This report I didn’t find in the thread… Here it goes…
http://www.bseindia.com/xml-data/corpfiling/AttachHis/IFB_Industries_Ltd_060614_Rst.pdf
I introduced myself in the Introduction page yesterday and there itself wrote about a stock and that was IFB Ind. which I purchased few months back. I earlier purchased and sold it once Rs. 25 and Rs. 75 respectively. Later it went up to 170 or so.
I didn’t know about this thread …
All +ve and -ve about IFB has been discussed … What I find that with Stability of INR, their trading margin may improve in AC / Refrigerator etc which they import from Turkey. Their leverage with distributor seems high from the WC improvement over the period. Top loader machine also may come sometime soon. New Goa facility can cater to other manufacturer’s OEM and I am told it is quite good. EV / Sales at <0.5 for a Rs. 1000 cr. debt free, FCF generating company is worth delving deeper. I guess if they split the stock or make a capital reduction (like Castrol) some interest may pick up. Return ratios would marginally improve with Capital Reduction. Fine blanking put an icing if auto sector improves. Quality of promoter is reasonably good. But I fail to understand why they don’t start paying dividend.
Biggest negatives are mentioned (fighting LG / Samsung etc) and I guess operational management is not very professional or may be old fashioned (I am not sure) …
In recent times I found few PIPE players are showing interest in this company …