IFL Enterprises Ltd Reports Strong Financial Performance for FY23 with 153% Growth in Total Income
Ahmedabad, Gujarat, May 11 – IFL Enterprises Ltd, a prominent player in the paper and stationery business based in Gujarat, has successfully turned around its business operations in FY23. The company reported a standalone net profit of Rs. 50.84 lakh in FY23, compared to a net loss of Rs. 21.30 lakh in FY22. The company’s total income saw a remarkable growth of 153% year-on-year (Y-o-Y), rising to Rs. 646.22 lakh from Rs. 254.78 lakh in the previous fiscal year. The company’s EBITDA for the year stood at Rs. 70.75 lakh.
On a consolidated basis, IFL Enterprises Ltd reported total income of Rs. 946.98 lakh, EBITDA of Rs. 75.63 lakh, and a net profit of Rs. 51.81 lakh in FY23.
Secures Export Orders from Kenya
The company has recently secured significant export orders worth USD 8.16 million (approximately Rs. 67 crores) from Frereana Holding Ltd, a Kenyan company. The order involves the supply of writing books, textbooks, bond paper, and copier papers for schools in Kenya. The due diligence process with the overseas partner has been completed, and the export shipments are scheduled to begin in June 2023, with the entire order expected to be fulfilled by March 2024. As per the terms of the contract, the order is subject to an 80% advance payment, with the remaining 20% to be paid upon delivery.
Leadership Comment on Performance
Mr. Dolar Shah, Managing Director & CFO of IFL Enterprises Ltd, commented on the company’s impressive performance:
“The company’s performance during the quarter and full year has been remarkable amidst the challenging global economic and business environment. We are confident of improving our growth in revenue, margins, and profitability in FY 23-24. Our strategic initiatives, product and geographical expansion, and operational efficiencies are expected to contribute significantly to our growth in the coming years. We are focused on executing our growth strategy in a way that will create substantial value for all stakeholders in the near to medium term.”
About IFL Enterprises Ltd
Founded in 2009, IFL Enterprises Ltd is a leading paper trading company offering a diverse range of products, including writing paper, coated paper, A4 paper, hi-bright paper, copier paper, duplex board, art and craft paper, and notebooks, among others.
In its Board meeting held on April 24, 2023, the company announced the allotment of 4.54 crore equity shares of Rs. 1 each as fully paid bonus shares to the existing shareholders, in a 1:4 ratio (one fully paid equity share for every four equity shares held). The company also approved a stock split in a 1:10 ratio (one equity share of Rs. 10 each split into ten equity shares of Rs. 1 each).
Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
