IFL Enterprises Ltd turnaround business operations; Net profit grows 5-fold to Rs. 88 lakh in Q3FY24
Feb 13, 2024
PNN
Ahmedabad (Gujarat) [India], February 13: Gujarat based IFL Enterprises Ltd - engaged in the papers and stationery business has successfully turnaround the business operations. Company reported standalone net profit of Rs. 88 lakh in Q3 FY24 as against net profit of Rs. 14.6 lakh in Q3 FY23, growth of over 500% Y-o-Y. Total income during Q3FY24 was reported growth of 239% Y-o-Y to Rs. 2.325 crore as against total income of Rs. 68.4 lakh in Q3 FY23. Company reported EBITDA of Rs. 1.22 crore in Q3 FY24.
To further expand its business horizons, in the January 2024 board meeting, the company approved resolutions to increase its authorized share capital and alter its main objects. This move aims to facilitate the company's entry into new business domains, such as the import, export, or trading of agricultural produce, including fruits, vegetables, seeds, organic products, herbal products, and agri-commodities. Company expect the move to be the next big growth driver for the company.
For nine months ended December 2023, IFL Enterprises Ltd achieved a total income of Rs. 7.3 crores, reflecting a robust 64% Y-o-Y growth compared to Rs. 4.46 crores in the same period in FY22. Net profit also tripled to Rs. 1.54 crores for the 9M FY24, compared to Rs. 48.6 lakhs in 9M FY23.
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.).
IFL Enterprises Ltd has demonstrated its commitment to enhancing shareholder value by increasing promoter group holding from 1.21% in September 2023 to 2.23% as of December 2023. The company is optimistic about future prospects and aims to create value for all stakeholders, including shareholders, investors, and clients.
During the nine months ended December 2023, the company has issued 4,54,80,440 bonus shares to the fully paid equity shareholders of the Company in the proportion of 1:4 i.e. one new fully paid equity share for every 4 existing equity shares held on the record date i.e. 21 April 2023 and 22,732,431 bonus shares to the fully paid equity shareholders of the Company in the proportion of 1:10 i.e. one new fully paid equity share for every 10 existing equity shares held on the record date i.e. 18 December 2023. Company has also sub-divided 1 equity share of Rs.10 face value each into 10 equity shares of Rs. 1 face value.
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