Home textile manufacturer Indo Count Industries Ltd.'s profit fell more than estimated as the company's expenses grew in the fourth quarter of financial year 2016-17.
Net profit in the March-ended quarter fell 28 percent to Rs 48.8 crore compared to a year ago, according to its stock exchange filing. Revenue remained largely flat at 512.8 crore. Both the topline and bottomline missed analyst expectations of Rs 536 crore and Rs 62.4 crore, respectively.
Operating income fell 26 percent to Rs 90.1 crore, while operating margins contracted over 6 percentage points from a year ago to 17.6 percent. Expenses incurred by the company went up 8 percent to Rs 430.7 crore.
The board recommended a final dividend of Rs 0.4 per share, in addition to the interim dividend of the same amount announced earlier. This would take the total shareholder payout to Rs 15.8 crore approximately.
The company’s shares closed 2.3 percent lower compared to a 0.4 percent gain in the benchmark S&P BSE Sensex.