Incap: Q1 above consensus, FY guidance unchanged - Nordea

Net sales were 12% above consensus (LSEG) in Q1. Revenue decreased by 29% y/y in Q1 but grew by 38% y/y when excluding the company’s largest customer which is making a destocking exercise. Incap’s factory in India returned to growth mode in Q1 but the destocking effect of the largest customer is expected to continue at least to the end of Q2. However, utilisation ratio management has been good and adjusted EBIT margin was above consensus in Q1. Full year guidance of declining revenues and EBIT is unchanged but revenue is estimated to grow q/q starting in Q1 2024. We forecast market consensus for clean EBIT 2024 to be upgraded by EUR 3m (13%) after Q1 earnings release.

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