IFL Enterprises Ltd successfully turnaround business operations, reports net profit of Rs. 50.84 lakh in FY23
- Total Income in FY23 stood at Rs. 646.22 lakh, up 153% Y-o-Y from Rs. 254.78 Lakh in FY22
- Company allotted 4.54 crore bonus equity shares to eligible shareholders in a 1:4 ratio
Ahmedabad (Gujarat) [India], May 11: Gujarat based IFL Enterprises Ltd – engaged in the papers and stationery business has successfully turnaround the business operations in FY23. Company reported standalone net profit of Rs. 50.84 lakh in FY23 as against net loss of Rs. 21.30 lakh in FY22. Total income during the year reported growth of 153% Y-o-Y to Rs. 646.22 lakh as against total income of Rs. 254.78 lakh in FY22. Company reported EBITDA of Rs. 70.75 lakh in FY23.
On the consolidated front, company reported Total income of Rs. 946.98 lakh, EBITDA of Rs. 75.63 lakh and Net profit of Rs. 51.81 lakh in FY23.
Company has recently secured export orders worth USD 8.16 million (approx. Rs. 67 crores) from Kenyan company, Frereana Holding Ltd. The order is for the supply of writing books, textbooks, bond paper and copier papers for schools in Kenya. The company has completed the due diligence with the overseas partner. The export shipments are scheduled from June 2023 and are expected to be completed by March 2024. The order is subject to 80% advance payment as per the agreed terms of the contract, the balance 20% on order delivery.
Commenting on results and performance, Mr. Dolar Shah, Managing Director & CFO, IFL Enterprises Ltd said, “Company’s performance during the quarter and full year has been quite remarkable amidst the challenging economic and business scenario prevailing across the globe. We are further confident to improve our growth numbers of revenue, margins and profitability in FY 23-24. Our strategic growth initiatives, product and geographical expansion, operational efficiency are likely to contribute towards rapid growth in years to come. The company is working towards executing its growth strategy in a manner that creates exponential value for all stakeholders in the near to medium term.”
Incorporated in the year 2009, IFL Enterprises Ltd is a leading Paper trading company. It offers a diverse product range which includes All kinds of Paper related items. like Writing paper, coated paper, A/4 paper, Hi bright, Copier paper, Duplex Board, Art and Craft paper, Notebooks, etc. Company in its board meeting held on April 24, 2023, has allotted 4.54 crore equity shares of Rs. 1 each as fully paid bonus shares to the existing shareholders of the company. The company had declared bonus issue in a 1:4 ratio (One fully paid equity share for every four equity shares held) and stock split in a 1:10 ratio (One equity share of the face value of Rs. 10 each into 10 equity shares of the face value of Rs.1 each).
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