IFB Industries PAT jumps four-fold at Rs 5 crore
Chirag Gothi / 18 May 2016
IFB Industries Ltd., leading provider of home appliances, has posted more than a fourfold jump in consolidated net profit and stands at Rs 5.02 crore for the quarter ended March 31, 2016 as against Rs 1.18 crore in the corresponding quarter of the previous year.
IFB Industries Ltd., leading provider of home appliances, has posted more than a fourfold jump in consolidated net profit and stands at Rs 5.02 crore for the quarter ended March 31, 2016 as against Rs 1.18 crore in the corresponding quarter of the previous year.
The company’s consolidated revenue has grown by 12.73 per cent at Rs 368.5 crore in Q4FY16. Its consolidated operating profit (EBITDA) has de-grown by 37.32 per cent at Rs 9.02 crore along with operating profit margin contracting by 195 bps for the current quarter, i.e. at 2.45 per cent. In Q4FY16, the company has posted 74.1 per cent increase in other income and stands at Rs 7.07 crore as against Rs 4.06 crore in Q4FY16. Depreciation also has declined by 52.74 per cent at Rs 10.33 crore in Q4FY16.
Segment-wise, Home Appliances segment has reported growth of 13.40 per cent, i.e. Rs 298.5 crore in Q4FY16. Engineering segment i.e. Fine Blanking Business contributes around 20 per cent of the total revenue, growing at around 10 per cent at Rs 70 crore. The company has reported EBIT of Rs 1.75 crore in home appliances as against loss of Rs 6.40 crore in the corresponding quarter of the previous year.
For the entire period of FY16, it has reported de-growth in consolidated net profit of Rs 31.36 crore, while its revenue has grown by 18.98 per cent at Rs 1,500 crore. Its consolidated operating profit (EBITDA) has de-grown by 19.8 per cent at Rs 69.44 crore along with operating profit margin contracting by 223 bps for the current year at 4.63 per cent.
IFB is the leader in front-loading washing machines that constitute around 50 per cent of its revenue. The company has a sustained market share of 50-60 per cent for the past five years. IFB sells around 300,000 washing machines in a year which is the top contributor in the home appliances segment. While IFB enjoys a market share of around 50 per cent, LG and Samsung are at second and third slots in front-load washing machines. After washing machines, microwave ovens is the second biggest contributor to revenue of the home appliances segment, while the balance is accounted for by ACs, kitchen appliances, dishwashers (domestic and industrial), etc.
Today, stock price closed higher by Rs 19.20 or 4.97 per cent at Rs 405.80 per share.
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