Indian lockdown extended - Incap continues to ramp up
The current lockdown in Karnataka, India has been extended until 21 June, which means that EMS provider Incap will continue to operate its indian factories according to the government guidelines and while still preparing to resume full operations once the restrictions are removed.
It was on 10 May 2021 when the company announced that it had temporarily closed down its factories in Tumkur until 24 May 2021. On 24 May 2021, Incap announced that the lock-down had been extended until 7 June 2021 and that it had been granted a permission for partial operation of its factories. Now the lock-down in Karnataka has been extended until 21 June 2021, the company states in a short update. The company is adiment that the closure, and the partial operations, of the factories in India will not have an impact on the its 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.