Shares of Indo Count Industries (ICIL) have hit a 16-month high after the company reported a strong Q4 performance, with profit after tax (PAT) growing 11% YoY and 2.5 times sequentially to INR947m ($12.7m), and revenue jumping 23% YoY to INR8.07bn ($108m). ICIL is one of India’s largest home textile manufacturer and exporters and has a presence in the top nine out of 10 big box retailers in the US. The company’s sales volume (including GHCL unit) grew 16% YoY to 20.4 million metres against 17.6 million metres in Q4FY22, and with greenshoots visible, ICIL has guided for volume of 85-90 million metres in the current fiscal year, up 17% YoY. The company remains positive about the demand scenario in the long run, supported by China+1 strategy and government steps to support the Indian home textile export market. The brokerage firm expects the b/s deleveraging to accelerate even further.
Indo Count Stock Soars 36% in Four Days as Q4 Results Impress, Reaches 16-Month High
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