NSE: IFBIND | BSE: 505726 | INDUSTRY : HOUSEHOLD APPLIANCES | SECTOR : CONSUMER DURABLES

IFB Industries Ltd.

Expensive Star

718.25 -0.25 (-0.03%)

227.74% Gain from 52W Low

Volume: 51,847

NSEOct 23, 2020 03:31 PM

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Durability score
60/100
High Financial Strength
Valuation score
13/100
Expensive Valuation
Momentum score
72.1/100
Technically Bullish
9S
12W
10O
4T


IFB Industries Ltd.    
14 Aug 2020
718.25
-0.03%
buy
Accumulate: IFB Industries Ltd.
by Nirmal Bang Institutional
Target: 495 | Target met
Nirmal Bang Institutional
Lockdown affects supply chain; Scaling up AC key to turnaround IFB Industries (IFB) posted 59% YoY decline in revenue at Rs2.9bn, 13% below our estimate due to lockdown restrictions. Home Appliances sales fell 56% YoY to Rs2.5bn (87% of total sales) while Fine Blanking sales declined 71% YoY to Rs342mn (12% of total sales). Gross margin rose 230bps YoY to 42.6%. Staff cost was down 9% YoY at Rs669mn while other expenses fell 49% YoY to Rs897mn. EBITDA loss stood at Rs343mn, higher than our estimate of loss of Rs77mn. Higher depreciation (up 44% YoY at Rs235mn due to new AC plant commissioning in Goa) and higher interest expenses (up 280% YoY at Rs83mn) led to net loss...
IFB Industries Ltd. has gained 84.71% in the last 3 Months
IFB Industries Ltd.    
15 Jul 2020
718.25
-0.03%
buy
Accumulate: IFB Industries Ltd.
by Nirmal Bang Institutional
Target: 405 | Target met
Nirmal Bang Institutional
IFB Industries (IFB) posted 22% YoY decline in revenue at Rs5.1bn, 20% below our estimate, due to COVID-19 lockdown. Home Appliances sales fell 25% YoY to Rs3.9bn (75% of total sales) while Fine Blanking sales fell 13% YoY to Rs1.1bn (21% of total sales). Gross margin was strong at 45.9%, up 220bps QoQ. EBITDA fell 95% YoY to Rs8mn, leading to EBITDA margin of 0.2%, down 230bps YoY due to lower topline. Higher depreciation (up 177% YoY at Rs426mn due to IndAS reclassification and new AC plant commissioning) and higher interest expenses (up 306% YoY at Rs88mn due to IndAS reclassification) led to negative PBT at Rs465mn. With tax write-back of Rs261mn, PAT was at negative Rs195mn in 4QFY20 (vs. our...
IFB Industries Ltd. has gained 25.59% in the last 1 Month
IFB Industries Ltd.    
04 Feb 2020
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 870 | Upside : 21.1%
Nirmal Bang Institutional
Soft revenue; Home Appliances' margin pressure persists IFB Industries (IFB) posted 3% YoY rise in consolidated revenue at Rs7.2bn, 6% below our estimate of Rs7.6bn. Home Appliances segment grew by 4% YoY to Rs5.8bn (79% of total sales) while Fine Blanking segment remained flat YoY at Rs1.2bn. Gross margin was strong at 43.7%, up 670bps YoY but down 60bps QoQ. EBITDA grew by 18% YoY to Rs397mn, leading to 70bps YoY rise in EBITDA margin to 5.5%, 20bps lower than our estimate of 5.7%. Tax rate was higher at 38.5%, leading to 20% YoY decline in PAT to Rs148mn, below our estimate of Rs204mn. 3QFY20 had a net exceptional gain of Rs14mn due to (a) Rs130mn refund of surplus...
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IFB Industries Ltd. is trading above all available SMAs
IFB Industries Ltd.    
01 Dec 2019
718.25
-0.03%
buy
by Ashika Research
Ashika Research
divisions, Appliances and Fine Blanking. The appliances division has its manufacturing facilities at Goa and Bengaluru, while fine blanking has its facilities at Kolkata and Bengaluru. The divisions range of products covers both domestic appliances and industrial application categories including washing machines (front &...
IFB Industries Ltd. has gained 64.59% in the last 6 Months
IFB Industries Ltd.    
24 Sep 2019, 12:00AM
718.25
-0.03%
buy
by Rudra Shares and Stock Brokers Ltd
Target: 820
Rudra Shares and Stock Brokers Ltd
IFB has focused on augmenting manpower, expanding distribution reach, strengthening brand franchise, and improving product development capabilities in the last few years. While, it now generates gross margins similar to its peers, EBITDA margins are sharply lower mainly due to smaller scale. Hence, there is potential for IFB to introduce new products to leverage brand and extract operating-leverage benefits over the next few years. Moreover, company demonstrated healthy volume growth both in its front-loading and top-loading washing machine segments in FY19. So far, it has maintained a leading market position in the front-loading...
IFB Industries Ltd. has gained 64.59% in the last 6 Months
IFB Industries Ltd.    
05 Aug 2019
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 930
Nirmal Bang Institutional
IFB Industries (IFB) has posted 13% YoY rise in its 1QFY20 consolidated revenue to Rs7bn, 3% above our estimate. Home Appliances segment grew by 15% YoY to Rs5.7bn while Fine Blanking segment grew by 7% YoY to Rs1.2bn. Gross margin stood at 40.3%, up 110bps QoQ. Gross margin is not comparable YoY due to changes in classification of expense from 3QFY19 onwards. EBITDA declined by 12% YoY to Rs296mn, translating into an operating margin of 4.2%, down 130bps YoY, but in line with our estimate. Rise in depreciation and interest costs (partly due to IndAs 116) led to 29% YoY decline in PAT to Rs96mn. The bottom-line was below our estimate of Rs114mn. EBIT margin of the Home Appliances segment declined by 80bps...
IFB Industries Ltd. has an average target of 495.00 from 2 brokers.
IFB Industries Ltd.    
10 Jun 2019
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 1210
Nirmal Bang Institutional
Sustains Healthy Revenue Growth; Aims To Revive Margins IFB Industries (IFB) posted 18% YoY rise in revenues in 4QFY19 to Rs6.2bn, 3% above our estimate. Home appliance segment grew 19% YoY at Rs5bn while fine blanking segment grew 16% YoY at Rs1.2bn. Rise in currency rates and commodity costs with a hike in import duty on consumer durables led to a 33% YoY increase in raw material costs to Rs3.7bn. Consequently, gross margin fell 60bps QoQ at 39.7% (not comparable YoY due to change in classification of expenses). Gross margin stood at 41.5% in FY19. EBITDA fell 61% YoY to Rs150mn, translating to an operating margin of 2.4%, down 500bps YoY. PAT stood at Rs57mn, much...
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IFB Industries Ltd. is trading above all available SMAs
IFB Industries Ltd.    
11 Feb 2019
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 1240
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. is trading above all available SMAs
IFB Industries Ltd.    
08 Aug 2018
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 1615
Nirmal Bang Institutional
Strong Growth And Margin Expansion Likely; Retain Buy IFB Industries (IFB) posted 1QFY19 revenues of Rs5.9bn, up 21% YoY. The GST-adjusted like-to-like growth was 19.3% YoY in the home appliance segment (Rs4.9bn sales) and 26.3% YoY in the fine blanking segment (Rs1bn sales). Gross margin expanded 200bps YoY to 43.6% in 1QFY19 owing to product indigenisation. However, a 25% YoY rise in other expenses to Rs1.6bn restricted the expansion in EBITDA margin to 100bps YoY at 5.3%. EBITDA margin of home appliance segment rose 110bps YoY to 4.6% (1Q is generally a low-margin quarter) while EBITDA margin of the fine blanking segment...
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IFB Industries Ltd. is trading above all available SMAs
IFB Industries Ltd.    
07 Jun 2018
718.25
-0.03%
buy
by Nirmal Bang Institutional
Target: 1650
Nirmal Bang Institutional
Strong Growth And Margin Expansion Likely; Retain Buy IFB Industries (IFB) sustained its strong growth momentum with revenues rising 22% YoY to Rs5.2bn in 4QFY18 and 23.4% YoY to Rs21.5bn in FY18. The GST-adjusted like-to-like growth in the home appliance segment was 19.4% YoY (Rs4.2bn sales) while the fine blanking segment's revenues jumped 34% YoY to Rs1bn in 4QFY18. Despite rising commodity prices, gross margin expanded 420bps YoY to 46.3% in 4QFY18 and 170bps YoY to 43.9% in FY18 owing to product indigenisation, better revenue mix and value engineering. EBITDA stood at Rs377mn in 4QFY18, translating...
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IFB Industries Ltd. is trading above all available SMAs