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Indo Count: A Weak Quarter - Views on News from Equitymaster
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Indo Count: A Weak Quarter
Mar 3, 2017

Indo Count Industries announced its results for the quarter ended December 2016. During the period, the company's revenues grew by 0.4% YoY, while profits were down by 14.9% YoY.

Performance summary:
  • The company reported a muted growth during 3QFY17. The topline grew marginally by 0.4% YoY as demand remained under pressure amidst challenging business environment.
  • The operating profit declined by 11.4% YoY on the back of higher raw material cost, employee cost and operating expenses. Operating margins stood at 20.3% during the quarter compared to 23% in 3QFY16.
  • Depreciation increased by 10.2% YoY.
  • Net profit declined by 14.9% YoY led by decline in operating profit and increase in depreciation and tax outgo. PAT Margin stood at 11.4% during the quarter.

    Financial snapshot
    (Rs m) 3QFY16 3QFY17 Change 9mFY16 9mFY17 Change
    Net sales 4,921 4,925 0.1% 15,072 15,221 1.0%
    Other operating income 88 104 17.8% 281 498 77.2%
    Total Income 5,009 5,029 0.4% 15,353 15,719 2.4%
    Expenditure 3,858 4,009 3.9% 12,138 12,433 2.4%
    Operating profit (EBDITA) 1151 1019 -11.4% 3214 3286 2.2%
    Operating profit margin (%) 23.0% 20.3% 21.3% 21.6%
    Interest 94 91 -2.4% 396 305 -22.8%
    Depreciation 72 79 10.2% 208 233 12.0%
    Profit before tax 985 849 -13.8% 2,611 2,748 5.2%
    Tax 325 287 -11.6% 913 956 4.7%
    Effective tax rate 33.0% 33.8% 35.0% 34.8%
    Profit after tax/(loss) 660 562 -14.9% 1,698 1,792 5.5%
    Net profit margin (%) 13.4% 11.4% 11.3% 11.8%
    No. of shares (m) 197
    Fully diluted EPS (Rs)* 12.42
    P/E (x)* 13.1

    *Based on trailing 12-months earnings

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