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Yes Securities Report
IFB Industries Ltd. has seen muted revenue growth in Q4 led by price increase while volumes continued to be lower to negative in certain product categories.
Gross margin contracted by 718 basis points due to high inflation in key raw materials which was not fully passed on. The company has taken some pricing actions in end of march full impact of which should be realized form Q1.
IFB has also taken other corrective actions including change in management in certain areas and noticeable improvement in sales have been observed in April and May.
We have already built in increased efficiency in home appliances resulting from the higher utilisation of air condition plant. Currently room AC plant is completely booked for Q1 and there is order visibility of Q2 as well.
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