reports
- Sumant Kumar
MOSL: INDO COUNT INDUSTRIES (Neutral) - Multiple headwinds hinder reco...
INDO COUNT INDUSTRIES: Multiple headwinds hinder recovery; Re-stocking and stable cotton prices to heal the ailing textiles sector (ICNT IN, Mkt Cap USD0.2b, CMP INR84, TP INR95, 13% Upside, Neutral) Results below expectations: 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, r...
MOSL: INDO COUNT INDUSTRIES (Neutral)-Below-estimate, but reducing des...
Indo Count Industries: Below-estimate, but reducing destocking intensity offers comfort (inct IN, Mkt Cap USD0.3b, CMP INR102, TP INR117, 14% Upside, Neutral) Results below expectations, margins contract 520bp: ICNT’s revenue fell 8.5% YoY to INR4,600m (est. of INR5,331m) in 3QFY18. EBITDA margin shrunk 520bp YoY (from 20.3% to 15.1%), with the gross margin contracting 620bp YoY to 44.5%. Employee cost rose 30bp YoY to 5.9% of net sales. EBITDA declined 32% YoY to INR693m (est. of INR901m...
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