On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Indo Count Industries has
increased 35.46% to Rs 1093.26 crore.
Operating profit margin has declined
from 17.87% to 15.12%, leading to 14.63% rise in operating profit to Rs 165.29
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 37.65% to 42.93%. Purchase of finished
goods cost rose from 0.02% to 2.82%. Employee cost decreased from
9.26% to 7.46%. Other expenses fell from 33.01% to 31.92%.
Other income fell 91.43% to Rs 0.24
crore. PBIDT rose 12.61% to Rs 165.53 crore. Provision
for interest rose 177.54% to Rs 19.65 crore. Loan funds rose to Rs
955.93 crore as of 31 March 2024 from Rs 876.32 crore as of 31 March
2023. Inventories rose to Rs 1,142.52 crore as of 31 March 2024 from
Rs 894.68 crore as of 31 March 2023. Sundry debtors were higher at
Rs 528.07 crore as of 31 March 2024 compared to Rs 397.00 crore as of 31 March
2023. Cash and bank balance declined from Rs 107.98 crore as of 31
March 2023 to Rs 103.17 crore as of 31 March 2024. Investments
declined from Rs 143.49 crore as of 31 March 2023 to Rs 132.67 crore as of 31
March 2024.
PBDT rose 4.27% to Rs 145.88
crore. Provision for depreciation rose 33.84% to Rs 22.03
crore. Fixed assets increased to Rs 1,357.49 crore as of 31 March
2024 from Rs 1,267.41 crore as of 31 March 2023. Intangible assets
increased from Rs 26.17 crore to Rs 32.22 crore.
Profit before tax grew 0.32% to Rs
123.85 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 31.91 crore, compared to Rs 28.73
crore. Effective tax rate was 25.77% compared to 23.27%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 2.93% to Rs 91.94 crore.
Equity capital stood at Rs 39.61
crore as of 31 March 2024 to Rs 39.61 crore as of 31 March 2023. Per
share face Value remained same at Rs 2.00.
Promoters’ stake was 58.74% as of 31
March 2024 ,compared to 58.74% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Indo Count Industries has
increased 18.11% to Rs 3557.07 crore.
Operating profit margin has jumped
from 15.08% to 15.72%, leading to 23.06% rise in operating profit to Rs 559.03
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 44.61% to 44.09%. Purchase of finished
goods cost fell from 1.74% to 1.70%. Employee cost decreased from
8.70% to 8.29%. Other expenses rose from 30.19% to 31.09%.
Other income rose 39.10% to Rs 43.72
crore. PBIDT rose 24.10% to Rs 602.75 crore. Provision
for interest rose 11.97% to Rs 69.85 crore. Loan funds rose to Rs
955.93 crore as of 31 March 2024 from Rs 876.32 crore as of 31 March
2023. Inventories rose to Rs 1,142.52 crore as of 31 March 2024 from
Rs 894.68 crore as of 31 March 2023. Sundry debtors were higher at
Rs 528.07 crore as of 31 March 2024 compared to Rs 397.00 crore as of 31 March
2023. Cash and bank balance declined from Rs 107.98 crore as of 31
March 2023 to Rs 103.17 crore as of 31 March 2024. Investments
declined from Rs 143.49 crore as of 31 March 2023 to Rs 132.67 crore as of 31
March 2024.
PBDT rose 25.89% to Rs 532.9
crore. Provision for depreciation rose 27.58% to Rs 82.58 crore. Fixed
assets increased to Rs 1,357.49 crore as of 31 March 2024 from Rs 1,267.41
crore as of 31 March 2023. Intangible assets increased from Rs 26.17
crore to Rs 32.22 crore.
Profit before tax grew 25.58% to Rs
450.32 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 112.39 crore, compared
to Rs 81.81 crore. Effective tax rate was 24.96% compared to 22.81%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company increased
22.09% to Rs 337.93 crore.
Equity capital stood at Rs 39.61
crore as of 31 March 2024 to Rs 39.61 crore as of 31 March 2023. Per
share face Value remained same at Rs 2.00.
Promoters’ stake was 58.74% as of 31
March 2024 ,compared to 58.74% as of 31 March 2023 .
Operational
highlights:
Sales
Volume for Q4FY24 stood at 28.7 million meters up V/s 20.4 million meters in Q4FY23,
Growth of 41%.
Sales
Volume for FY24 stood at 96.8 million meters V/s 74.7 million meters in FY23,
Growth of 30%.
Dividend: The Board has recommended final dividend
of Rs. 2.20 per equity share of Rs. 2 each for FY 2023-24
Guidance:
The company has guided volume of 110-115 million meters and 16-18% for FY2025.
Management Commentary:
Commenting
on the results, Mr. Anil Kumar Jain, Executive Chairman, said, “Our company has
demonstrated remarkable performance in FY24, as evidenced through our results.
The
strategic focus on moving towards value-added products through brands and distribution,
leveraging capital allocation, optimizing operations and providing overall better
solutions to the end customers has been instrumental in driving our growth.
Moreover,
concerted efforts to embed robust ESG practices across ecospace, with a strong emphasis
on sustainability, reaffirms our dedication to responsible business conduct thereby
helping us maintain leadership position.”
| Indo Count Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,093.26 | 807.08 | 35.46 | 3,557.07 | 3,011.55 | 18.11 | | OPM (%) | 15.12 | 17.87 | -275 bps | 15.72 | 15.08 | 63 bps | | OP | 165.29 | 144.19 | 14.63 | 559.03 | 454.27 | 23.06 | | Other Inc. | 0.24 | 2.80 | -91.43 | 43.72 | 31.43 | 39.10 | | PBIDT | 165.53 | 146.99 | 12.61 | 602.75 | 485.70 | 24.10 | | Interest | 19.65 | 7.08 | 177.54 | 69.85 | 62.38 | 11.97 | | PBDT | 145.88 | 139.91 | 4.27 | 532.90 | 423.32 | 25.89 | | Depreciation | 22.03 | 16.46 | 33.84 | 82.58 | 64.73 | 27.58 | | PBT | 123.85 | 123.45 | 0.32 | 450.32 | 358.59 | 25.58 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 123.85 | 123.45 | 0.32 | 450.32 | 358.59 | 25.58 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 123.85 | 123.45 | 0.32 | 450.32 | 358.59 | 25.58 | | Taxation | 31.91 | 28.73 | 11.07 | 112.39 | 81.81 | 37.38 | | PAT | 91.94 | 94.72 | -2.93 | 337.93 | 276.78 | 22.09 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 91.94 | 94.72 | -2.93 | 337.93 | 276.78 | 22.09 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 91.94 | 94.72 | -2.93 | 337.93 | 276.78 | 22.09 | | EPS (Rs)* | 4.64 | 4.78 | -2.93 | 17.06 | 13.98 | 22.09 | | | * EPS is on current equity of Rs 39.61 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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