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ICICI Direct Report
Indo Count Industries Ltd. is one of India's largest home textile manufacturer and exporter with an extensive product range which spans across bed sheets, quilts and bed linen. It has a presence in top nine out of 10 top big box retailers in USA.
Indo Count acquires home textile business of GHCL Ltd. (which includes manufacturing facilities and land in Vapi, Gujarat) by way of slump sale.
With addition of almost 50% (45 million meters) new capacity, Indo Count would become the largest home textile bedding company, globally, with annual capacity ~153 million metres.
Acquisition could incrementally add potential revenue of Rs1300-1500 crores over next two three years.
On an annualised basis, the valuation stands at ~ 6.0 times FY22 profit before tax, which we believe is fairly reasonable (purchase consideration: Rs 576 crore).
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