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Indo Count: Anticipating Volume Growth - Views on News from Equitymaster
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Indo Count: Anticipating Volume Growth
Jul 11, 2017

Indo Count Industries announced its results for the quarter and financial year ended March 2017. During the quarter, the company's revenues de-grew by 5.3% YoY, while profits were down by 28.1% YoY.

Performance summary:
  • The company reported a muted performance during FY17. The topline dropped marginally by 0.6% YoY as demand remained under pressure amidst challenging business environment.
  • The operating profit declined by 18.3% YoY on the back of higher raw material cost, employee cost and operating expenses. Operating margins stood at 16.3% during FY17 compared to 19.8% in FY16.
  • Depreciation increased by 8% YoY.
  • Net profit grew by 5.8% YoY led by decline in operating profit and increase in depreciation and tax outgo. Net profit margin stood at 12.6% during the quarter.
  • The company declared dividend of Rs 0.4 over and above interim dividend of Rs 0.4. The dividend yield stands at 0.5%.

    Standalone Financials
    (Rs m) 4QFY16 4QFY17 Change FY16 FY17 Change
    Net sales 4,938 4,675 -5.3% 20,010 19,896 -0.6%
    Expenditure 3,909 4,228 8.2% 16,048 16,661 3.8%
    Operating profit (EBDITA) 1029 447 -56.6% 3962 3235 -18.3%
    Operating profit margin (%) 20.8% 9.6%   19.8% 16.3%  
    Depreciation 81 79 -2.5% 288 311 8.0%
    EBIT 948 368 -61.2% 3,674 2,924 -20.4%
    EBIT margin (%) 19.2% 7.9%   18.4% 14.7%  
    Interest 121 89 -26.4% 517 394 -23.8%
    Other income 195 454 132.8% 475 951 100.2%
    Profit before tax 1,022 733 -28.3% 3,632 3,481 -4.2%
    Exceptional items 0 0   0 0  
    Tax 342 244 -28.7% 1,257 968 -23.0%
    Profit after tax/(loss) 680 489 -28.1% 2,375 2,514 5.8%
    Net profit margin (%) 13.8% 10.5%   11.9% 12.6%  
    No. of shares (m)         197.5  
    Fully diluted EPS (Rs)*         11.8  
    P/E (x)*         14.2  
    *Based on trailing 12-months earnings
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