IFB Industries Ltd announced a consolidated net profit of Rs 37.54 crore for the first quarter ending June 2024, a significant improvement from the consolidated net loss of Rs 0.62 crore in the same quarter last year, according to a regulatory filing.
The company’s revenue from operations increased by 16.87% to Rs 1,269.16 crore during the quarter, up from Rs 1,085.91 crore in the corresponding period last year. Total expenses rose by 12.24% to Rs 1,222.14 crore in the June quarter.
Revenue from the home appliances segment grew by 18.6% to Rs 1,023.63 crore, while the engineering segment saw a 9.37% increase to Rs 210.21 crore. The motor segment contributed Rs 16.51 crore, and the steel segment added Rs 45.58 crore.
The company’s total income, including other income, increased by 16.7% to Rs 1,276.25 crore for the quarter.
Previously known as Indian Fine Blank Ltd, IFB Industries operates through several divisions and associate companies, including Home Appliances, Fine Blanking & Motor, IFB Automotive, and IFB Agro & Travel Systems.
