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Nirmal Bang Report
IFB Industries Ltd.’s Q1 FY22 revenue grew by a robust 97% YoY to Rs 5.5 billion, 15% above our estimate.
The topline could have been better but a major portion of air conditioner sales in April-May 2021 was lost due to the second Covid-19 wave.
Sales of home appliances jumped 74% YoY to Rs 4.3 billion while fine blanking/motors revenue grew by 292%/464% YoY to Rs 1.1 billion (20% of total sales)/Rs 98 million (2% of total sales).
Gross margin contracted by 190 basis points YoY to 40.6% due to commodity cost inflation.
IFB Industries reported Ebitda loss of Rs 339 million in Q1 FY22 versus Ebitda loss of Rs 324 million in Q1 FY21, with a negative operating margin of 6.1% versus a negative operating margin of 11.6% in Q1 FY21.
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