Indo Count Industries (521016) Q1 23/24 earnings summary

Executive summary

• Q1 FY24 volume rose 5% YoY to 20.03 million metres; management expected double-digit volume growth in each of the next three quarters.

• Strategy focused on utilizing completed capacity, growing value-added products and channels, and targeting 2x revenue over the next three to four years.

Financial highlights

• Consolidated total income was ₹746.69 crore versus ₹722.02 crore YoY; revenue was ₹741.43 crore versus ₹703.09 crore.

• EBITDA was ₹130 crore versus ₹141 crore YoY; EBITDA margin was 17.4% versus 19.5%.

• Consolidated PAT was ₹73.74 crore versus ₹77.38 crore; EPS was ₹3.72 versus ₹3.91.

• Consolidated PBT was ₹97 crore versus ₹110.01 crore; finance costs were ₹14.52 crore versus ₹14.46 crore.

• Standalone revenue from operations was ₹675.77 crore versus ₹775.37 crore YoY; PAT was ₹67.21 crore versus ₹96.26 crore.

Outlook and guidance

• FY24 volume guidance was 85–90 million metres and margin guidance was 16%–18%; both remained on track.

• FY24 capacity utilization was expected to exceed 60%; management anticipated double-digit volume growth in each of the next three quarters.

• Improving demand, festive-season opportunities and operating leverage were expected to support the 2x revenue ambition over the next three to four years.