a) Structure and Developments, Opportunities and Threats, Performance, outlook, Risks
and Concerns:
Ministry of Finance Economic Survey projects India to witness GDP growth of 6.0 percent
to 6.8 percent in 2023-24, depending on the trajectory of economic and political
developments globally. The optimistic growth forecasts stem from a number of positives
like the rebound of private consumption given a boost to production activity, higher
Capital Expenditure (Capex).
Dwelling on the Outlook for 2023-24, the Survey says, Indias recovery from the
pandemic was relatively quick and growth in the upcoming year will be supported by solid
domestic demand and a pickup in capital investment. Aided by healthy financials, incipient
signs of new private sector capital formation cycle are visible and more importantly,
compensating for the private sectors caution in capital expenditure, the government
raised capital expenditure substantially. Budgeted capital expenditure rose 2.7 times in
last seven years from FY16 to FY23. Structural reforms such as the introduction of the
Goods and Services tax and the Insolvency and Bankruptcy Code enhanced the efficiency and
transparency of the economy and ensured financial discipline and be er compliance. While
commodity prices have retreated from record highs, they are still above pre-conflict
levels. Entrenched inflation may prolong the tightening cycle and therefore borrowing
costs may stay ‘higher for longer.
Indias auto component industry is an important sector driving macroeconomic growth and
employment. The industrycomprisesplayersofallsizes,fromlargecorporations to micro
entities, spread across clusters throughout the country. The auto components industry
accounted for 2.3% of Indias GDP and provided direct employment to 1.5 million people. By
2026, the automobile component sector will contribute 5-7 % of Indias GDP. Indias auto
component industrys market share has significantly expanded, led by increasing demand for
automobiles by growing middle class and exports globally. Due to the remarkable growth in
demand for Indian auto components, several Indian and International players have entered
the industry. Indias auto component industry is broadly classified into organized and
unorganized sectors. While the unorganized sector consists of low-valued items and mostly
serves the a ermarket category, the organized sector serves OEMs and includes high-value
precision instruments.
Even as e-2W have accounted for approximately 85-90 percent of the total EV sales aided
by subsidies offered by the Government, electric vehicle penetration across segments is
increasing at a rapid rate. The mandate to have a minimum of 50% local parts in order to
avail Government subsidies is starting to impact e-2W sales.
Engineering Division
Business environment since Q3 FY 2022-23 improved due to decrease in commodity prices,
availability of semiconductors etc. The domestic automotive industry is expected to grow
at high single digit level in 2023-24. The demand for P.V segment is expected to grow at
6-9 per cent, C.V by 7-10 per cent, two-wheelers by 6-9 percent and tractors by 4-6 per
cent in FY 24.
The domestic automotive industry has seen a healthy revival in FY 2023, aided by a
recovery in economic activities and increased mobility. The demand sentiments for a
majority of the automotive segments will remain healthy aiding in improved o ake for the
industry participants. However, the two-wheeler industry continues to struggle with
industry volumes still below the pre-covid peak levels.
As far as 4W demand is concerned, all OEMs have gone for higher numbers. The 4W demand
is expected to continue at the same scale in the current year also due to high waiting
period. As far as 2W demand is concerned, it is being muted due to OBD1 and OBD2
requirement. Vehicle scrapping policy will lead to an increase in demand for 4W. CV demand
is expected to improve going forward as investment in infrastructure increases. It is
expected to have a significant increase in demand which should hover around a double-digit
growth in current fiscal. The demand for EV vehicles is seen mainly in the two wheeler
segment. The Company will focus on this segment as more localization will take place.
However, Global indications are not favorable – the western world is undergoing a
recession. India may move out of the crisis due to a positive market demand.
The Engineering business put in place a strategy to deal with the changing demands of
the domestic market and ensured that it developed business from new segments viz.
Railways, E.V etc. Products were also targeted for the emerging Electrical vehicle space.
The plants adopted TPM to ensure that the journey of operational excellence was taken
forward. The stamping business was well integrated into the existing business with a lot
of common customers with the fine blanking business and would grow further. Marketing
needs to do much more to ensure that the capacity is utilized for Stamping and Fine
Blanking. Once the Stamping turnover per month reaches Rs. 7 Crore plus, we will achieve
17% PBDIT and the capacity will be fully utilized. In FY 2022-23, based on enhanced
marketing efforts and improvements in the general business environment, the Division has
improved its revenue and margin. The Engineering business grew by 22.22% over the previous
year, despite enhanced material cost during 1st half of the last fiscal, the PBDIT grew by
52.4% over the previous year.
The issues that Engineering Division is successfully addressing include
1. Strong pricing pressure from customers & competitors.
2. Consistent increase in power cost.
3. Rapid increase in minimum wages.
4. High cost for new machinery & technology.
5. Timely raw material availability and pricing.
6. Fluctuations in demand forecasting by the automobile sector has created pressure in
meeting inventory, debtors.
7. Supply chain disruptions.
8. Regulatory Risk.
9. A rition of employees.
For engineering business to grow significantly the right acquisition need to be looked
at. We looked at- we did look out few in last two fiscal years. However, couldnt strike
due to higher price wanted by sellers. However, the division is looking for more
opportunities.
Consumer Durable Industry
The increasing demand for premium appliances is one of the primary factors that will
fuel the growth of the home appliances market in India during the next few years. The
growing importance of home appliances is encouraging the demand for unique and premium
consumer electronics. Premium appliances are equipped with smart features that match the
status of upper-class households. With the increasing number of high-net-worth
individuals, the demand for home appliances is growing in the developing economics and
fueling the market growth. To provide increased convenience, manufacturers are integrating
smart features that will influence the consumers to take buying decisions. These smart
products reduce manual labor and can be controlled and operated through smartphones. Smart
devices are being integrated with the IoT technology that integrates digital and wireless
technology and will enable consumers to connect their household appliances using their
smartphones and the internet and conveniently operate, monitor them from any location. The
compliance costs will be a major challenge for home appliances product. The home
appliances market has been witnessing an increase in cost due to evolving nature of
compliances prescribed by Government in recent years.
The consumer durables sector in India is expected to see its revenue grow 15-18% to Rs.
1 trillion this financial year, led by a 10-13% increase in volumes, according to report
of a rating agency. Demand will be driven by both urban and rural segments, though rural
demand will come into play in the second half of the financial year.
The under-penetrated air conditioners (AC) segment will be one of the key growth driver
for the industry. Demand for ACs and refrigerators is being driven by changing weather pa
erns. While consumers are opting for higher-capacity refrigerators and washing machines
(mainly fully automatic), compact ACs are preferred keeping in mind smaller apartments in
urban area.
Indias liberal and investor-friendly Foreign Direct Investment (FDI) policy is a
significant driver of the growth of the consumer durable goods market. In todays new
normal age, this industry is expected to grow due to increase digital influence, leading
to improved product awareness and a rise in demand from the tier-II and tier-III cities.
The announced Production Linked Incentive (PLI) scheme for white goods, with an assured
investment of Rs 4,614 Crores, is an excellent opportunity for manufacturers to ramp up
their production, reduce import dependency and make products more a ordable.
With increased consumer awareness about technological advancements and their
applications across sectors, artificial intelligence and automation in production will be
vital upcoming trends. Industry will also drive investments in R&D, technological
infrastructure, and processes to improve production e ciencies.
Home Appliance Division
The Appliance Division has ended the year with a growth of 21.9% in revenue terms and
PBDIT margins enhanced by 231 times as compared to 2021-22. However, the margin is not
comparable with the Budget as we have lost margins on account of higher material costs.
Lower margin is also on account of missing the targeted number in volume sales, especially
in A.C sales. Supply chain pressure on commodity pricing for a large part of the year were
a contributor to the lower margin structure. During the year, the Indian rupee remained
under pressure. The company has initiated action to reduce material cost and control fixed
overhead by reduction of avoidable man power, automation etc.
Our focus for last couple of years remains on the key agenda of localization for some
of high-cost imports. This is a key de-risking mechanism against future currency
depreciation impacts on our business. Our focus on localizing manufacturing within India
has resulted in a new generation of electronic controllers for models being manufactured
in India. The work has resulted in a significant portion of electronic controller imports
being substituted by localized production. The expected customer demand, combined with the
launch of new models and plans to reduce material costs, provide a moderate outlook for
the division.
The Appliance Division delivers a well differentiated range of products in both the
domestic and industrial categories. The products include domestic washing machines,
industrial washing systems (including dry cleaning and other finishing equipment like
ironers etc.), microwave ovens, domestic and industrial dishwashers, clothes dryers,
modular kitchens, kitchen appliances (hobs, chimneys and built-in ovens), air conditioners
and also a range of service products. In the Washer category, the Company has a complete
product pipeline with market leading features in the Front and Top Load models across the
entire product line-up. The Front Loads models with Steam features across the entire range
and the Top Load models with in-built heaters and steam function have good positions in
the market. With the introduction of the new range in the 11kg commercial segment, from
the industrial laundry division, the Division now features a complete commercial laundry
solution range. We are aware that revenue and margins have not been good over the last two
fiscal years. This has been a result of the high commodity and part pricing, and also, on
account of our not ge ing the revenues in line with our network and product basket. We
have restructured sales geographies and sales manning to deliver the results needed. Our
task is to significantly grow FL, TL and AC sales specifically. And also, to continue to
grow in products like MWOs, DWs and CDs. In Kitchen Appliances, our target is to have
substantial growth in sales per month and we are driving placements in the distribution
network. We have also initiated a cost reduction production to reduce our fixed overheads
– and this task will be completed before the end of Q3 FY 23 - 24.
Government Initiatives
The production linked incentive scheme (PLI) scheme for white goods is outlined to
build an end-to-end component ecosystem for ACs in order to make India a hub of the global
supply chain. The scheme will extend benefits of 4-6 % on incremental sales for five years
subsequent to base year. According to market experts, providing incentives for the
manufacturing of components is the right move by government given the huge response from
Indian firms to manufacture three main air-conditioning components- compressors,
copper-tubing and aluminum fins. At present, India has a market of roughly 7.5 million AC
units, of which 6 million are assembled with domestic value addition making up for just
one-fourth of the units. The PLI scheme has the potential of not only boosting domestic
production but also lowering the dependence of imports. The AC units of Home Appliance
Division have already initiated the process to avail incentive under PLI scheme.
Modified Special Incentive Package Scheme (MSIPS)
The Government has approved special incentive package to promote large-scale
manufacturing in the Electronic system Design and Manufacturing (ESDM) sector. The scheme
is called the Modified Special Incentive Package Scheme (MSIPS). Under M-SIPS, the
Government will provide subsidy of 20 % on capital investments in special economic zone
(SEZs) and 25% on capital investments in non-SEZs for individual companies. It also
provides for reimbursement of CVD/ excise for capital equipment for the non-SEZ units. The
incentives are available for investments made in projects within a period of 10 years from
the date of approval. The company is availing incentive under MSIPS for its washer plant
in Goa and has received Rs 23.33 Crores up to 2022-23.
The updates on the products and the relative market position of our future plans are as
given.
Washing Category
Front Load Washing Machines
This Division has a complete range of products which addresses a variety of customer
needs and is well differentiated in the market based on features, aesthetics and
performance. The sales trend of higher capacity product continues and the increased
awareness about features like steam in washers and the introduction of the Washer Dryer
Refreshers has helped to improve demand in the market. The Company has taken following
steps to enhance market share:
In the product front the new steam enabled range has been incorporated. In addition, a
new range of washers with inverter motor technology / WiFi is in development and is
planned for roll out in phases between Q2 and Q3 of 2023-24. We are also working on IoT/A1
introductions which were rolled out from March 2023.
Focus to increase the market share is on the sales process front. This relates to
product availability and placements which are being driven through channel expansion,
adequate manning and a drive on extraction from the distribution network, as well as
increase in revenue shares from the large key accounts. We have introduced Front Load
Washing Machine in the 9 and 10 Kg segments. This range is at -200 K/p.a. across India in
volume terms at present. We aim to gain high shares in this segment and have started
placing new models in the market. We entered this segment late. Sale is low. We shall have
to ramp up.
Washer Dryer Refreshers
This product is a unique global platform and Indias first 3-in-1 product offering
which has washing, drying and refreshing, all in one. It has the capacity to wash 8.5 Kg,
dry 6.5 Kg and refresh 2.5 Kg of laundry. The product has been placed in 1700 counters and
is selling an average of 1000 units per month already. The placement will be increased to
2,500 counters.
We entered this segment late. We need to ramp up.
Top Load Washing Machines
Our models with in-built heaters and steam enabled washing programs have been well
received in the market. There is an increasing demand for models of higher capacities,
which has been a consistent trend in the last two years. The key focus here is on
expansion of placements and making the models more available to customers. We introduced
12 Kg washers in this category in Q3 of 2022-23.
Clothes Dryers
We are in the process of customizing this category by introducing colour themes in Red,
yellow and Mocha. These models were rolled out in the Q1 2023-24. We have plans to upgrade
this category with Heat Pump technology by the end of 2023-24 which will be ready for
market introduction by the early part of next fiscal.
Industrial Segments - Laundry and Dishwashing Equipment
Our customers are from verticals like hotels, educational institutions, medical
institutions, Defence, pharmaceuticals, railways etc. In the Laundry category, we bagged
orders from Bharat Biotech. In healthcare segment, we received orders from Saifee
University (Mumbai) and Velammal Hospitals (Tamil Nadu) etc. In the Commercial Dishwasher
segment, we continue to enjoy the position of market leader by continuously bagging large
project orders including GRT Jewellery (largest Jewellery seller in South India) ordered
for 50 nos IDW, Qualcomm, Capgemini etc. The Company continues to enjoy dominant market
share across all customer segments. Our focus is now to work on our new product line up
like stackable Washers and Dryers in the entry level segment, new technologies like wet
cleaning enabled washers, 3-in-1 Washers in the 11 Kg segment etc. We participated in
Aahar 2023 – the largest hospitality event related to our industry held in New Delhi
in March 2023. Our order book position significantly improved.
Microwave Ovens
Your Company continues to be in the top three dominant players in this category. 28
Liter Advance looking device with advance cooking technology has been launched in last
fiscal year and has received good response. This product delivers the best-in-class
cooking functions with 40% faster Grilling, Roasting and Baking functions. The 23-liter
convection model has been upgraded with oil-free cooking recipes and has been well
received.
Built-in Ovens, Built-in Dishwashers, Built-in Microwaves, Chimneys and Hobs
The kitchen appliances built-in segment has recorded a growth of 40 % plus in last
fiscal year. The focus continues to be on placement of these products – with a proper
display unit in counters. We are now placed in- 750 MBO counters, in addition to 520 IFB
Points. The Kitchen appliances category is a key segment for expansion and is also
accretive to margins. Our target is to achieve a monthly sales value of Rs 5 Crore by Q1
2023-24.
Dishwashers
The domestic Dishwasher segment has seen a reduction in demand from previous year.
Although the market demand has reduced, we are driving placements in the distribution
network to a level of -4500 counters. Our Neptune VX1 plus model has become one of the
highest selling SKUs. Our digitally led campaign is targeted at all potential customers
wanting to purchase Dishwasher with a ractive EMI offers. We also continue to have a
ractive exchange offers for our customers of 8 years and more. With the shi in market
trends and consumers looking for higher capacities and technology features, we have
developed the X2 series platform to be launched from May 2023.
Cooling category
Air conditioner
The new energy regulations have been effective from July 1, 2022. Our product line has
also changed from July 2022 onwards. This includes products at new capacity points like
1.5T 4 Star and 1.6T 3 star. All our new range models are WiFi enabled.
The product range is well received in the market and differentiated and benchmarked to
be the best in the industry. The new line up from July 2022 has given options for
differentiated placements in the channels such as distribution, key accounts as well as
smaller multi-brand/ SSD channels. We need to focus on margins for which we have a
material cost reduction program being delivered. The losses in this segment have been
significant in FY 2021-22 and also in FY2022-23. Our action on material cost reduction and
increased sales volume is the key target to make the segment profitable. A specific,
geography by geography, plan has been put in place for marketing and selling ACs. We will
invest in brand building with the aim to grow the segment to the target level of 300 K pa
of domestic brand sales by end of the next fiscal. OEM sales are over and above this. One
of the key focus areas for the AC segment is to grow the sales in the institutional / SSD
verticals and we are pu ing a focused e ort in building the team.
One of the key strengths for the Appliances Division is the service function and its
reach to the customers. We have a total of 1200 service franchisees across India.
Currently, we have 29 service training centers, which are fully equipped to impart
training on all aspects of assembly, dismantling, installation and trouble-shooting of our
products.
Sales of additives and accessories continue to be a key focus area and are expected to
continue to contribute significantly, both to the topline and bo om line in the current
year. IFBs 7 million plus customer base has a high potential for the company to generate
revenues through the sale of additives and accessories. The companys own call center in
Goa, Delhi and Bangalore which we call "service center" continues to be
effective in issue resolution and customer feed-back / cross selling initiatives with a
total manning of 250 people as on date. The service center at Goa and Delhi focus on
outbound calls to track and improve customer satisfaction and drive reduction in the
number of pending customer issues through focused data tracking. In the Companys customer
contact program, we continue to contact customers directly and then visit them. This is
increasing customer satisfaction and is also enabling higher revenues from the customer
visits.
Amongst the major issues, Appliance Division is addressing are:
1. Competition is increasing. Continued a empts to "buy" market share by
under-cu ing and offering large margins to channel. This is increasing competitive
intensity and needs the company to carefully position its products and manage multiple
channels effectively.
2. The impact of increased duties.
Your company continues, in answer to the above challenges, to be focused on
differentiating itself through a value led product range planning. Local challenges are
addressed as applicable and needed. Your company is confident of its ability to remain a
dominant market share player across categories it is present in and will keep investing in
building market networks and product development capability.
Motor Division
The Motor Division acquired Automotive Motor Division from IFB Automotive Pvt. Ltd and
merged it with existing business, keeping in mind the operational synergy between the two
divisions. A er the new BLDC motor lines comes up, the division will be selling to others
including competitors. The divisions revenue did not grow as anticipated, due to
depressed market conditions. Profitability was also greatly dented due to an increasing
trend in commodity prices. In the Automotive Motor Division, many new projects that were
supposed to be launched have been postponed and it is expected that the same will come in
current financial year. We will also start supply of HVAC blower assemblies for a major
OEM for their use in commercial trucks. This new order should help us to improve our
revenue in current financial year. The division also plans to improve A er Market sales by
introducing new product lines and expanding sales channels.
The division has devised a strategy to work towards achieving energy conservation in
the near future. In order to achieve this goal, all the appliance motors will be replaced
by energy efficient BLDC motors, which will save energy and have relatively lower noise,
higher reliability etc. The Appliance Motor Division is investing in production lines to
manufacture next generation BLDC motors. The new lines will be capable of producing motors
for use in Washers and Air Conditioners. Lines will have the capacity to produce one
million motors each for use in Washing Machines and Air Conditioners.
The Washer Motor manufacturing line that was supposed to start in August 2022 was
delayed due to shortage of semiconductors and Covid-19 induced lockdown at foreign
suppliers end. The lines are presently under installation and expected to complete by
June 23. Commercial production will be started by Sept / Oct 23 a er completion of field
trials. Air Conditioner motor manufacturing lines are under production and it is expected
to be received by Aug 2023. The lines should be ready for commercial production from Dec
2023 onwards. Revenue from operation increased by 21 % and achieved a revenue from
operation of Rs. 152.52 Crores High material cost affected the profitability of the
division, and the division achieved a PBDIT of Rs. 7.31 Crores as against a loss of Rs
1.79 Crs su ered in 2021-22.
Steel Division
NCLT, Kolkata Bench vide its order dated January 27, 2022 has approved the Scheme of
Amalgamation of Trishan Metals Pvt. Ltd, Erstwhile wholly owned subsidiary with IFB
Industries Ltd with appointed date April 1, 2021. This division supplies materials to the
Engineering division and has been very helpful in terms of ge ing steel at the right
quality, price and at right time. Steel Division achieved a revenue of Rs. 142.63 Crores
and earned a gain of Rs. 2.97 Crores at PBDIT level.
POST ACQUISITION PROGRESS RAMSON TAKEOVER
Your Company acquired Industrial laundry manufacturing business from Ramson Group in
October 2018. The COVID -19, Pandemic had a significant impact on our business during FY
20-21 and FY 21-22. Your Company started inhouse manufacturing of Dryers up to a capacity
of 30 Kg. The division have successfully completed the development of machines in the 11
Kg new Xeros Technology segment. The order in pipeline for Laundry Equipment has shown
significant improvement over the past three months reaching an average of Rs. 8 Crores per
month. This positive trend has already started reflecting in Divisions Profit & Loss
statement. In Q4 of FY 22-23 the monthly turnover has exceeded Rs. 7 Crores, surpassing
the previous average of Rs. 5 Crores until December 22.
With the average turnover of Rs. 6.40 Crores per month, the Division achieved PBDIT
percentage of 9.34 %.
STAMPING DIVISION TAKEOVER
In October 2019, the Company acquired the Stamping Division from IFB Automotive Pvt.
Ltd. This strategic move aims to position the Engineering Division as a comprehensive
solution provider for the Automobile Components business. Stamping Division has recorded
sale of Rs. 70.14 Crores for FY 2022-23 and PBDIT was recorded 14.50 %.
STEEL DIVISION
51% of equity of Trishan Metals Pvt. Ltd. was acquired by the Company in the Month of
July 2016. Remaining 49 % was acquired in October 2020. Finally, it was amalgamated with
IFB Industries Limited, with effect from April 1, 2021 as per order of Honble NCLT.
Turnaround Strategy implemented :
1. Capex undertaken to increase volume and upgradation planned to enhance mill capacity
and improve quality.
2. Improvement in value addition through be er product mix.
3. An aggressive marketing strategy to a ract new customers, aiming for a significant
increase in our customer base. Additionally, orders placed will utilize more than 90 % of
our mills capacity.
4. Close monitoring of cost and reducing scrap generation in the mill.
In FY 21-22, the Division achieved a PBDIT of Rs. 1.60 Crores and a cash profit of Rs.
0.62 Crore. Building on its success, the Division improved performance with a PBDIT of Rs
2.97 Crores and a cash profit of Rs. 2.16 Crores in the Financial Year 2022-23.
AUTOMOTIVE MOTOR DIVISION TAKEOVER
Your Company acquired the Automotive Motor Division of IFB Automotive Pvt. Ltd. in
October 2019 to create business synergy with its Motor business, leading to significant
cost savings and increased scale. A er the acquisition, the Company implemented
significant cost-savings measures, including reducing fixed costs and renegotiating
commodity prices. In the current fiscal year, the Motor division achieved a revenue of Rs.
70.97 Crores with an EBIDTA of 4.4%. Once we start manufacturing BLDC motors, we
anticipate improved capacity utilization, increased sales and higher margin in this
vertical.
b) Internal Control Systems and their Adequacy : Your Management has put in place
effective Internal Control Systems to provide reasonable assurance for:
• Safeguarding Assets and their usage.
• Maintenance of Proper Accounting Records and
• Adequacy and Reliability of the information used for carrying on Business
Operations.
Key elements of the Internal Control Systems are as follows: (i) Corporate policies for
Financial Reporting and Accounting.
(ii) A Management information system updated from time to time as may be required.
(iii) Annual Budgets and Long-Term Business Plans. (iv) Internal Audit System.
(v) Periodical review of opportunities and risk factors depending on the Global /
Domestic
Scenario and to undertake measures as may be necessary. (vi) Application of Internal
Financial Control - Your company has in place adequate internal financial controls with
reference to the Financial Statements. Such controls have been tested at during the year
and no reportable material weakness in the design or operations was observed. Moreover,
regular review of the processes ensure that such systems are reinforced on an ongoing
basis.
Over and above Companys in house Internal Audit team, the Company has appointed
E&Y and Maheswari Associates, Chartered Accountants to ensure compliance and
effectiveness of the Internal Control Systems . The Audit Commi ee regularly reviews the
Internal Audit Reports for the auditing carried out in all the key areas of the
operations. Additionally, the Audit Commi ee approves all the audit plans and reports for
significant issues raised by the Internal and External Auditors. Regular reports on the
business development, future plans and projections are given to the Board of Directors.
Internal Audit Reports are regularly circulated for perusal of Senior Management for
appropriate action as required.
Normal foreseeable risks of the Companys assets are adequately covered by
comprehensive insurance.
c) Financial and Operational Performance :
The Highlights of Financial Operational Performance are given below : (Rs. In Crores)
| Sl. Particulars No. |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
1 Revenue from operations |
4104.05 |
3339.00 |
4194.99 |
3415.38 |
| 2 Other Income |
22.20 |
18.14 |
22.75 |
18.09 |
| 3 Sub-total |
4126.25 |
3357.14 |
4217.74 |
3433.47 |
| 4 Total Expenditure |
3943.26 |
3288.95 |
4032.21 |
3359.92 |
(Before interest and depreciation) |
|
|
|
|
| 5 PBDIT |
182.99 |
68.19 |
183.12 |
73.55 |
| 6 PBDIT % |
4.43% |
2.03% |
4.34% |
2.14% |
| 7 Profit/ (Loss) a er Tax |
17.24 |
(51.12) |
14.94 |
(48.16) |
d) Human Resources Development and Industrial Relations :
IFB is a knowledge-driven organization and its greatest asset is the experience and
skill of its employees. Recognizing that the workforce will provide critical competitive
edge in its growth endeavor, IFB has laid major emphasis on recruiting, maintaining and
developing its human asset base. It offers a wide range of career development programmes
including on the job training and job rotation amongst others. A highly evolved Human
Resource Policy has ensured a minimal rate of a rition amongst executives.
IFBs welfare activities for employees include Medical Care, Group Insurance, NPS etc.
e) Ke y Financial Ratios :
Key Financial Ratios for the financial year ended 31 March 2023 is appended as Annexure
- H, which forms part of this report.
f) Cautionary Statement :
Statements in the Management Discussion and Analysis and Directors Report describing
the Companys strengths, strategies, projections and estimates, are forward-looking
statements and progressive within the meaning of applicable laws and regulations. The
Actual results may vary from those expressed or implied, depending upon economic
conditions, Government Policies and other incidental factors. Readers are cautioned not to
place undue reliance on the forward-looking statements.
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