. 71 crores versus Rs. 66 crores for Q1FY19. The EBITDA Margin stood at 13.8% in Q1FY20
The growth in EBITDA on QoQ basis was more than 350% with a margin expansion of 1,022bps.
Net Debt
The Net debt position of the Company as of 30th June 2019 stands at Rs.427.42 Crs. The Net Debt to Equity ratio is at 0.43X
Capex
For FY20, we expect the maintainence capex spend to be in range of Rs. 25 to Rs. 30 crores
Domestic Business
We continue our efforts in promotion of our domestic brand and are witnessing a positive acceptance from the customers.
In India, our in-house brand 'Boutique Living' provides premium bedding through more than 500 stores pan-India. The brand is available online through our website www.boutiquelivingindia.com as well as on other online selling platforms such as Amazon, Myntra and Flipkart.
Additional Business Highlights
Innovations & R&D - The collaboration with the University of Leeds, UK, is helping Indo Count to provide the technology platform to enhance innovation capabilities to deliver new & exciting pro ducts into the home textile sector
Project on Cotton - The Company has also collaborated with Confederation of Indian Textile Industry (CITI) and Cotton Development & Research Association (CDRA) to improve cotton yield in Maharashtra
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 current capacity is 90 million meters.
The Company's product comprises the following: -
- Bed Sheets: Flat sheet with top Hem, fitted sheet, pillow cases and duvets
- Fashion Bedding: Comforters, bed in bag, quilts and coverlets, decorative pillows, etc.
- Utility Bedding: mattress pads, protectors, comforters filled with fibre
- 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 Twelfth largest global home textiles supplier to USA. ICIL has a strong global clientele and exports to more than 54 countries. Major revenues ar e 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 has revised credit rating to CARE AA- (Double A minus), Outlook Negative for Company's Long-Term Bank Facilities and CARE A1+ for Short Term Bank Facilities. ICRA has revised the credit rating as 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 forwar d -looking Statements to reflect actual results changed assumptions or other factors.
| For further information, please contact: | |
|---|---|
| K R Lalpuria Executive Director & C.E.O Indo Count Industries Ltd Tel: +91 22 43419500 Email: [email protected] Website: www.indocount.com |
K. Muralidharan AnoopPoojari/ Suraj Digawalekar Chief Financial Officer Indo Count Industries Ltd CDR-India Tel: +91 22 43419500 Email: [email protected] Email: [email protected] Website: www.indocount.com |
| Shogun Jain Group Account Head Strategic Growth Advisors Private Limited Tel: +91 22 6114 6619 Email: [email protected] Website: www.sgapl.net |
Ami Parekh Business Analyst Strategic Growth Advisors Private Limited CDR-India Tel: +91 22 6114 6612 Email: [email protected] Website: www.sgapl.net |