Indo Count Industries announces the new capex of Rs 270 crore
The company witnessed an increase in Home textile capacity from 90 mn metres to 108 mn metres.
Indo Count Industries announced that the modernisation of spinning capacity with compact spinning technology has been completed. The company also witnessed an increase in Home textile capacity from 90 mn metres to 108 mn metres. The capacity will be operational by Q3 FY23 when ETP/RO facilities and balancing utilities equipment are installed. The Commensurate addition in cut/sew facilities and additional Top of the Bed (TOB) capacity’s work is in progress and the facilities will be operational in H2 FY23.
Indo Count also disclosed their new capex to enhance the spinning capacity at the subsidiary PSML – Pranavaditya Spinning Mills of Rs 270 crore. The Proposed capex will be towards additional spinning Capacity of ~68,000 spindles.
The company is also planning to specialized yarn. Phase 1 of Rs 98 Crs- 24,192 spindles is expected to be operationalise by December 2022. Phase 2 of Rs 172 Crs – 43,776 spindles is expected to be operationalise by March 2023. The total capex spend for the project is Rs.270 Crs. This will be funded thorough a mix of internal accruals of Rs. 95 Crs and debt of Rs. 175 Crs
Indo Count Industries Limited announced its audited financial results for the fourth quarter and year ended 31st March 2022. The company achieved the revenue growth of 17%, EBITDA growth of 39%, and PAT growth of 44% in FY22 due to better raw material hedging and higher contribution from value added products.
Commenting on the results, Anil Kumar Jain – Executive Chairman said, “We delivered growth despite covid-related impact, geopolitical disruptions, rising inflation, supply chain challenges, and peak raw material prices. During the year, we acquired the GHCL home textile business, propelling us to become the largest global bed linen manufacturer. Even though the industry is facing unusual hurdles, we remain optimistic about the Indian home textile industry’s future growth prospects.”
Indo Count Industries Ltd (ICIL), is the largest global Home Textile bed linen manufacturer. Anil Kumar Jain, Executive Chairman, has been ranked 10th amongst the India’s Best Top 100 CEO’s 2017 by Business Today. Under his leadership, the Company has focused on some of the world’s finest fashion, institutional and utility bedding & sheets and has built significant presence across the globe. Over the years, the Company has successfully carved out a niche for itself and has become a total bedding resource. The company’s current annual capacity is 135 million metres.