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Indo Count Industries Ltd Interim / Quarterly Report 2021
61460_rns_2021-10-26_f65d2dc9-8c39-47f6-8d80-e2f2dcedba9a.pdf
Interim / Quarterly Report
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October 26, 2021
National Stock Exchange of India ltd. Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400051
BSELimited Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
Company Symbol: IaL Scrip Code No.: 521016
Dear Sir/Madam,
Subject: Outcome of Board Meeting held on October 26. 2021 - Unaudited Standalone & Consolidated Financial Results of the Company for the Quarter and hatf year ended September 30. 2021
We wish to inform you that at the Board Meeting held today i.e. on October 26, 2021, the Board of Directors of the Company approved the Unaudited Standalone & Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021.
Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we are enclosing herewith the following documents:
-
- Unaudited Standalone Financial Results of the Company for the quarter and half year ended September 30, 2021 along with statement of assets and liabilities as at September 30, 2021 and statement of cash flows for the half year ended 30th September 2021;
-
- Unaudited Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021 along with statement of assets and liabilities as at September 30, 2021 and statement of cash flows for the half year ended 30th September 2021;
-
- Limited Review Report issued by MIs. Suresh Kumar Mittal & Co., Statutory Auditors of the Company on Unaudited Standalone & Consolidated Financial Results for the quarter and half year ended September 30, 2021.
The meeting of the Board commenced at 3.00 p.m. and concluded at 4.50 p.m.
Kindly take note of the same.
Thanking you,
Yours faithfully, For Indo Count Industries Limited
. M-r0r:=-
~re Company Secretary & Compliance Officer Membership No.: ACS 18844
End.: Na
Indo Count Industries Ltd
HE Office' 301 Arcadia 3rt! Floor Nariman POUlt.Mumbai - 400 021 Maharashtra. India; T 0224341 9500 F 022 2282 3098 Marketing 0fI~ Dosti tmpena, 2nd floor. Manpada. Ghodbunder Road. Thane (w) - 400 607. Maharashtra. India. T; 022 4151 1800. F 0222172 0121 Home TextJleDIVIsion T3. Kagal- Hatkananqale Five Star MIDC Ind. Area, Kolhapur - 416216. Maharashtra. Ind~a;T: 0231 6627900. F. 0231 6627979 Spinning DIVISIOn 01. MIDC. Gokul Shirgaon. Kolhapur - 416234. Maharashtra. India; T: 0231 268 7400. F 02312672161 Regel.Office: Office No 1. Plot No. 266. Village Alte. Kumbhoj Road.Taluka Hatkanangale. Dist. Kolhapur - 416109. Maharashtra India; T: 0230 246310012461929 C N L72200PNl988PLC068972. E info@indocoonLcom .• www.indocounLcom
INDO COUNT INDUSTRIES LIMITED
CIN No.:L72200PNI988PLC068972
Regd, Off. - Office No.1, Plot No. 266, Village Aile, Kumbhoj Road, Taluka Halkanangale, Dist, Kolhapur - 416109.
e-mail [email protected]; website www.indocount.com
STATEMENTOF UNAUDITEDSTANDALONEFINANCIALRESULTSFORTHE QUARTERANDHALFYEARENDED30THSEPTEMBER,2021
| (RS.in Crore exceptEPS) | |||||||
|---|---|---|---|---|---|---|---|
| Sr. No. Particulars | Quarter Ended | Half Year Ended | Year Ended | ||||
| 30-09-2021 | 30-06-2021 | 30-09-2020 | 30-09-2021 | 30-09-2020 | 31-03-2021 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| I | Income | ||||||
| Revenue from Operations | 722.33 | 738.37 | 709.62 | 1,460.70 | 1,028.65 | 2,514.75 | |
| Other Operating Income | 28.29 | 45.37 | 10.13 | 73.66 | 14.17 | 37.74 | |
| Total Income | 750.62 | 783.74 | 719.75 | 1,534.36 | 1,042.82 | 2,552.49 | |
| 2 | Expenses | ||||||
| Cost of MaterialsConsumed | 365.69 | 361.40 | 317.74 | 727.09 | 513.02 | 1,332.80 | |
| Purchasesof Stock-in-Trade | 24.34 | 29.18 | 2.13 | 53.52 | 6.05 | 73.15 | |
| Changes in Inventoriesof Finished Goods, Work-in-Progressand Stock-in-Trade | (19.15) | (27.08) | 46.15 | (46.23) | 7.85 | (114.62) | |
| EmployeeBenefitsExpense | 42.48 | 43.16 | 32.93 | 85.64 | 62.88 | 145.28 | |
| FinanceCosts | 10.86 | 10.70 | 4.67 | 21.56 | 9.62 | 26.93 | |
| Depreciation | 9.62 | 9.36 | 10.29 | 18.98 | 20.34 | 40.31 | |
| Other Expenses | 2 11.64 | 202.20 | 193.16 | 413.84 | 288.77 | 696.06 | |
| Total Expenses | 645.48 | 628.92 | 607.07 | 1,274.40 | 908.53 | 2,199.91 | |
| 3 | Profit before Excepnonal Items and Tax (1-2) | 105.14 | 154.82 | 112.68 | 259.96 | 134.29 | 352.58 |
| 4 | Exceptional Items | - | - | - | - | - | - |
| 5 | Profit before Tax (3-4) | 105.14 | 154.82 | 112.68 | 259.96 | 134.29 | 352.58 |
| 6 | Tax Expenses | ||||||
| Current Tax | 26.63 | 40.86 | 26.54 | 67.50 | 32.69 | 88.53 | |
| DeferredTax | (0.63) | (2.05) | 1.47 | (2.69) | 0.86 | 3.79 | |
| Total Tax Expenses | 26.00 | 38.81 | 28.01 | 64.81 | 33.55 | 92.32 | |
| 7 | Net Profit for the period (5-6) | 79.14 | 116.01 | 84.67 | 195.15 | 100.74 | 260.26 |
| 8 | Other Comprehensive Income (after tax) | ||||||
| a) Itemsthat will not be reclassifiedto Profit or Loss | 0.16 | 0.16 | (0.16) | 0.33 | (0.31) | 0.59 | |
| b) Itemsthat will be rcc1assified to Profit or Loss | 5.08 | (12.12) | 28.63 | (7.04) | 48.11 | 61.20 | |
| Total Other Comprehensive Income (after tax) | 5.24 | (1l.96) | 28.47 | (6.71) | 47.80 | 61.79 | |
| 9 | Total Comprehensive Income (7+8) | 84.38 | 104.05 | 113.14 | 188.44 | 148.54 | 322.05 |
| 10 | Paid up Equity Share Capital (ofRs. 2 each) | 39.48 | 39.48 | 39.48 | 39.48 | 39.48 | 39.48 |
| II | Other Equity | 1,234.90 | |||||
| 12 | Earning Per Share ofRs. 2 each (not annualised for the quarters): | ||||||
| a} Basic | 4.01 | 588 | 4.29 | 9.89 | 5.10 | 13.18 | |
| b) Diluted | 4.01 | 588 | 4.29 | 9.89 | 5.10 | 13.18 |
STATEMENT OF UNA UDITED STANDALONE ASSETS & LIABILITIES AS AT 30TH SEPTEMBER, 202)
| (Rsin Crore) | |||
|---|---|---|---|
| Particulars | As at | As at | |
| 30-09-2021Unaudited | 31-03-2021Audited | ||
| A | ASSETS | ||
| 1 | Non-currentassets | ||
| (a)Property, Plant and Equipment(b)Capital Work-in-Progress | 531.2710.71 | 514.617.72 | |
| (c)Right-of-Use | 16.44 | 18.23 | |
| (d)Other Intangible Assets | 3.22 | 2.65 | |
| (e)Financial Assets | |||
| (i) Investments | 24.92 | 24.92 | |
| (ii) Others | 1.91 | 1.91 | |
| (t)Other Non-Current Assets | 14.20 | 8.27 | |
| Sub-total- Non currentassets | 602.67 | 578.31 | |
| 2 | Currentassets | ||
| (a)Inventories(b)Financial Assets | 828.94 | 677.28 | |
| (i) Investments | 239.69 | 166.93 | |
| (ii) Trade Receivables | 424.33 | 525.15 | |
| (iii) Cash and Cash Equivalents | 39.82 | 114.31 | |
| (iv) Bank Balances other than (iii) above | 2.26 | 2.24 | |
| (v) Others | 40.23 | 53.00 | |
| (c)Current Tax Assets (Net) | 12.36 | 7.18 | |
| (d)Other Current Assets | 275.74 | 122.27 | |
| Sub-total-Currentassets | 1,863.37 | 1,668.36 | |
| TOTAL- ASSETS | 2,466.04 | 2,246.67 | |
| B | EQUITYAND LLABILITIES(a)Equity Share Capital | 39.48 | 39.48 |
| (b)Other Equity | 1393.72 | 1234.90 | |
| Sub-total-Equity | 1433.20 | 1274.38 | |
| LIA BILITIES | |||
| 1 | NOD-CurrentLiabilities | ||
| (a)Financial Liabilities | |||
| (i) Borrowings | 72.48 | 19.35 | |
| (ii) Other Financial Liabilities | 1.03 | 1.56 | |
| (b)Provisions | 2.95 | 2.76 | |
| (c)Deferred Tax Liabilities (Net) | 77.68 | 82.63 | |
| Other Non-Current Liabilities(d) | 7.38 | 7.59 | |
| Sub-total- Non-CurrentLiabilities | 161.52 | 113.89 | |
| 2 | CurrentLiabilities | ||
| (a)Financial Liabilities | |||
| (i) Borrowings | 570.08 | 505.86 | |
| (ii) Trade Payables due to: | |||
| - Micro & Small Enterprise | 35.31 | 40.65 | |
| - Other than Micro & Small Enterprise | 174.44 | 189.11 | |
| (iii) Other Financial Liabilities | 29.03 | 30.13 | |
| Other Current Liabilities(b)Sub-total- CurrentLiabilities | 62.46871.32 | 92.65858.40 | |
| ~is'ol~.<br>TOT AL EQUITYAND LIABILITIES | 2,466.04 | 2,246.67 |
STATEMENT OF UNAlJDITED STANDALONE CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2021
| Pa rticu la rs | For tbe Half Year ended 30 September, 2021 | For the Half Year ended 30 September, 2020 | Rs inCrore | |
|---|---|---|---|---|
| A) CASH FLOW FROM OPERATING ACTIVITIESNet Profit before Exceptional hems and Tax | 259.96 | 134.29 | ||
| Adjustments for: | ||||
| Depreciation and Amortisation | 18.98 | 20.34 | ||
| Profit on Sale of Assets | (1.60) | - | ||
| Finance Cost | 21.56 | 9.62 | ||
| Interest Income | (9.82) | (3.09) | ||
| Other Comprehensive Income | (8.98) | 63.88 | ||
| Loss on Sale of Assets | 3.75 | - | ||
| Lossf(Profit) on Redemption of Mutual Funds | (0.17) | |||
| Lossf(Profit) in value ofNAV of Mutual Funds | (1.54) | -- | ||
| Operating Profit before Working Capital changes | 282.14 | 225.04 | ||
| Changes in Working Capital: | ||||
| Adjustment for (Increase) I Decrease in Operating Assets: | ||||
| Other Non-Current Assets | (5.93) | 1.36 | ||
| Inventories | (151.65) | 38.00 | ||
| Trade Receivables | 100.82 | (90.93) | ||
| Current Financial Assets | 12.76 | (16.81) | ||
| Other Current Assets | (153.48) | (197.48) | 59.01 | (9.37) |
| Adjustment for Increase! (Decrease) in Operating Liabilities: | ||||
| Non Current Financial Liabilities | (0.54) | (168) | ||
| Non-Current Provisions | 0.18 | (0.38) | ||
| Other Non-Current Liabilities | (0.20) | (0.20) | ||
| Trade Payables | (20.02) | 44.13 | ||
| Other Current Financial Liabilities | (1.10) | (62.67) | ||
| Other Current Liabilities | (30.19) | (51.86) | (33.04) | (53.84) |
| Net Taxes (paid) ! refund received | (72.68) | (19.69) | ||
| Net Cash Flow from Operating Activities (A) | (39.88) | 142.14 | ||
| B) CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Capital Expenditure | (45.82) | (3.37) | ||
| Proceeds from Sale of Assets | 6.25 | 0.01 | ||
| Purchase of Current Investments | (71.05) | (80.15) | ||
| Interest Income | 9.82 | 3.09 | ||
| (8.19) | ||||
| Loss on Purchase of Business ActivityNet Cash Flow from Investing Activities (B) | -(100.80) | (88.61) | ||
| C) CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Net Increase I (Decrease) in Non-Current Borrowings | 53.13 | (6.62) | ||
| Net Increase! (Decrease) in Current Borrowings | 64.23 | (31.39) | ||
| Finance Cost | (2156) | (9.62) | ||
| Final Dividend on Equity Shares (including DDT) | (29.61) | (11.84) | ||
| Net Cash Flow from Financing Activities (C) | 66.19 | (59.47) | ||
| Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) | (74.49) | (5.94) | ||
| Cash and Cash Equivalents at the beginning ofthe year | 114.31 | 125.64 | ||
| Cash and Cash Equivalents at the end of the year | 39.82 | 119.70 | ||
| Reconciliation of Cash and Cash Equivalents with the Balance Sheet: | ||||
| Cash and Cash Equivatents as per Balance Sheet | 39.82 | 119.70 | ||
| Cash and Cash Equivalents at the end of the year comprises of: | ||||
| (a) Cash in Hand | 0.06 | 0.29 | ||
| (b) Balance with Banks | ||||
| - In Current Accounts | 31.58 | |||
| (ii) In Fixed Deposits | 8.18 | ~ |
Notes:
- I The above results were reviewed by the Audit Comminee and approved by the Board of Directors at their meeting held on October 26, 2021. The Statutory Auditors have carried out a Limited Review of the above financial results.
- 2 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 Q2 and HI FY 22 takes into consideration sueh 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 Pursuant to the approval granted by the Union Cabinet on July 14,2021 (notified on August 13, 2021), for continuation of Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide notification dated March 8,2019 on exports of Apparel/Garments and Made ups, the Company has recognised the export incentives of Rs.89.59 Crorcs during the Quarter ended June 30, 2021, out ofwbich Rs 49.99 Crores pertains to the eligible export sales for the period from January 1.2021 to March 31,2021
During the current quarter, Central Government has notified Remission of Duties and Taxes on Exported Products(RoDTEP) Scheme Guidelines and Rates for other textile products vide Notification dated August 17, 2021. The Company has accrued the benefits under the aforesaid scheme amounting to Rs. 1.57Crore on eligible export sales for the period from January 1,2021 to September 30, 2021, out of which Rs. 1.13Crore pertains to eligible export sales for the period from January 1,2021 to June 30, 2021.
- 4 Pursuant to the scheme of amalgamation of Pranavaditya Spinning Mills Limited,subsidiary of the Company, with the Company approved by the Board and No-objection received from BSE Limited,NSE Limited and SEBI forthe scheme, the application has been filed for said amalgamation with Hon'ble National Company Law Tribunal (NCLT). The NCLT, by its order dated 18th August 2021, has directed the Company to convene a meeting of its equity shareholders on November IS, 2021 for considering and approving the scheme. As directed by the NCLT, notice of said meeting, along with explanatory statement and supporting annexures, have been sent to the shareholders. The appointed date for the amalgamation is 15tOctober, 2020 or such other date as may be approved by NCLT and the scheme will be effective upon filing of order of National Company Law Tribunal (NCLT) approving the scheme with Registrar of Companies.
- 5 The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
- 6 The Company mainly operates only in one scgment namely "Textiles"and hence segment details are not required to be published.
- 7 ln line with the requirements of Regulation 47(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, the results are available on the Stock Exchanges website at (www.bseindia.com and www.nscindia.com) and on the Company's website at www.indocount.com.
Place: Mumbai Date: October 26, 2021
For and on behalf of th
SURESH KUMAR MITTAl & CO.
60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI- 110085. Mobile: 9871411946 , E-mail: [email protected]
CHARTERED ACCOUNTANTS
Auditor's Review Report on Quarterly Financial Results and Year to DateResults of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors of Indo Count Industries Limited
-
- We have reviewed the accompanying statement of unaudited standalone financial results of Indo Count Industries Limited for the quarter ended 30th September,2021 and the period from 1st April,2021 to 30th September,2021 attached herewith, being submitted by the company pursuant to the requirements of Regulation33 of the SEBI(Listing Obligations and DisclosureRequirements) Regulations,2015 asamended ('the Regulation').
-
- The preparation of the statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, is the responsibility of the Company's Management and has been approved by the Board of Directors of the company. Our responsibility is to issue a report on these financial statements based on our review.
-
- 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 Auditor 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 assuranceasto whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not expressan audit opinion.
-
- Basedon our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards 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 DisclosureRequirements) Regulations,2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
For Suresh Kumar Mittal & Co Chartered Accountants Firm Registration No. S00063N
~- (Ankur Bagla) PARTNER Membership Number: 521915
Place:New Delhi Date:26th October,2021 UDIN: <.\ ~<'~\5 A ~ f\ ~ f, ~~'-,
INDO COUNT rNDUSTRIES LIMITED
CrN No.: L72200PNI988PLC068972
Regd. Off. - Office No. I, Plot No. 266, Village Alte, Kumbboj Road, Taluka Hatkanangale, Dist. Kolbapur - 416109.
e-mail icilinvestorsCiilindocount.com; website www.indoeount.com
STATEMENT OF UNAUDITED CONSOLlDATED FL'IANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2021
| Part - 1 | (Rs, in Crore exceptEPS: | ||||||
|---|---|---|---|---|---|---|---|
| Sr. No. Particulars | Quarter Ended | naif Year Ended | Year Ended | ||||
| 3~-2021 | 30-06-2021 | 3 <hl9-2020< th="">3<hl9-2021< th="">3~-202031-03-2021</hl9-2021<></hl9-2020<> | 3 <hl9-2021< th="">3~-202031-03-2021</hl9-2021<> | 3~-2020 | 31-03-2021 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 | Income | ||||||
| Revenue from Operations | 738.71 | 713.97 | 713.79 | 1,452.68 | 1,045.54 | 2,519.1<; | |
| Other Operating Income | 28.24 | 45.25 | 10.26 | 73.49 | 14.48 | 37.83 | |
| Total Income | 766.95 | 759.22 | 724.05 | 1,526.17 | 1,060.02 | 2,557.02 | |
| 2 | Expenses | ||||||
| Cost of Materials Consumed | 374.55 | 361.40 | 318.02 | 735.95 | 514.60 | 1,334.38 | |
| Purchases of Stock-in-Trade | 24.38 | 29.23 | 0.02 | 53.61 | 0.Q7 | 70.71 | |
| Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | (40.53) | (67.44) | 46.71 | (107.97) | 14.70 | (135.25) | |
| Employee Benefits Expense | 47.27 | 46.87 | 35.58 | 94.14 | 68.87 | 159.04 | |
| Finance Costs | 12.14 | 11.70 | 4.83 | 23.84 | 10.08 | 28.08 | |
| Depreciation | 9.98 | 9.99 | 11.02 | 19.97 | 21.78 | 43.15 | |
| Other Expenses | 222.06 | 211.41 | 196.90 | 433.47 | 296.09 | 713.63 | |
| Total Expenses | 649.85 | 603.16 | 613.08 | 1,253.01 | 926.19 | 2,213.74 | |
| 3 | Profit before Exceptional Items and Tax (1-2) | 117.10 | 156.06 | 110.97 | 273.16 | 133.83 | 343.28 |
| 4 | Exceptional Items (Refer Note 4) | - | - | (3.63) | - | (3.63) | (3.65) |
| 5 | Profit before Tax (3-4) | 117.10 | 156.06 | 107.34 | 273.16 | 130.20 | 339.63 |
| 6 | Tax Expenses | ||||||
| Current Tax | 32.98 | 40.87 | 26.60 | 73.85 | 32.84 | 89.23 | |
| Deferred Tax | (0.70) | (2.10) | (0.09) | (2.80 | ( 1.17) | 1.27 | |
| Total Tax Expenses | 32.28 | 38.77 | 26.51 | 71.05 | 31.67 | 90.50 | |
| 7 | Net Profit for the period (5-6) | 84.82 | 117.29 | 80.83 | 202.11 | 98.53 | 249.13 |
| 8 | Other Comprehensive Income (after tax) | ||||||
| a) Items that will not be reclassified to Profit or Loss | 0.17 | 0.17 | (0.15) | 0.34 | (0.31) | 0.89 | |
| b) Itemsthat will be reclassified to Profit or Loss | 2.66 | (14.90) | 28.61 | (12.24) | 47.64 | 59.27 | |
| Total Other Comprehensive Income (after ta.x) | 2.83 | (14.73) | 28.46 | (11.90) | 47.33 | 60.16 | |
| 9 | Total Comprehensive Income (7+8) | 87.65 | 102.56 | 109.29 | 190.21 | 145.86 | 309.29 |
| 10 | Net Profit attributableto : | ||||||
| -Owners | 84.87 | 117.36 | 81.81 | 202.23 | 99.81 | 250.63 | |
| - Non-controlling interests | (0.05) | (0.07) | (0.98) | (0.12) | (1.28) | (1.50) | |
| II | Other Comprehensive Income attributableto : | ||||||
| -Owners | 2.83 | ( 14.73) | 28.46 | ( 11.90) | 47.34 | 6009 | |
| - Non-controlhng Intcrests | 0.00 | 0.00 | 0.00- | (0.01 | 0.07 | ||
| 12 | Total Comprehensive Income attributableto : | ||||||
| -Owners | 87.70 | 102.63 | 110.27 | 190.33 | 147.15 | 310.72 | |
| - Non-controlling interests | (0.05) | (0.07) | (0.98) | (0.12) | ( 1.29) | (1.43) | |
| 13 | Paid up Equity Share Capital (ofRs. 2 each) | 39.48 | 39.48 | 39.48 | 39.48 | 39.48 | 39.48 |
| 14 | Other Equity | 1,245.09 | |||||
| IS | Earning Per Share of Rs. 2 each (not annualised for tbe quarters): | ||||||
| a) Basic | 4.30 | 5.95 | 4.15 | 10.24 | 5.06 | 12.70 | |
| b) Diluted | 4.30 | 5.95 | 4.15 | 10.24l | 5.06 | 12.70 |
STATEMENT OF UNAUDITED CONSOLIDATED ASSETS & LIABILITIES AS AT 30TH SEPTEMBER, 2021
| STATEMENTOF UNAUDITEDCONSOLIDATED | & LIABILITIESAS AT 30TH SEPTEMBER,ASSETS | 2021 | ||
|---|---|---|---|---|
| (Rs in Crore) | ||||
| Particulars | As at | As at | ||
| 30-09-2021Unaudited | 31-03-2021Audited | ||
|---|---|---|---|
| A | ASSETS | ||
| 1 | Non-currentassets | ||
| (a) | Property, Plant and Equipment | 558.90 | 540.25 |
| (b) | Capital work-in-Progress | 10.71 | 7.72 |
| (e) | Right-of-Use | 16.44 | 18.23 |
| (d) | Other Intangible Assets | 3.22 | 2.65 |
| (e) | Financial Assets | ||
| (i) Others | 3.29 | 3.84 | |
| (I) | Other Non-Current Assets | 14.21 | 8.28 |
| Sub-total - Non currentassets | 606.77 | 580.97 | |
| 2 | Currentassets | ||
| (a) | Inventories | 931.43 | 718.04 |
| (b) | Financial Assets | ||
| (i) Investments | 239.69 | 166.93 | |
| (ii) Trade Receivables | 440.52 | 515.66 | |
| (iii) Cash and Cash Equivalents | 49.42 | 119.76 | |
| (iv) Bank Balances other than (iii) above | 6.86 | 6.78 | |
| (v) Others | 40.23 | 52.70 | |
| (c) | Current Tax Assets (Net) | 14.10 | 8.99 |
| (d) | Other Current Assets | 277.12 | 125.71 |
| Sub-total - Currentassets | 1,999.37 | 1,714.57 | |
| TOTAL - ASSETS | 2,606.14 | 2,295.54 | |
| B | Equity AND LIABILITIES | ||
| (a) | Equity Share Capital | 39.48 | 39.48 |
| (b) | Other Equity | 1405.99 | 1245.09 |
| Equity attributable to owners | 1,445.47 | 1,284.57 | |
| Non-controlling interests | 5.39 | 5.52 | |
| Sub-total - Equity | 1,450.86 | 1,290.09 | |
| LIABILITIES | |||
| I | Non-CurrentLiabilities | ||
| (a) | Financial Liabilities | ||
| (i) Borrowings | 72.48 | 19.35 | |
| (ii) Other Financial Liabilities | 1.03 | 1.56 | |
| (b) | Provisions | 2.94 | 2.76 |
| (c) | Deferred Tax Liabilities (Net) | 74.59 | 79.64 |
| (d) | Other Non-Current Liabilities | 7.39 | 7.59 |
| Sub-total - Non-CurrentLiabilities | 158.43 | 110.90 | |
| 2 | CurrentLiabilities | ||
| (a) | Financial Liabilities | ||
| (i) Borrowings | 672.61 | 537.08 | |
| (ii) Trade Payables due to: | |||
| - Micro & Small Enterprise | 35.31 | 40.65 | |
| - Other than Micro & Small Enterprise | 180.47 | 193.98 | |
| (iii) Other Financial Liabilities | 29.43 | 29.17 | |
| (b) | Other Current Liabilities | 73.14 | 93.57 |
| (c) | Current Tax Liabilities (Net) | 5.89 | 0.10 |
| Sub-total - CurrentLiabilities | 996.85 | 894.55 | |
| TOTAL EQUITY AND LIABILITIES | 2,606.14 | 2,2 5.54 | |
| ~c1Ustr | -0 | ||
| r{ | j~ | ~(M |
"/ * -
STATEMENT OF UNAUDITED CONSOLIDATED CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2021
| Rs in Crore | ||||
|---|---|---|---|---|
| Particulars | For the Half Year ended | For the Half Year ended | ||
| 30 September,2021 | 30 September,2020 | |||
| A) CASI1 FLOW FROM OPERATINGACTIVITIES | ||||
| Net Profit before Exceptional Items and Tax | 273.16 | 133.84 | ||
| Adjustmentsfor: | ||||
| Depreciation and Amortisation | 19.97 | 21.78 | ||
| Profit on Saleof Assets | (1.60) | - | ||
| FinanceCost | 23.84 | 10.08 | ||
| InterestIncome | (9.82) | (3.09) | ||
| OtherComprehensiveIncome | (8.96) | 63.85 | ||
| Losson Sale of Assets | 3.75 | - | ||
| Lossl(Profit)on Redemptionof MutualFunds | (0.17) | |||
| Lossl(profit)in valueofNA V of MutualFunds | (1.54) | - | ||
| ExceptionalItems | - | -(363) | ||
| Operating Profit before Working Capital cbanges | 298.63 | 222.83 | ||
| Changes in Working Capital: | ||||
| Adjustment for (Increase) I Decrease in Operating Assets: | ||||
| Non-CurrentFinancialAssets | O.sS | 0.02 | ||
| Other Non-CurrentAssets | (5.93) | 1.36 | ||
| Inventories | (213.39) | 47.40 | ||
| Trade Receivables | 75.14 | (88.10) | ||
| Current FinancialAssets | 12.40 | (12.93) | ||
| OtherCurrent Assets | (151.42) | (282.65) | 59.20 | 6.95 |
| Adjustment for Increase I (Decrease) in Operating Liabilities: | ||||
| Other Non Current FinancialLiabilities | (0.54) | (1.68) | ||
| NonCurrent Provisions | 0.18 | (1.04) | ||
| OtherNon-CurrentLiabilities | (0.20) | (0.20) | ||
| Trade Payables | (18.84) | 33.20 | ||
| OtherCurrentFinancialLiabilities | 0.26 | (63.12) | ||
| OtherCurrent Liabilities | (20.43) | (33.71) | ||
| Current Provisions | - | (39.57) | - | (66.55) |
| Net Taxes(paid)I refund received | (73.18) | (20.06) | ||
| Net Cash Flow from Operating Activities (A) | (96.77) | 143.17 | ||
| B)CASH FLOW FROM INVESTING ACTIVITIES | ||||
| CapitalExpenditure | (48.85) | (3.27) | ||
| Proceeds fromSaleof Assets | 6.31 | 0.01 | ||
| Purchase ofCurrent Investments | (71.04) | (80.14) | ||
| Interestlncome | 9.82 | 3.09 | ||
| Net Cash Flow from Investing Activities (8) | (103.76) | (80.31) | ||
| C) CASH FLOW FROM FINAi"lCINGACTIVITIES. | ||||
| Net IncreaseI(Decrease)in Non-CurrentBorrowings | 53.13 | (6.61) | ||
| Net IncreaseI(Decrease)in CurrentBorrowings | 135.53 | -32.11 | ||
| FinanceCost | (23.84) | (10.08) | ||
| FinalDividendon EquityShares(includingDDT) | (29.61) | (11.84) | ||
| TransitionalReserveof BalanceSheet Items | (5.02) | (0.69) | ||
| Net Cash Flow from Financing Activities (C) | 130.19 | (61.33 | ||
| Net Increase I(Decrease) in Cash and Cash Equivalents (A+B+C) | (70.34) | 1.53 | ||
| Cash and Cash Equivalents at the beginning of the year | 119.76 | 139.36 | ||
| Cash and Cash Equivalents at the end of the year | 49.42 | 140.89 | ||
| Reconciliation of Cash and Cash Equivalents with the Balance Sheet:Cash and Cash Equivalents as per Balance Sheet | 49.42 | 140.89 | ||
| Cash and Cash Equivalents at the end of the year comprises of: | ||||
| (a) Cash in Hand | 0.06 | 0.29 | ||
| (b) Balancewith Banks | ||||
| 64.92 | ||||
| - InCurrent Accounts-In FixedDeposits | 41.188.18 | 75.68 |
d;;-;;srrl. ~ ~IS' (:. glJ
Notes:
- I The above results were reviewed by the Audit Comminee and approved by the Board of Directors at thcir meeting held on October 26, 2021. The Statutory Auditors have carried out a Limited Review of the above financial results.
- 2 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 Q2 and HI FY 22 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 Pursuant to the approval granted by the Union Cabinet on July 14,2021 (notified on August 13,2021), for continuation of Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide notification dated March 8,2019 on exports of Apparel/Garments and Made ups, the Group has recognised the export incentives ofRs.89.59 Crores during the Quarter ended June 30, 2021, out of which Rs 49.99 Crores pertains to the eligible export sales for the period from January 1,2021 to March 31, 2021.
During the current quarter, Central Government has notified Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme Guidelines and Rates for other textile products vide Notification dated August 17,2021. The Group has aecrued the benefits under the aforesaid scheme amounting to Rs. 1.57 Crore on eligible export sales for the period from January 1,2021 to September 30, 2021, out of which Rs. 1.13 Crorc pertains to eligible export sales for the period from January 1,2021 to June 30, 2021.
- 4 Exceptional Item for the Year ended March 31,2021 represents the expenditure incurred on account of VRSlSeparation Scheme approved by the Board of an Indian Subsidiary on 15th July 2020.
- 5 Pursuant to the scheme of amalgamation of Pranavaditya Spinning Mills Limited, subsidiary of the Company, with the Holding Company approved by the Board and Noobjection received from BSE Limited, NSE Limited and SEal for the scheme, the application has been filed for said amalgamation with Hon 'ble National Company Law Tribunal (NCLT). The NCLT, by its order dated 18th August 2021, has directed the Companies to convene a meeting of their equity shareholders on November 15,2021 for considering and approving the scheme. As directed by the NCL T, notice of said meeting, along with explanatory statement and supporting annexures, have been sent to the shareholders. The appointed date for the amalgamation is Ist October, 2020 or such other date as may be approved by NCLT and the scheme will be effective upon filing of order of National Company Law Tribunal (NCLT) approving the scheme with Registrar of Companies.
- 6 The figures for the corresponding previous period have been rcgrouped/reclassified wherever necessary, to make them comparable.
- 7 Thc Group mainly operates only in one segment namely "Textiles" and henee segment details are not required to be published.
- 8 In line with the requirements of Regulation 47(2) of the SESI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results are available on the Stock Exchanges website at (www.bscindia.com and www.nseindia.com)and on the Company's website at www.indocount.corn.
Place: Mumbai Date: October 26, 2021
If of th~Board of Directors
Anil Kumar Jain Executive Chairman DIN: 00086106
SURESH KUMAR MITTAl & CO. CHARTERED ACCOUNTANTS
60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI- 110085. Mobile: 9871411946 E-mail: [email protected]
Independent Auditor's Review Report on Consolidated Unaudited. Quarterly and Year to Date FinancialResultsof the Company Pursuantto the Regulation 33 of the SEBI(Listing Obligations and DisclosureRequirements)Regulations,2015
To The Board of Directors of Indo Count Industries Limited
-
- We have reviewed the accompanying Statement of Consolidated Unaudited Financial Resultsof Indo Count Industries Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter ended 30th September,2021 and the period from pt April,2021 to 30th September,2021 attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations,2015 asamended ('the Regulation').
-
- ThisStatement, which isthe responsibility ofthe Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issuedthereunder and other accounting principles generally accepted in India. Our responsibility is to expressa conclusion on the Statement basedon our review.
-
- We conducted our review of the Statement in accordancewith the Standard on Review Engagements (SRE)2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurancethat we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBIunder Regulation 33 (8)of the SEBI(Listing Obligations and Disclosure Requirements) Regulations,2015, asamended, to the extent applicable.
-
- The Statement includes the results of the following entities:
- (i) Indo Count Industries Limited (Holding Company)
- (ii) Pranavaditya Spinning Mills Limited (Subsidiary)
- (iii) Indo Count Retail Ventures Private Limited (Wholly Owned Subsidiary)
- (iv) Indo Count Global Inc., USA(Wholly Owned Subsidiary)
- (v) Indo Count UK Limited (Wholly Owned Subsidiary)
(vi) Indo Count Global DMCC (Formerly known as Hometex Global DMCC) (Wholly Owned Subsidiary)
SURESH KUMAR MITTAL & CO. CHARTERED ACCOUNTANTS
60, 1st Floor, Pocket H-3, Sector-18, Rohini, DELHI-110085. Mobile: 9871411946 E-mail: [email protected]
-
- Basedon our review conducted and procedures performed asstated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing hascome to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015,asamended, including the manner in which it isto be disclosed,or that it contains any material misstatement.
-
- The consolidated unaudited financial results include the interim financial results of four subsidiaries which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs.259.86crores asat 30th September, 2021 and total revenue of Rs.172.96crores and Rs.290.96 crores, total net profit/Iloss] after tax of Rs.9.94crores and Rs.22.44crores and total comprehensive Income / (loss) of Rs.7.51crores and Rs.17.24crores for the quarter ended 30th September, 2021 and for the period from 1" April, 2021 to 30th September, 2021, respectively, and cashflows (net) of Rs.2.07 crores for the period from 1" April, 2021 to 30th September, 2021, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial results are certified by the management and are not material to the Group.
Our conclusion on the Statement is not modified in respect of the above matter.
Place:New Delhi Date:26th October, 2021 UDIN:\5'<'~\5Plt~FS. ~"'13
For Suresh Kumar Mittal & Co Chartered Accountants Firm Registration No. 500063N
~B;glal PARTNER Membership Number: 521915