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Margin improvement long drawn process; maintain Reduce Result Synopsis IFBI delivered inline revenue growth, with Its home Appliances business registered flattish revenue with EBIT margin of 0.8%. Company’s overall gross margin expanded by 250bps yoy on lower commodity costs. Company’s focus on getting higher extraction from channel is starting to show result but it is still lower than the expectation, as company is going on implementing its strategy state by state. We have ...
Reduce IFB Industries Ltd For Target Rs.s 788 - Yes Securities
IFBI posted consolidated sales of Rs10.9bn, up 2% YoY and broadly in-line with our estimate. Home Appliances sales was flat YoY at Rs8.6bn amidst subdued demand environment and channel build-up. Softer commodity costs and better product mix led to 250bps YoY/30bps QoQ rise in gross margin to 39.4%. This was, however, offset by higher spends on staff, promotion, franchisee and travel leading to flat YoY EBITDA at Rs348mn. EBITDA margin was at 3.2%, flat YoY and 60bps below our estimate of 3.8%...
Add IFB Industries Ltd For Target Rs. 875 - Centrum Broking Ltd
Margin improvement long drawn process; maintain Reduce Result Synopsis IFBI delivered lower than expected revenue growth with slack demand post the festive season. Its home Appliances business registered flattish revenue with EBIT loss of Rs56mn. Company’s overall gross margin expanded by 79bps yoy on lower commodity costs. Company’s focus on getting higher extraction from channel is showing results but it is still lower than the expectation, there is...
Reduce IFB Industries Ltd For Target Rs.s 821- Yes Securities
IFB Industries is currently trading at Rs. 997.70, up by 9.20 points or 0.93% from its previous closing of Rs. 988.50 on the BSE. The scrip opened at Rs. 1008.95 and has touched a high and low of Rs. 1028.80 and Rs. 991.30 respectively. So far 5797 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1290.00 on 06-Jan-2022 and a 52 week low of Rs. 793.50 on 07-Mar-2022. Last one week high and low of the scrip stood ...
IFB Industries surges on getting nod to investment up to Rs 97 crore in IFB Refrigeration
Revenue growth healthy; Margin expansion awaited IFB Industries (IFBI) posted consolidated sales of Rs10.7bn (Q1FY20-23 CAGR at 15.2%), above our estimate of Rs8.4bn. Home Appliances sales was at Rs8.6bn (Q1FY20-23 CAGR at 15%) led by healthy volume growth in AC and washing machines. Engineering sales was at Rs1.7bn (Q1FY20-23 CAGR at 14%) while Motor/Steel segment posted sales of Rs187mn/Rs369mn. Gross margin was substantially impacted by commodity costs increase as it fell 450bps YoY to ...
Reduce IFB Industries Ltd For Target Rs.1,010 - Centrum Broking
IFB Industries (IFBI) posted consolidated sales of Rs10.7bn (Q1FY20-23 CAGR at 15.2%), above our estimate of Rs8.4bn. Home Appliances sales was at Rs8.6bn (Q1FY20-23 CAGR at 15%) led by healthy volume growth in AC and washing machines. Engineering sales was at Rs1.7bn (Q1FY20-23 CAGR at 14%) while Motor/Steel segment posted sales of Rs187mn/Rs369mn. Gross margin was substantially impacted by commodity costs increase as it fell 450bps YoY to 36.9%, but it was up 40bps QoQ. Operating expenses w...
Reduce IFB Industries Ltd For Target Rs. 1,010 - Centram Broking Ltd
Restoring peak margins, a long drawn process; downgrade to SELL Result Synopsis IFBI revenue has bounced back on account of favorable base and higher growth from RAC on account of strong summer demand. Gross margin contracted by 447bps due to high inflation in key raw materials which was not fully passed on. The company has increased product prices by 3?4% on average basis. Company’s focus on getting higher extraction from channel is now slowly bearing fruit as it has seen volume ...
Sell IFB Industries Ltd For Target Rs.883 - Yes Securities
Impact of RBI Monetary Policy - Top Stocks to Buy according to AI-based tool, JARVIS - HAPPSTMINDS, IFBIND, LINDEINDIA, SONATASOFTW The rate hike was as expected. The governor has increased the inflation forecast for FY 23 to 6.7% which doesn't bode well. RBI is taking the right steps to tackle inflation while not compromising on growth. With inflation persisting above comfort levels due to the supply constraints, any relief from that perspective will be good for the markets. With the ...
Impact of RBI Monetary Policy : Top Stocks to Buy HAPPSTMINDS, IFBIND, LINDEINDIA, SONATASOFTW by Sumit Chanda, JARVIS Invest
RAC turnaround key for margin revival IFB Industries (IFBI) reported consolidated sales of Rs9bn, up 9% YoY but 14% below our estimate. Home Appliances sales grew 9% YoY to Rs7bn while Engineering sales grew only 3% YoY to Rs1.7bn. Gross margin declined 720bps YoY and 220bps QoQ to 36.5% due to rise in raw material costs, unfavorable revenue mix (higher share of RAC) and delay in passing on cost increase due to competition. Higher sales promotion, product mix and higher employee expenses l...
Add IFB Industries Ltd For Target Rs.865 - Centrum Broking
Profitability impacted severely, need corrective actions to improve margins; downgrade to REDUCE Result Synopsis IFBI has seen muted revenue growth in 4Q led by price increase while volumes continued to be lowerto negative in certain product categories. Gross margin contracted by 718bps due to high inflation in key raw materials which was not fully passed on. The company has taken some pricing actions in end of march full impact of which should be realized form Q1. Company has also take...
Reduce IFB Industries Ltd For Target Rs.807 - Yes Securities
Strong revenue delivery, but more work needed on the margins front; maintain ADD Our view IFBI has delivered revenue growth of 34% yoy led by strong demand across home appliances (especially microwave ovens and ACs) and Engineering products. Gross margin contracted by 314bps due to high input price of key raw materials which was not fully passed on. The company has taken some pricing actions and another round of price hike is expected in Q4 which should normalize gross margins. We have ...
Add IFB Industries Ltd For Target Rs.1,340 - Yes Securities
The company reported standalone net loss during the quarter stood at Rs 42.54 crore as compared to net loss of Rs 42.97 crore in the previous year quarter. Net revenue of the company rose substantially by 97.71 per cent at Rs 552.41 crore in April-June quarter of this fiscal as against Rs 279.40 crore in the corresponding period last year. During April-June quarter, operating expenses increased by 88.05 per cent to Rs 586.35 crore from Rs 311.81 crore in year ago period. Other Income grew ...
IFB Industries posts Q1 net loss of Rs 42.54 cr
Momentum Pick Buy IFB Industries Ltd For Target Rs. 1180 - HDFC Securities TECHNICAL OBSERVATIONS * Stock price has broken out on the Daily chart with higher volumes. * Oscillators like MFI & RSI is showing strength in the current uptrend of the stock * Short term trend of the stock has turned positive where stock price closed above its 5- and 20-day SMA. * Primary trend of stock is positive where stock is trading above its...
Momentum Pick Buy IFB Industries Ltd For Target Rs. 1180 - HDFC Securities
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