Indo Count Industries surges 4% on taking over US based textile firm
Source: Business Standard
The purchase price includes inventory of $2.11 million representing 100 per cent stake in the company, subject to valuation adjustments for working capital and on account of due diligence & true up adjustments basis post-closing verifications, the company said in an exchange filing.
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Established in 2023, Modern Home Textiles is engaged in the business of manufacturing and offering a wide range of utility bedding products having its facility located at Phoenix, Arizona, having an annual production capacity of 8 million pillows. The product offerings include a wide range of pillows and other filled products.
Indo Count Industries said as it is already engaged in the business of manufacturing and exporting of bed linen, fashion, utility and institutional bedding from India. This acquisition will help the group to improve its presence in the utility bedding segment in North America thereby increasing its market share.
Indo Count Industries share price history
Indo Count Industries stock has outperformed the market year to date as it has risen 20.3 per cent, while gaining 47.2 per cent in the last one year. In comparison BSE Sensex has risen 13.4 per cent year to date and 23.7 per cent in a year.
The company has a total market capitalisation of Rs 7,165.61 crore. Its shares are trading at a price to earnings multiple of 21.55 times at an earning per share of Rs 16.77.
At 12:47 PM, the stock price of the company gave up all its early morning gains and was trading merely above the flatline, up 0.03 per cent at Rs 361.55 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.79 per cent to 82,021.78 level.
Indo Count Industries financials
Indo Count Industries revenue rose by 27.22 per cent compared to the same period last year, reaching Rs 949.97 crore in the first quarter of the financial year 2024-25 (Q1FY25).
However, on a quarterly basis, the revenue fell by 13.13 per cent. The company’s net profit increased by 5.51 year-on-year to Rs 77.80 crore in Q1FY25, but it also saw a quarterly decline of 15.38 per cent.
First Published: Oct 14 2024 | 12:59 PM IST
