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videos | IST

Moneycontrol Pro: IFGL Refractories’ capex plans to sustain higher growth

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IFGL Refractories is manufacturer of specialised refractories and monolithic for the use by the iron and the steel industry. The company's manufacturing plants are located in Odisha, Kandla, and one upcoming plant in Visakhapatnam.

IFGL Refractories, a manufacturer of specialised refractories and monolithic for use by the iron industry, has started investing in capex via internal accruals in order to sustain higher growth.
The company has manufacturing plants in Odisha, Kandla, and one upcoming plant in Visakhapatnam. Phase I of Kandla plant is completed while phase II is likely to be completed by September 2021.
Meanwhile, in Visakhapatnam, the company has acquired 10 acres of land for manufacturing new products, including monolithic and precast shapes. Phase I of the project is likely to be completed by September 2021 at the cost of Rs 30 crore and phase II is likely to be completed by September 2022 at the cost of Rs 20 crore.
In June 2021, the company’s quarter revenues, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and net profit increased by 35 percent, 40 percent, and 75 percent year-on-year respectively on the back of strong demand.
IFGL’s subsidiaries in the US, Europe, and UK have also witnessed strong performance and reported a profit after tax at the net level.
The firm continues to remain debt-free with cash and cash equivalent of nearly Rs 270 crore as of March 31, 2021, which is almost equivalent to 25 percent of the market cap.
In the special segment of ‘Moneycontrol Pro Ideas For Profit’, Moneycontrol.com’s Nandish Shah gets more details on the company’s performance, going forward.
For more, watch the video
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