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Indo Count Industries Ltd Earnings Release 2022
61460_rns_2022-05-29_47a52b18-6cb9-45da-983f-30c968209a39.pdf
Earnings Release
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May 29,2022
| The National Stock Exchange of India Ltd. Listing Department Exchange Plaza, |
BSELimited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, |
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|---|---|---|
| Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 |
Dalal Street, Mumbai - 400 001 |
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| Company Symbol: IOl |
Scrip Code No.: 521016 |
Subiect: Press Release on Q4 & FY22 Results
Pleasefind enclosed herewith a copy of Press Releasedated May 29, 2022 on Q4 & FY22 Results.
Kindly take the above on record.
Thanking you,
Yours faithfully,
For Indo Count Industries limited
Amruta Avasare Company Secretary ACS No.: 18844
Encl.:A/a
Indo Count Industries Ltd
Head O':lCe 301. Arcadia. 3n:t Floor. Nariman Pomt. Mumba.· 400 021. Maharaslltla.lnd.a· T 022 43419500. F 022 2282 3098 Marltetmg OffICe Dosti Impena 2nd 1Ioor. Manpada Ghodbunder Road. Thane (w)·400 607. Maharashtla India'T 0224151 1800. F' 022 2172 0121 Home Textile 0 V'SoOfl T3. Kagal. Halkanangale FIVeStat. MIOC Ind Area KoIhapur· 416216. Maharashtra. India: T 0231 6627900 F.0231 6627979 Spmning DIvIsIOn 01, MIOC. Goku Shirgaoo. KoIhapur· 416234 Maharashtla. India; T 0231 268 7400. F 0231 2672161 Regd OffICe Office No.1. PlOtNo. 266. VdlageAIle. Kumbhoj Road.Tatuka Hatkanangale Dist KoIhapur· 416 109. Maharashtra India; T 0230 2463100 12461929 CIN L72200PNl988PlC068972 E mfo@indocounlcom. W. www.indocounl.com
Indo Count Industries Limited
- ✓ Achieved Volume Guidance for FY22
- ✓ Achieved Revenue Guidance for FY22
- ✓ Achieved Margin Guidance for FY22 with EBITDA margins at 19.3%
- ✓ Completed acquisition of GHCL home textile business on 2nd April'22
- ✓ Highest Dividend declared @ Rs.2 per equity shares of Rs. 2 each @100%
FY22 CONSOLIDATED PERFORMANCE HIGHLIGHTS
Indo Count Industries Limited
Mumbai, May 24, 2022
Indo Count Industries Limited (BSE: 521016) (NSE: ICIL), announced its audited financial results for the fourth quarter and year ended 31st March 2022
Commenting on the results, Mr. Anil Kumar Jain - Executive Chairman said,
"We delivered growth despite covid-related impact, geopolitical disruptions, rising inflation, supply chain challenges, and peak raw material prices.
During the year, we acquired the GHCL home textile business, propelling us to become the largest global bed linen manufacturer.
Even though the industry is facing unusual hurdles, we remain optimistic about the Indian home textile industry's future growth prospects."
Consolidated Financial Performance
| Particulars (Rs. Crs) | FY22 | FY21 | YoY% | Q4FY22 | Q4FY21 |
|---|---|---|---|---|---|
| Total Income | 2,982 | 2,557 | 17% | 690 | 705 |
| EBITDA | 574 | 415 | 39% | 132 | 106 |
| EBITDA Margin (%) | 19.3% | 16.2% | 305 bps | 19.1% | 15.0% |
| Depreciation | 41 | 43 | 11 | 10 | |
| Finance Cost | 47 | 28 | 8 | 11 | |
| Exceptional Items | - | (4) | - | - | |
| Profit Before Tax | 486 | 340 | 43% | 113 | 85 |
| Tax | 127 | 91 | 28 | 27 | |
| Profit After Tax | 359 | 249 | 44% | 85 | 58 |
| EPS (in Rs.) | 18.16 | 12.70 | 4.31 | 2.93 |
- ✓ Despite logistical and supply chain related challenges and high inflation affecting discretionary purchases, we were able to meet our FY22 volume guidance of 75 million metres
- ✓ FY22 sales volume was 75.8 million metres, and Q4FY22 sales volume was 17.6 million metres
- ✓ We were able to achieve revenue growth of 17%, EBITDA growth of 39%, and PAT growth of 44% in FY22 due to better raw material hedging and higher contribution from value added products
Strengthening Product Mix
| % Contribution to Revenue | FY22 | FY21 |
|---|---|---|
| Branded Business | 14% | 10% |
| Fashion/Utility/ Institutional | 19% | 15% |
| E-commerce business | 7% | 4% |
| India Home Textile Business | 2% | 1% |
- ✓ Moving towards B2C and D2C segment through high quality product offerings across varied price points, building visibility through digital campaigns and leveraging omni-channel & e-commerce distribution
- ✓ Focus on Brand Promotion in US, UK, Middle-East and India through 10 active brands
- ✓ Innovation and technological capabilities along with licensed brands, patents, trademarks will further strengthen brand offerings
Consolidated Balance Sheet
| Particulars (Rs. In Crs) | 31st Mar'22 | 31st Mar'21 |
|---|---|---|
| Net Worth | 1,587 | 1,285 |
| Net Debt* | 906 | 365 |
| Net Debt: Equity | 0.57 | 0.28 |
| ROE% | 22.6% | 19.4% |
| ROCE% | 21.4% | 22.5% |
Figures are rounded off wherever required
*Net debt increased during the year as the company made a conscious investment in supply chain
As of 31st March 2022, the Net Debt stood at Rs. 906 Crs
UPDATE ON BROWNFIELD CAPEX
- 1. Modernisation of spinning capacity with Compact spinning technology - This project is now completed
- 2. Increase in Home textile capacity from 90 mn metres to 108 mn metres - The capacity will be operational by Q3 FY23 when ETP/RO facilities and balancing utilities equipment are installed
- 3. Commensurate addition in cut/sew facilities and additional Top of the Bed (TOB) capacity - Work in progress. Facilities will be operational in H2 FY23
ADDITIONAL SPINNING CAPACITY AT PSML: CAPEX OF ~RS. 270 CRORES
- a) Announced New Capex to enhance our spinning capacity at our subsidiary PSML – Pranavaditya Spinning Mills
- ✓ The Proposed capex will be towards additional spinning Capacity of ~68,000 spindles
- ✓ We plan to spin value added specialised yarn
- ✓ Phase I - Rs 98 Crs 24,192 spindles and expected to be operationalise by December 2022
- ✓ Phase II - Rs 172 Crs - 43,776 spindles is expected to be operationalise by March 2023
- ✓ Total capex spend for the project is Rs.270 Crs. This will be funded thorough a mix of internal accruals of Rs. 95 Crs and debt of Rs. 175 Crs
Indo Count Industries Limited
Awards & Accolades
THE BEST OF BHARAT' AWARD 2022
Boutique Living has been chosen by the Editorial Board of exchange4media and impactonnect as a winner of 'e4m Pride of India – The Best of Bharat' Awards 2022. This awards is given to the brands that have demonstrated leadership, strategic accomplishments, creativity and constant innovation in their product, processes and marketing practices
EXPORT AWARD BY STATE OF MAHARASHTRA
Received Export Award in GOLD Category at the hands of Shri Subhash Desai, Hon'ble Minister of Govt. of Maharashtra
- Our commitment towards sustainability
- We have released our first ESG Report - 2021 as our commitment towards sustainability. We are constantly working to contribute to the global sustainable development goals (SDGs) through various initiatives
• Indo Count is now a member at United Nations Global Compact and the Company is committed to integrating UNGC's Principles into the organizational culture and ensuring building a greener sustainable future
• Project Gagan aims to implement long-lasting alternatives to current agricultural practices
• Project Avani was started to promote Organic Cotton, sustainable social infrastructure and support systems for the farming community
• Project Anant is for ELS (Extra Long Staple) Cotton.The focus is to provide support and proper training to farmers from these regions to promote extra long-staple cotton and its performance
About Indo Count Industries Ltd.
Indo Count Industries Ltd (ICIL), is the largest global Home Textile bed linen 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 annual capacity is 135 million metres.
CARE's credit rating is CARE A+ (Single A Plus; Outlook: Positive) for Company's Long-Term Bank Facilities and CARE A1+ (A One plus) for Short Term Bank Facilities. ICRA's credit rating is ICRA AA- (Double A minus; Outlook Stable) for Company's Long-Term Bank Facilities and ICRA A1+ (A one plus) for Short Term Bank facilities.
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 results 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.
