IFB Industries (IFBIND) Q2 24/25 earnings summary

Executive summary

• Q2 consolidated total income rose 11% YoY to ₹1,232.06 crore; EBITDA increased 14% to ₹78.26 crore and PAT rose 46% to ₹31.41 crore.

• Standalone H1 EBITDA increased 43% to ₹165.57 crore and PAT rose to ₹72.14 crore; washer supply constraints, higher material costs and operating expenses weighed on Q2 performance.

• September revenue growth accelerated to 22% YoY after flat growth in July and August.

Financial highlights

• Q2 standalone total income was ₹1,189.24 crore, PBDIT ₹79.02 crore and PAT ₹33.30 crore; PBDIT grew 6% and PAT 16% YoY.

• Q2 consolidated revenue from operations was ₹1,219.33 crore versus ₹1,100.90 crore; PAT was ₹31.41 crore versus ₹21.53 crore.

• Standalone H1 revenue was ₹2,433.65 crore and PBDIT ₹165.57 crore, up 14% and 33%; PAT rose to ₹72.14 crore from ₹31.32 crore.

• Consolidated H1 revenue was ₹2,488.49 crore versus ₹2,186.81 crore; PAT was ₹68.95 crore versus ₹20.91 crore.

Outlook and guidance

• Washer-model cost benefits are expected from Q3; margin targets are near double digits in Q3 and 9%–10% by Q4, subject to volumes.

• Internal bill-of-materials cost-reduction target is ₹200 crore over 12 months, with total savings expected to be slightly above ₹200 crore including logistics.

• Refrigerator sales are expected to approach 50,000 units monthly by February–March; FY25 volume expectation was revised to 4.5 lakh units from 6 lakh.

• Room AC EBITDA was positive YTD September; FY25 volume target is close to 5 lakh units if supply preparation through March proceeds as planned.

• Engineering targets ₹500 crore of new orders over FY25–FY26; dishwasher monthly sales target is 4,500+ initially, rising to 5,000+ from Q4 FY25.