Incap Provides Updates on India Factories, Maintains 2021 Outlook

Article By : Incap Corp.

Incap has been granted permission for partial operations to support the manufacturing of critical electronic equipment.

Incap Corp. recently announced that it had temporarily closed down its factories in Tumkur until May 24, 2021 due to the Karnataka State Government’s intensified measures against the coronavirus pandemic.

The State Government has extended the intensified measures and the lockdown until June 7, 2021. However, Incap has been granted a permission for partial operations to support the manufacturing of critical electronic equipment including applications for healthcare. The company continues its close cooperation with the Karnataka State Government and follows the instructions announced. It expects that the factory will be back to normal operations by June 7.

The closure and the partial operations of the factories in India do not have an impact on the company’s outlook for 2021. Below is Incap’s previously announced outlook for 2021:

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2021 will be clearly higher than in 2020.

The increase in revenue and operating profit estimate is driven by the strong development at the Indian factories and the ramp-up of the factory expansion, that has proceeded faster than expected. Furthermore, the visibility related to the customers’ forecasts and the company’s own assessments of the business development has improved.

The estimates are given provided that there are no major negative changes in the coronavirus pandemic situation, currency exchange rates or in component availability and they are based both on Incap’s customers’ forecasts and the company’s own assessments of the business development.

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