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ICICI Direct Report
Indo Count Industries Ltd. reported a resilient performance amid a challenging scenario.
Owing to stringent lockdown measures in Maharashtra, manufacturing operations were disrupted in Q1 FY22 (May 15-23).
Revenue for the quarter grew 3% QoQ to Rs 714 crore (up 115% YoY).
During the quarter, Indo Count has recognised rebate of state and central taxes and levies incentives worth Rs 90 crore, out of which Rs 50 crore pertains to Q4 FY21.
Other income grew 3.4 times QoQ to Rs 45 crore of which Rs 30 crore pertains to foreign exchange gain (that is considered to be operational in nature).
Adjusting for the previous quarter’s incentives in both quarters (Q4 FY21 and Q1 FY22), adjusted revenue de-grew 8% QoQ.
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