IFB Inds slips after weak Q3 performance

IFB Industries fell 1.32% to Rs 840.80 after the company reported a consolidated net loss of Rs 1.14 crore in Q3 FY23 as against a net loss of Rs 3.21 crore in Q3 FY22.

Revenue from operations rose by 5% YoY to Rs 999.16 crore during the quarter.

On the segmental front, Home Appliances revenue was Rs 771.88 crore (flat YoY), Engineering revenue was Rs 198.26 crore (up 24% YoY), Steel revenue was Rs 34.66 crore (up 10% YoY) and Motor revenue was Rs 16.90 crore (up 56% YoY).

Total expenses in the third quarter increased by 4% to Rs 1,006.55 crore as compared with the same period last year, due to higher raw material costs (up 7% YoY) and higher other expenses (up 4% YoY).

The company recorded a pre-tax loss of Rs 3.35 crore in Q3 FY23 as against a pre-tax loss of Rs 5.31 crore in Q3 FY22.

IFB Industries operates in two segments - manufacturing of fine blank components and manufacturing and marketing of consumer durable goods. It manufactures fine blanking components for two wheelers, four wheelers, heavy vehicles and electricals OEMs. Backed by a strong brand and established market position, the company has a diversified product portfolio, comprising front and top load washing machines, dryers, ACs, microwave ovens, dishwashers, modular kitchen and chimneys.

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