IFB Industries (IFBIND) Q1 24/25 earnings summary

Executive summary

• Standalone total income rose 17% YoY to ₹1,244.44 crore; EBITDA increased 113% to ₹86.55 crore, with a 6.95% margin.

• Consolidated revenue was ₹1,269.16 crore; profit attributable to owners was ₹37.54 crore versus a ₹0.62 crore loss YoY.

• Home appliances drove stronger segment earnings, with consolidated segment profit before interest and tax rising to ₹40.59 crore from ₹7.22 crore.

• Washer sales declined in volume and value; management cited in-store execution and product-range upgrades as key recovery priorities.

• June supply constraints limited AC sales, while management indicated revenue growth could have been higher without them.

Financial highlights

• Standalone revenue from operations was ₹1,237.28 crore, up 17% YoY; PAT was ₹38.84 crore versus ₹2.63 crore.

• Standalone PBT was ₹52.40 crore versus ₹3.55 crore; unannualised EPS was ₹9.59 versus ₹0.65.

• Consolidated PBT was ₹51.38 crore versus ₹0.56 crore; total comprehensive income was ₹37.61 crore versus a ₹1.62 crore loss.

• Combined sales promotion and CSR expenditure was ₹66 crore versus ₹76 crore YoY, or 5.30% versus 7.37% of turnover.

Outlook and guidance

• Management’s internal growth ambition was 20% or more, supported by washer investments, Aircon and refrigerators; HAD targets revenue growth above 20% and double-digit margins.

• AC FY25 volume target was raised to 500K units from 400K; margin improvement targets include double-digit AC EBITDA margin.

• Refrigerator sales at IFBRL reached 90K units in Q1; initial target is 50K units per month by Sep–Oct 2024, with revenue expected to build in FY25.

• Engineering targets ₹200 crore of new orders in FY25 and ₹300 crore in FY26; washer range upgrades and counter-staffing completion are expected to support recovery over Q2–Q3.

• Appliance margins are targeted to reach double digits, potentially by November–December; fixed-cost and material-cost work remains a priority, with ₹10–12 crore per month of cited opportunity.