Centrum's report on IFGL Refractories
Its subsidiary, IFGL exports, located in Kandla (IEL) continued to deliver growth as it ramped-up and delivered EBITDA of Rs54mn (up 150% YoY) with strong margins of 26.4%. Monocon operations showed subdued performance after a strong Q2 led by seasonal factors and bunching up of some big engineering orders in Q2.
Outlook
We maintain our Buy rating on IFGL Refractories Ltd. and revise our TP to Rs 240. Q3 performance was satisfactory (EBITDA up 11% YoY) with high margin subs of IEL/EIC continuing to do well.
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