reports
- Sumant Kumar
MOSL: INDO COUNT INDUSTRIES (Neutral)-Robust volumes without earnings ...
Indo Count Industries: Robust volumes without earnings vigor as currency/mix/RM cost haunt; Expect continued margin pressure (ICNT IN, Mkt Cap USD0.2b, CMP INR64, TP INR72, 13% Upside, Neutral) Operating performance disappointing: ICNT’s revenue declined 1.4% YoY to INR4,860m (our estimate: INR5,273m) in 2QFY19. EBITDA fell 30% YoY to INR498m (our estimate: INR770m), with the margin contracting 420bp YoY to 10.2% (our estimate: 14.6%). Adj. PAT declined 39.4% YoY to INR218m (our estimate:...
- Sumant Kumar
MOSL: INDO COUNT INDUSTRIES (Neutral)-Strong volume recovery, but reve...
Indo Count Industries: Strong volume recovery, but revenue yet to impress; Guidance maintained (ICNT IN,Mkt Cap USD0.2b, CMP INR82, TP INR93, 13% Upside, Neutral) Largely in-line result; gross margin flat: ICNT's revenue increased 5.8% YoY to INR4,569m (est. of INR4,361m) in 1QFY19. 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%. ...
MOSL: INDO COUNT INDUSTRIES (Neutral)-Multiple headwinds hurting margi...
Indo Count Industries: Multiple headwinds hurting margins; But capacity ready to capitalize on business environment turnaround(ICNT IN, Mkt Cap USD0.4b, CMP INR118, TP INR128, 9% Upside, 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 he...
MOSL: INDO COUNT INDUSTRIES (Neutral)-Muted quarter-falling cotton pri...
​Indo Count Industries: Muted quarter; falling cotton prices to ease pressure(ICNT IN, Mkt Cap USD0.3b, CMP INR120, TP INR128, 7% Upside, Neutral)Results below expectations, margins contract 580bp: Overall revenue declined 14.5% YoY to INR4,928m (est. of INR5,763m) in 2QFY18. EBITDA margin shrunk 580bp YoY to 14.4% (est. of 17.1%), as the gross margin contracted 260bp YoY to 43.9%. Employee cost also increased 70bp YoY to 5.6% of net sales. EBITDA declined 39% YoY to INR711m (est. of INR986m)....
MOSL: INDO COUNT INDUSTRIES (Downgrade to Neutral)-Destocking woes lea...
​Indo Count Industries: Destocking woes lead to a muted quarter(ICNT IN, Mkt Cap USD0.4b, CMP INR115, TP INR129, 12% Upside, Downgrade to Neutral)Results below estimates: ICNT's revenue declined 12.4% YoY to INR4,318m (est. of INR5,370m) in 1QFY18. EBITDA fell 41% YoY to INR653m (est. of INR1,187m), with the margin contracting 730bp YoY to 15.1% (est. of 22.1%) on account of total raw material cost rising by 250bp (part of which was reflected under other expenses, which increased by 760bp). Co...
MOSL: INDO COUNT INDUSTRIES (Buy)-Muted quarter-one-offs hurt margins
​Indo Count Industries: Muted quarter; one-offs hurt margins(ICNT IN, Mkt Cap USD0.5b, CMP INR194, TP INR229, 18% Upside, Buy)Results below expectations: ICNT reported revenue of INR5,129m (est. of INR5,460m) in 4QFY17, marking flattish YoY growth. EBITDA declined 26% from INR1,224m in 4QFY16 to INR901m (est. of INR1,174m) in 4QFY17. EBITDA margin contracted 630bp to 17.6% (est. of 21.5%) from 23.8% in 4QFY16, despite gross margin improvement (+410bp YoY to 52.2%), due to higher other expenses...
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