View #IFB Indu LTP 518.15/-Rs Price
Volume Trend is very good Major Resistance Breakout at 496/-Rs
Expecting further upside till 555/-Rs
IFB Industries- 1QFY21 Result Update - Lockdown affects supply chain; Scaling up AC key to turnaround
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...