Net Loss of Indian Card Clothing Company reported to Rs 13.73 crore in the quarter ended March 2018 as against net loss of Rs 1.61 crore during the previous quarter ended March 2017. Sales rose 11.63% to Rs 18.24 crore in the quarter ended March 2018 as against Rs 16.34 crore during the previous quarter ended March 2017.

For the full year,net loss reported to Rs 17.81 crore in the year ended March 2018 as against net profit of Rs 14.53 crore during the previous year ended March 2017. Sales rose 14.87% to Rs 59.18 crore in the year ended March 2018 as against Rs 51.52 crore during the previous year ended March 2017.

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Indian Card Clothing Company has discontinued operations at its factory situated at Pimpri, Pune through an amicable settlement with the unionised employees It has taken the interest of all the unionised employees working in this factory into consideration, while negotiating the settlement.

As a result of this strategic decision, the production facility will be shifted to the Company's existing state-of-the-art manufacturing facility in Nalagarh, Himachal Pradesh.

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Indian Card Clothing Company has entered into a Memorandum of Understanding (MOU) on the 18 April, 2018, with its Labour Union for permanent discontinuation of the operations at its factory situated at Pimpri, Pune. This mutual decision has been necessitated due to the continuous operational losses at the Pimpri factory for a period of last 4 to 5 years.

The Company shall, in accordance with the terms of the MOU, undertake to pay the dues to the unionised employees in full and final settlement. Necessary confirmation to this effect shall be promptly intimated to the Stock Exchanges.

There is no disruption, in the manufacturing operations at the Nalagarh factory of the Company.

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Net Loss of Indian Card Clothing Company reported to Rs 3.34 crore in the quarter ended December 2017 as against net loss of Rs 1.62 crore during the previous quarter ended December 2016. Sales rose 12.70% to Rs 11.98 crore in the quarter ended December 2017 as against Rs 10.63 crore during the previous quarter ended December 2016.

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