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Can Indo Count Still Be Counted On? - Views on News from Equitymaster
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Can Indo Count Still Be Counted On?
Aug 14, 2017

Indo Count Industries charted its course from being a plan vanilla spinning company to a home textile company to a BIFR company (under corporate debt restructuring) to a profitable specialty bed sheets company ...all within the past decade.

One could have speculated that the company will eventually come out of BIFR and invest early in the stock. But for every company that has come out of BIFR and had a second lease of life, there have been several others who failed. That is precisely the reason we chose to meet Indo Count only after it had put its tumultuous past and debt woes firmly behind it. We wanted to not just know whether the company has made any fundamental changes to its business metrics but also whether it has put in safeguards to confront future headwinds, if any.

We had recommended the stock in 2015, the year it came out of BIFR and had a massive turnaround in financials. Its debt to equity stood at 0.8 times in 2015 and we were confident that this would be brought down further.

Is recent performance a reason to worry?

Indo Count has completed its capacity expansion from 68 million meters to 90 million meters in FY17. The company expects to fully utilize the extended capacity in next three years. While it achieved sale of 56 million meters in FY17 (54 million meters in FY16), the target for FY18 is 52 to 63 million meters due to higher volumes from expanded capacity.

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