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Indo Count Annual Report 2023 Summary

Updated: Oct 1, 2023

  • Indo Count Industries Limited (ICIL) is engaged in the home textiles & bedding industry. The company is a manufacturer and exporter of bed sheets, bed linen and quilts. It is the largest global bed linen player.

  • Revenue grew by 2% to Rs.3,042.98 Crores despite a 10% decline in Indian home textile exports.

  • Key Changes in 2022 - o Acquisition of GHCL's home textile business. o Amalgamation of Pranavaditya Spinning Mills Ltd with the company. o Bed linen capacity increased to 108 million meters.

  • Key Changes in 2023 - o Bed linen capacity increased to 153 million meters.

  • The company focused on capex and growth, successfully commissioning most projects in FY23. They are optimistic about the future, expecting lower raw material prices, decreased freight costs, and improved supply chain to boost overall competitiveness.

  • Our prudent capital allocation strategy has been an important pillar of success. Over the last two years, we have built capacities through organic and inorganic routes by investing over Rs. 1,000 crore and positioned the Company as the largest global bed linen player. Our prudent capital allocation strategy has helped us to be ready to achieve 2x revenues for the future.

  • Boutique Living's products include bedsheets, comforters, bedding combos, towels, and more, available in premium multi-brand retail outlets and popular e-commerce platforms. Boutique Living and Layers are key domestic brands in Indo Count's Indian retail portfolio. Boutique Living is a premium brand known for exquisitely crafted bed linen with inspired designs, catering to customers with refined taste. Layers offers affordable bed linen with quirky designs, appealing to India's aspiring segment.

  • Indo Count has ten strong brands and adds licensed brands to cater to evolving trends and customer demands. They recently launched GAIAM, a health & wellness brand, gaining traction in international markets. The company focuses on increasing its share in e-commerce and branded business through strong brand promotion initiatives. The brand strategy is successful, and they plan to add more licensed brands to enhance customer relevance.

  • Indo Count launched Jasper Conran last year, which has gained significant traction in the UK and other countries. Additionally, other product brands like Infinity, Signature Sateen, and Pure Earth are also performing well, contributing to the company's success.

  • As of March 31, 2023, Indo Count has four wholly owned subsidiaries. The merger of Pranavaditya Spinning Mills Limited with Indo Count became effective on October 20, 2022, following approval by the Hon'ble NCLT. Mr. Siddharth Mehta was nominated as Director on the Board of Indo Count Global Inc.

  • Debt Reduction and Acquisition: Net debt reduced from Rs. 900 crore (FY22) to Rs. 589 crore (FY23) with strategic acquisitions. Indo Count’s net debt to equity was 0.47 as of 31 st March 2023 against 0.82 for the previous year.

  • Reasonable global market optimism as headwinds wane. Signs of recovery in the US despite inflation. 'China Plus One' strategy benefits Indian textile industry. Indo Count is well-prepared with enhanced capacities and awareness efforts.

  • Global cotton production for 2022-23 is projected to be 115.9 million bales, with consumption at 110.9 million bales. In 2023-24, production is expected to rise to 116.7 million bales. India's 2022-23 cotton crop estimate is 298.35 lakh bales, with domestic consumption at 311 lakh bales and exports at 20 lakh bales. Cotton imports are projected to be around 15 lakh bales.

  • Standalone Performance Highlights: o Sales volume: 74.70 million meters for FY23 o Total revenue: Rs. 2,818 crores for FY 2022-23 o EBIDTA: Rs. 443.61 crores for FY 2022-23 (compared to Rs. 537.84 crores in the previous year) o Net profit: Rs. 238.17 crores for the year ended March 31, 2023 o EPS: Rs. 12.03

  • Consolidated Performance Highlights: o Total revenue: Rs. 3,042.98 crores for FY 2022-23 (compared to Rs. 2,982.23 crores in the previous year) o EBIDTA: Rs. 485.71 crores for FY 2022-23 o Net profit: Rs. 276.78 crores for the year ended March 31, 2023 o EPS: Rs. 13.97 o Growth in e-commerce business contributing 10% of revenue in FY23.



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