IFB Industries Ltd.    
11 Feb 2019
626.20
3.27%
Nirmal Bang Institutional
Healthy Revenue Growth; Margins Likely To Recover IFB Industries (IFB) posted a strong 25% YoY rise in revenues in 3QFY19 to Rs6.6bn, in line with our estimate. The top-line was driven by healthy growth in home appliance segment (up 28% YoY at Rs5.5bn) while fine blanking segment grew 16% YoY at Rs1.1bn. With the rise in commodity prices, volatility in currency and a hike in import duty on consumer durables, raw material costs rose 40% YoY to Rs3.9bn leading to a fall in gross margin at 40.2%. Gross margin in FY18 was 43.5% while 3QFY18 was a high-base quarter at 46.4%. Consequently, EBITDA fell 14% YoY to Rs313mn, translating to an operating margin of 4.7%, down 220bps...
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IFB Industries Ltd. has an average target of 930.00 from 1 broker.
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