Add IFB Industries, target price Rs 910: Centrum Broking

Centrum Broking has add call on IFB Industries with a target price of Rs 910. The current market price of IFB Industries Ltd. is Rs 859.4. Time period given by analyst is one year when IFB Industries Ltd. price can reach defined target.

IFB Industries Ltd., incorporated in the year 1974, is a Mid Cap company (having a market cap of Rs 3462.94 Crore) operating in Consumer Durables sector.

IFB Industries Ltd. key Products/Revenue Segments include Washing Machines, Fine Blanked Components (Heavier), Microwave Oven (Traded), Air Conditioners (Traded), Accessories, Dish Washers, Spares And Others, Sale of services, Others, Scrap, Motors, Dryers & Drying Systems, Equipment Industrial, Press Tools & Dies, Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 904.86 Crore, down -5.56 % from last quarter Total Income of Rs 958.11 Crore and up 8.74 % from last year same quarter Total Income of Rs 832.14 Crore. Company reported net profit after tax of Rs -28.29 Crore in latest quarter.

Investment Rationale
The brokerage expects IFBI to report revenue CAGR of 17% over FY22-FY24E. While scale-up in AC and top-load washing machine would offer healthy growth prospects, but margin recovery will be challenged by input costs pressures amid high competitive intensity.


Promoter/FII Holdings
Promoters held 74.96 per cent stake in the company as of 31-Mar-2022, while FIIs owned 6.99 per cent, DIIs 4.04 per cent.