Hold Indo Count Industries, target price Rs 140: ICICI Direct

ICICI Direct has hold call on Indo Count Industries with a target price of Rs 140. The current market price of Indo Count Industries is Rs 124.7. Time period given by analyst is one year when Indo Count Industries Ltd. price can reach defined target.

Indo Count Industries Ltd., incorporated in the year 1988, is a Small Cap company (having a market cap of Rs 2495.13 Crore) operating in Textiles sector.

Indo Count Industries Ltd. key Products/Revenue Segments include Textile Goods, Export Incentives for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 690.33 Crore, down -12.24 % from last quarter Total Income of Rs 786.58 Crore and down -2.05 % from last year same quarter Total Income of Rs 704.75 Crore. Company reported net profit after tax of Rs 85.31 Crore in latest quarter.

Investment Rationale
Changing demand pattern and lower new home sales has led to slackening of demand for home textile products in USA which is a key market for the company. Also the brokerage believes that high input cost would weigh on the margins negatively as the company would not be able to fully pass on the cost increase to customers

Promoter/FII Holdings
Promoters held 58.94 per cent stake in the company as of 31-Mar-2022, while FIIs owned 9.44 per cent, DIIs 0.06 per cent.