Indo Count Industries Ltd — Interim / Quarterly Report 2018

Nov 2, 2018

November 2, 2018

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 2^nd November, 2018 - Unaudited Standalone Financial Results of the Company for the quarter and half year ended 30^th September, 2018

We wish to inform you that at the Board Meeting held today i.e. on 2^nd November, 2018, the Board of Directors of the Company approved the Unaudited Standalone Financial Results of the Company for the quarter and half year ended 30^th September, 2018.

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Reguirements), 2015, we are enclosing herewith copy of Unaudited Standalone Financial Results of the Company for the quarter and half year ended 30^th September, 2018 along with Independent Auditor's Review Report issued by M/s. Suresh Kumar Mittal & Co., Statutory Auditors of the Company.

The meeting of the Board of Directors commenced at 12.45 p.m. and concluded at 4.30 p.m.

Kindly take note of the same.

Thanking you,

For Indo Count Industries Limited

Amruta Avasare Company Secretary & Compliance Officer Membership No.: ACS 18844

Encl: A/a

INDO COUNT INDUSTRIES LIMITED

Head Office: 301, Arcadia, III Floor, Nariman Point, Mumbai - 400021 Maharashtra, India | T 91 22 4341 9500 | F 91 22 2282 3098 Marketing Office: 25, Vardhaman Industrial Complex, Gokul Nagar, Thane (W) - 400601 Maharashtra, India | T 91 22 4151 1800 | F 91 22 2172 0121 Home Textile Division : T3, Kagal - Hatkanangale Five Star, MIDC Ind. Area, Kolhapur - 416216 Maharashtra, India | T 91 231 662 7900 | F 91 231 662 7979 Spinning Division: D1, MIDC, Gokul Shirgaon, Kohlapur - 416234 Maharashtra, India T 91 231 268 7400 F 91 231 267 2161 Regd. Office: Office No. 1, Plot No.266, Village Alte, Kumbhoj Road, Taluka Hatkanangale, Dist. Kolhapur - 416109 Maharashtra, India | T 91 230 3292933 | F 91 230 2483275 CIN L72200PN1988PLC068972 E info@indocount.com W www.indocount.com

INDO COUNT INDUSTRIES LIMITED

CIN No.: L72200PNI988PLC068972

Rcgd. Off. - Office No.1, Plot No. 266. Village Alte, Kumbhoj Road, Taluka Hatkanangalc, Dist. Kolhapur - 416109. e-mail icilinvestors@indocount.comj w'ebsite www.indocount.com

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2018

Part - I (Rs. in Crore except EPS)
Sr. No.	Particulars		Quarter Ended Half Year Ended				Year Ended
		30-09-2018	30-06-2018	30-09-2017	30-09-2018	30-09-2017	31-03-2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	Revenue from Operations	486.50	440.25	452.84	926.75	852.26	1,709.19
	Other Operating Income	(0,48)	16.63	39.92	16.15	72.28	99.11
	Total Income	486.02	456.88	492.76	942.90	924.54	1,808.30
2	Expenses
	Cost of Materials Consumed	264.79	246.87	239.79	511.66	497.35	1,050.86
	Purchases of Stock-in-Trade	-	-	7.05		7.05	11.92
	Changes in Inventories of Finished Goods, Work-in-	OA3	(17.87)	29.71	(1744)	(11.35)	(110.95)
	Progress and Stock-in-Trade
	Employee Benefit Expense Finance Costs	31.36 8.07	32.31 9.12	27.64 8.75	63.67 17.19	55.72 16.97	109.96 32.74
	Depreciation	8.11	7.87	7.60	15.98	15.07	30,46
	Power a;;-d Fue I	22.62	21.54	IS.50	44.16	3S,47	75.78
	Other Expenses	117.04	109.94	98.94	226.98	200.86	405.39
	Total Expenses	452.42	409,78	437.98	862,20	820,14	1,606,16
3	Profit before Tax (1-2)	33,60	47.10	54.78	80,70	104.40	202.14
4	Income Tax Expenses
	Current Tax	11.70	16.95	19.97	28.65	40.59	66.50
	Deferred Tax	0.13	1.35	(1.09)	1,48	(4.06)	4.56
	Total Income Tax Expenses	11.83	18.30	18,88	30,13	36.53	71.06
5	Net Profit for the period (3-4)	21.77	28.80	35.90	50,57	67.87	131.08
6	Other Comprebensive Income (after tax)
	a) Items that will not be reclassified to profit or loss	0.07	0.06	(0.30)	0.13	(0.61)	0.25
	b) Items that will be reclassified to Profit or Loss (refer note 4)	(59.65)	(37.08)	-	(96.73)	-
	Total Other Comprehensive Income (after tax)	(59,58)	(37.02)	(0,30)	(96.60)	(0,61)	0.25
7	Total Comprehensive Income (5+6)	(37.81)	(8.22)	35.60	(46,03)	67,26	131.33
8 9	Paid up Equity Share Capital (of Rs, 2 each) Other Equity	39.48	39.48	39.48	39.48	39.48	39.48 899.39
10	Earning Per Share of Rs, 2 each (not annualised for
	the quarters):
	a) Basic	1.10	1,46	1.82	2.56	3,44	6.64
	b) Diluted	UO	1,46	1.82	2.56	3,44	6.64

Notes:

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 2, 2018. The Statutory Auditors have carried out a Limited Review of the above financial results.
• 2 The results have been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standard) Rules, 2015 and Companies (Indian Accounting Standard) Accounting Rules, 2016.
• Effective April 1, 2018, the Company has adopted Ind AS 115 'Revenue [rom contracts with customers'. Based on the assessment done by the management, there is no material impact on the revenue recognised during the period.
• 4 Effective April I, 2018, the Company adopted Cash Flow Hedging on derivative contracts including existing contracts. The effective portion of changes in the fair value of the derivatives that arc designated and qualify as Cash Flow Hedges amounting to loss of Rs. 96.73 Owes (net of deferred tax of Rs. 51.95 Crores) is recognised in the Other Comprehensive Income. The ineffective portion arising from the changes in the fair value of the derivatives are taken directly to the Statement of Profit & Loss.
• Revenue from operations for the periods upto June 30, 2017 includes excise duty, which is discontinued effective July 0 1, 2017 upon implementation of Goods and Service Tax (GST) in India. In accordance with 'Ind-AS 18, Revenue' GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the half year ended on September 30, 2018 are not comparable with the corresponding previous period.
• The Company mainly operates only in one segment namely "Textiles" and hence segment details are not required to be published.
• 7 In line with the requirements of Regulation 47(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 015, the results are available on the Stock Exchanges website (www.bseindia.corn and www.nseindia.com) and on the Company's w site AI www.indoeount.com. ~. ~,. ~ ~

Statement of Standalone Assets & Liabilities as at 30th September, 2018

	(Figures	are rupees in Crore)
	Particulars	As at	As at
		30.09.2018	31.03.2018
A	ASSETS
1	Non-current assets
	(a) Property, Plant and Equipment	511.46	508.65
	(b) Capital Work-in-Progress	33.45	23.55
	Other Intangible Assets (c)	2.85	2.76
	(d) Financial Assets
	(i) Investments	19.81	19.80
	(ii) Loans	1.15	1.15
	(iii) Others	0.00	0.00
	(c) Other Non-Current Assets	2.67	3.15
	Sub-total - Non current assets	571.39	559.06
2	Current assets
	(a) Inventories	506.84	524.42
	(b) Financial Assets
	(i) Trade Receivables	302.06	324.98
	(ii) Cash and Cash Equivalents	21.83	11.14
	(iii) Bank Balances other than (ii) above (iv) Loans	2.50 0.28	2.49 0.16
	(v) Others	4.82	59.49
	(c) Current Tax Assets (Net)	3.42	5.02
	(d) Other Current Assets	121.13	157.62
	Sub-total - Current assets	962.88	1085.32
	TOTAL - ASSETS	1,534.27	1,644.38
B	EQUITY AND LIABILITIES
	(a) Equity Share Capital	39.48	39.48
	(b) Other Equity	843.85	899.39
	Sub-total - Equity	883.33	938.87
	LIABILITIES
1	Non-Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	62.34	48.84
	(b) Provisions	4.04	3.27
	(c) Deferred Tax Liabilities (Net)	69.23	119.64
	Sub-total - Non-Current Liabilities	135.61	171.75
2	Current Liabilities
	Financial Liabilities (a)
	(i) Borrowings	267.48	308.90
	(ii) Trade Payables	99.94	181.31
	(iii) Other Financial Liabilities	122.81	22.93
	(b) Other Current Liabilities	25.10	20.62
	Sub-total - Current Liabilities	515.33	533.76
	TOTAL EQUITY AND LIABILITIES	1,534.27	1,644.38

Date: November 2, 2018 DIN: 00086106

Place: Mumbai

SURESH KUMAR MITTAL & CO. CHARTERED ACCOUNTANTS

House No. 60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI-11008~ Phone: 27871988 E-mail: sureshkmittalco@gmail.com

INDEPENDENT AUDITORS' REVIEW REPORT FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2018

To Board of Directors of Indocount Industries Limited

• 1. We have reviewed the accompanying standalone Unaudited Financial results of Indocount Industries Limited (lithe Company") for the quarter and half year ended so" September 2018 ("the Statement")' attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, read with SEBI Circular No. CIRjCFDjFACj62j2016 dated s" July 2016.
• 1. The preparation of the statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim financial Reporting (Ind AS 34) under section 133 of the Companies Act, 2013 read with relevant rules issued there under is the responsibility of the company's management and has been approved by the Board of Directors of the company. Our responsibility is to express a conclusion on the statement based on our review.
• 1. We conducted our review of the statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditors of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statement is free of material misstatement(s). A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed and audit and, accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down the applicable Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 and SEBI circular dated s" July 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note no. 4 to the statement regarding, effective April 1, 2018, the Company adopted Cash Flow Hedging on derivative contracts including existing contracts. The effective portion of changes in the fair value of the derivatives that are designated and qualify as Cash Flow Hedges amounting to loss of Rs. 96.73 Crores (net of deferred tax of Rs. 51.95 Crores) is recognised in the Other Comprehensive Income. Our conclusion is not modified in respect of this matter.

For SURESHKUMAR MITIAL & CO. Chartered Accountants Firm Registration No 500063N

~ER Membership Number: 521915

Place: Mumbai Date: 2nd November, 2018