Indo Count Industries declares revenues of Rs. 2,982 Crs In FY 22; 17% growth YoY

Mumbai, May 30, 2022:- Indo Count Industries Limited (BSE: 521016) (NSE: ICIL), announced its audited financial results for the fourth quarter and year ended 31^st March 2022

Commenting on the results, Mr. Anil Kumar Jain – Executive Chairman said,

“We delivered growth despite the 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

ü  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 meters

ü  FY22 sales volume was 75.8 million meters, and Q4FY22 sales volume was 17.6 million meters

ü  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

ü  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

ü  Focus on Brand Promotion in US, UK, Middle-East and India through 10 active brands

ü  Innovation and technological capabilities along with licensed brands, patents, trademarks will further strengthen brand offerings

Consolidated Balance Sheet

*Net debt increased during the year as the company made a conscious investment in the supply chain

As of 31^st March 2022, the Net Debt stood at Rs. 906 Crs

1. Modernization of spinning capacity with Compact spinning technology – This project is now completed
2. Increase in Home textile capacity from 90 mn meters to 108 mn meters – 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

1. a)Announced New Capex to enhance our spinning capacity at our subsidiary PSML – Pranavaditya Spinning Mills

ü  The Proposed CAPEX will be towards an additional spinning Capacity of ~68,000 spindles

ü  We plan to spin value-added specialised yarn

ü  Phase I – Rs 98 Crs – 24,192 spindles and expected to be operationalized by December 2022

ü  Phase II – Rs 172 Crs – 43,776 spindles is expected to be operationalised by March 2023

ü  Total CAPEX spend for the project is Rs.270 Crs. This will be funded through a mix of internal accruals of Rs. 95 Crs and debt of Rs. 175 Crs

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 India’s Best Top 100 CEOs 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 a 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 meters.

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.

For any media queries please contact  – Kunal Gupta | kunal.gupta@sgapl.net | +91 98333 91790 

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