IFB Industries Ltd Reports Robust Q1 Profit with Engineering and Home Appliances Boost

IFB Industries Ltd recorded a consolidated net profit of Rs 37.54 crore for Q1 ending June 2024, driven by gains in the engineering and home appliances sectors. This marks a significant improvement from a net loss of Rs 0.62 crore in the same period last year. Revenue rose by 16.87% to Rs 1,269.16 crore.

IFB Industries Ltd on Saturday reported a consolidated net profit of Rs 37.54 crore for the first quarter ended in June 2024, bolstered by strong performances in its engineering and home appliances segments. This is a marked improvement from the same quarter the previous year when the company had recorded a consolidated net loss of Rs 0.62 crore, according to a regulatory filing from IFB Industries.

Revenue from operations surged by 16.87 per cent to Rs 1,269.16 crore during the quarter under review compared to Rs 1,085.91 crore in the year-ago period. The company's total expenses for the June quarter also increased by 12.24 per cent to Rs 1,222.14 crore.

In particular, the home appliances division saw an 18.6 per cent rise in revenue to Rs 1,023.63 crore in Q1 of FY 2024-25. Revenue from the engineering segment climbed by 9.37 per cent to Rs 210.21 crore, while the 'motor' segment contributed Rs 16.51 crore and the steel segment added Rs 45.58 crore. Additionally, the company's total income, inclusive of other income, rose by 16.7 per cent to Rs 1,276.25 crore for the quarter.

Formerly known as Indian Fine Blanks Ltd, IFB Industries operates through various associate companies and divisions, including Home Appliances, Fine Blanking & Motor, IFB Automotive, and IFB Agro & Travel Systems.

(With inputs from agencies.)