India’s IFB Industries posted a 2% drop in profit as prices rose | Rare Techy
Consumer goods manufacturers around the world have seen a knock-on from higher commodity prices, as the COVID-19 pandemic and the Russia-Ukraine conflict drive up input costs.
For Kolkata, West Bengal-based IFB, which makes some home appliances including washing machines and air conditioners, operating expenses rose 13.3% to 10.85 billion rupees.
Net profit fell to 241.2 million rupees ($2.93 million) in the three months ended Sept. 30, from 245.9 million rupees a year ago.
However, analysts said that the decline in commodity prices will begin to help companies from the December quarter.
The company’s total revenue from operations rose 13% to 11.18 billion rupees. Its home appliances division, the largest, posted a 9.9% increase as urban households increasingly stock white goods.
($1 = 82.34 Indian rupees)
(Reporting by Ashna Teresa Britto and Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu and Shailesh Kuber)