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NSEJan 22, 2021 03:31 PM
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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2018-11-05||Indo Count Industrie.. +||Motilal Oswal||62.90||72.00||62.90 (122.18%)||Neutral|
EBITDA declined 17% YoY to INR1,139m, with the margin contracting 270bp YoY to 12.1%. In 2HFY19, we expect revenue growth of 11% YoY, with margin contraction of 100bp. volume growth of 9% YoY in 2QFY19 and 15% YoY in 1HFY19. However, revenue growth and profitability were impacted in 1HFY19 on account of currency volatility (hedged at exchange rate lower than realized translation), product mix changes and raw material (RM) cost pressure. Going forward too, RM cost pressure (cotton prices at INR46k/candy v/s expectation of MSP level prices of 43-44k/candy) and currency volatility are likely to persist. Due to the strong miss on earnings (45%) in 2QFY19 and the likely gross margins pressure in 2HFY19, we cut our revenue/earnings estimates by 3%/24% for FY19 and by 5%/24% for FY20. We also note that strong volumes have not translated into robust revenue growth and operating performance.
|2018-08-06||Indo Count Industrie.. +||Motilal Oswal||82.20||93.00||82.20 (70.01%)||Neutral|
6 August 2018 ICNTs revenue increased 5.8% YoY to INR4,569m (est. EBITDA margin shrank 110bp YoY to 14% (est. of 14.7%), as employee expense increased 60bp YoY to 7.1% of net sales and other expenses rose 50bp YoY to 24.1% of net sales. Gross margin was flat YoY at 49.9%. EBITDA declined marginally by 2% YoY to INR641m (in-line). Adj. PAT declined 10% YoY to INR288m (est. of INR309m) in 1QFY19, primarily on account of a higher-than-anticipated tax rate of 38.9%, as against 35.
|2018-05-07||Indo Count Industrie.. +||Motilal Oswal||84.00||95.00||84.00 (66.37%)||Neutral|
ICNT's revenue declined 17.4% YoY to INR4,237m (est. of INR4,975m) in 4QFY18. EBITDA margin shrunk 350bp YoY to 14.1% (est. of 13.6%). EBITDA declined 34% YoY to INR596m (est. of INR677m). Accordingly, adj. PAT fell 45% YoY to INR268m (est. of INR356m). For FY18, revenue declined 13% to INR19,582m, the margin contracted 560bp to 13.4% and adj . PAT fell 46% to INR1,253m
|2018-02-19||Indo Count Industrie.. +||JM Financial||91.10||140.00||91.10 (53.40%)||Buy|
Dismal performance in 9MFY18; volume off take a key monitorable Indo Count Industries (ICNT) reported a weak set of numbers for 9MFY18, driven by a) decline in the volume of bed sheets exported to the US, b) INR appreciation and c) higher costs. Margins for 9MFY18 compressed 604bps YoY to multi-year lows. 9M PAT declined 42% YoY to INR 1bn, below our estimates of INR 1.1bn. The company has completed phase-I capex to augment capacity from 68mn mtrs to 90mn mtrs. Management maintained FY18 volume guidance at 56mn mtrs. Cotton price movement and the off take in volume going forward remains the key monitorable. The Board has...
|2018-02-19||Indo Count Industrie.. +||Motilal Oswal||104.60||117.00||104.60 (33.60%)||Neutral|
Home textile industry of late has been plagued by destocking, resulting in off-take deferments from large retailers, especially in the US. ICNT, however, has started witnessing better projections from same retailers and customers who had destocked. Also, as the intensity of destocking is reducing, ICNT is witnessing a marginal pick-up in demand as well. Also, with US business growth expected to increase from 1.9% to 2.5% in 2019, ICNT is set to benefit from better demand.
|2017-11-30||Indo Count Industrie.. +||Motilal Oswal||118.20||128.00||118.20 (18.23%)||Target met||Neutral|
We recently hosted Indo Count Industries' (ICNT) management at our Midcap Conference,' wherein we gained detailed insights into how the overall textiles business environment is shaping up post a muted 1HFY18. We note that the first half of the current fiscal for textiles was plagued by multiple headwinds from sharply higher raw material prices, to a reduction in duty drawback and ROSL rates. However, encouragingly,...
|2017-11-15||Indo Count Industrie.. +||Motilal Oswal||120.30||128.00||120.30 (16.17%)||Target met||Neutral|
Accordingly, adj. PAT fell 42.8% YoY to INR359m (est. of INR517m). Easing cotton prices a silver lining amid policy headwinds: 2QFY18 witnessed increased pressure on margins on account of a rise in raw material cost by 260bp. Also, the GoI revised the duty drawback rate from 7.5% to 2%, and the ROSL rate from 3.9% to 1.55%, which is expected to result in margin erosion of ~250bp. However, cotton prices have started to correct (-10% to INR38,000 per candy) compared to last procurement by the company, the benefit of which is expected to be visible from 4QFY17....
|2017-09-04||Indo Count Industrie.. +||Nirmal Bang Institutional||114.30||114.30 (22.27%)||Not Rated|
Nirmal Bang Institutional
We had a meeting with Mr. K.K Lalpuria, executive director of Indo Count Industries (ICIL) to get an insight on the home textile industry's headwinds and ICIL's business prospects. Following are the key takeaways: No loss of customers: ICIL has been in the news owing to its weak financial performance over the past two quarters and erosion in stock price. There have also been rumours of the company losing customers and thereby market share. The management clarified that there was absolutely no loss of customers. It stated that the company has reduced exposure to a few financially distressed customers...
|2017-08-28||Indo Count Industrie.. +||Axis Direct||112.50||121.00||112.50 (24.22%)||Target met||Buy|
|2017-08-11||Indo Count Industrie.. +||IDBI Capital||115.30||153.00||115.30 (21.21%)||Buy|
EBITDA margin fell sharply to 16.4% (our estimate 18.4%). The company has been guiding to maintain its EBITDA margin of atleast 20%; hence, EBITDA margin of 16.4% is a sharp miss in our view. We cut our FY18/19 sales/EBITDA/PAT estimates to factor in weak Q1FY18 and lower guidance; Maintain Buy with lower target price of Rs153. Key Highlights and Investment Rationale Top-line growth disappoints again: Indo Count's net sales were impacted by lower off-take from some of its customers. Although there was no loss of customers, Indo...
|2017-06-19||Indo Count Industrie.. +||Choice India||179.30||234.00||179.30 (-22.06%)||Buy|
Over the FY13-17 period ICIL's revenue, EBITDA and PAT have grown at a CAGR of 16.1%, 44.6% and 67.8% respectively. The company's focus going forward for the current year will be towards efficient utilization of all resources, increased global market share in bedding, promote domestic brand pan India. The company has completed phase 1 capex of increasing its capacity expansion from 68 mn meters to 90 mn meters. Under phase 2 capex, the company is awaiting land approvals from regulatory authorities for its in-house weaving capacity. Going forward the management has guided for EBITDA margins of 20%. For FY18, the company's target...
|2017-06-12||Indo Count Industrie.. +||Axis Direct||176.30||176.30 (-20.73%)||Not Rated|
Indocount's turnaround story is exemplary and reaffirms how a focused and able leadership can transform a business. An asset-light business model, geographic and category expansions and increasing contribution of value added products have been the hallmark of ICNT's journey over past 3-4 years.
|2017-05-17||Indo Count Industrie.. +||Religare||194.15||240.00||194.15 (-28.02%)||Buy|
Indo Count Industries Ltd. (ICIL) reported a subdued Q4FY17 results on expected lines. Net sales came in flat yoy at Rs 512.9Crs. EBITDA and PAT stood at Rs 90.1crs and Rs 48.1crs respectively.
|2017-05-17||Indo Count Industrie.. +||Edelweiss||194.15||225.00||194.15 (-28.02%)||Buy|
Indo Count Industries (ICIL) has reported a poor set of numbers this quarter in continuation with its previous 3 quarters' trend. Sales at INR 513 cr were flat and much below our...
|2017-05-17||Indo Count Industrie.. +||IDBI Capital||194.15||228.00||194.15 (-28.02%)||Buy|
Management maintains 20% EBITDA margin guidance: Management expects volumes to grow by ~10% in FY18 while it expects EBITDA margin to be atleast 20% during FY18. The company expects cotton prices to moderate from Q4FY17 levels which should aid cost benefits. Indo Count has hedged 60% of its FY18 receivables. Although INR has appreciated recently against the USD, Indo Count expects to maintain margins with improved product mix, cost efficiencies and operating...
|2017-03-28||Indo Count Industrie.. +||Nirmal Bang Institutional||197.80||197.80 (-29.35%)||Mgmt Note|
Nirmal Bang Institutional
We had a meeting with the management of Indo Count Industries (ICIL) at the investor meet held by us recently. Indo Count Industries (ICIL) is a leading manufacturer and exporter of home textiles. The company recently diversified its product portfolio from bed linen to fashion, utility and institutional bedding and now operates as an end-to-end bedding provider. With a complete bed linen product basket, ICIL is the second-largest manufacturer and exporter of bedsheets, bed linen and quilts from India and among the Top 3 bed sheet suppliers to the US. ICIL exports its products to around 50 countries spread over 5 continents with most of its...
|2017-02-24||Indo Count Industrie.. +||Karvy||160.30||193.00||160.30 (-12.82%)||Target met||Buy|
Weak Q3FY17; Capacity Expansion is as Per Schedule: Weak Q3FY17, margins declined by 213bps QoQ - Indo Count recorded revenueof Rs. 5029 Mn with a de-growth of 12.7% QoQ. EBITDA stood at Rs. 1020 Mn with a decline of 12.4% and the EBITDA margins stood at 20.3% with a dip of 213 bps QoQ. As a result of the topline and margin decline, Indo Count reported PAT ofRs. 562 Mn with a drop of 10.4% against Q2FY17.
|2017-02-17||Indo Count Industrie.. +||Religare||164.30||207.00||164.30 (-14.94%)||Target met||Buy|
Indo count reported dismal Q3FY17 on account of subdued demand during the quarter. Net sales came in at Rs 502.8crs. EBITDA and PAT stood at Rs 101.9crs and Rs 56.3crs respectively. Higher raw material cost and operating expenses weighed on margins of the company.
|2017-02-14||Indo Count Industrie.. +||Edelweiss||169.00||220.00||169.00 (-17.31%)||Buy|
|2016-12-19||Indo Count Industrie.. +||Karvy||160.55||204.00||160.55 (-12.96%)||Target met||Buy|
Muted revenue growth, EBITDA margins to sustain: In Q2FY17, Indo Count recorded a flat YoY revenue growth at Rs. 5763 Mn. This is due to the summer in US got extended and the demand for the winter goods was muted which impacted one & half month of sales along with election in USA which further disappointed the sales. EBITDA stood at Rs. 1164 Mn with the growth at 10.6% and the margins stood at 20.2% gaining 200 bps YoY mainly due to subdued prices of yarn and correction in overhead costs.