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IFGL Refractories: Proxy play on increased steel production

Investors need to watch out capex plan completion, use of excess cash flows

November 30, 2021 / 09:58 AM IST
IFGL Refractories: Proxy play on increased steel production

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

IFGL Refractories (IFGL; CMP: Rs 301; Market Capitalisation: Rs 1,085 crore) is into the manufacturing of special refractories in the iron and steel industry. Besides India, it has presence across the US, the UK and Europe through its 100 percent subsidiaries. September 2021 quarter results Consolidated revenues grew by 13 percent quarter on quarter (QoQ) on the back of a 19 percent growth in the India business (standalone). During the September 2021 quarter, IFGL commenced the first phase of the Visakhapatnam...

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