SHORT SELL:

INDO COUNT IND LTD Q4

ICIL has reported extremely bad nos:

1. EBIDTA fell *26%* to 90 cr vs 122cr

2. EBIDTA margin *down whopping 630 bp to 17.6% vs 23.8%*

3. PAT fell *28% to 48.8% vs 68cr*

Since co derives major revenue from Exports, *strong rupee can keep margins depressed*

OPERATOR CANT KEEP SHARE PRICE AT ARTIFICIALLY HIGH LEVEL FOR LONG TIME

TP 165-168 June Expiry

SELL