Indian Card Clothing Company Limited — Important, 29-01-2025: Closure of operations

The Indian Card Clothing Company Limited's Board has approved the proposal to close operations of its wholly-owned subsidiary, ICC International Agencies Limited (ICCIAL). The closure, prompted by ongoing losses due to the loss of key agency agreements since 2015 and challenging market conditions in the Textile Industry, is expected to be completed within six months. For the last financial year ending March 31, 2024, ICCIAL contributed approximately Rs. 161.56 lakh to the company's revenue but incurred a loss after tax of Rs. 33.69 lakh. This decision reflects the company's strategic shift, as maintaining ICCIAL's operations was deemed unsustainable. Investors should watch closely as this move could enhance the parent company's focus and resource allocation.