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 percent YoY 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.

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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$ 8.16 million (approx. Rs 67 crore) 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 percent advance payment as per the agreed terms of the contract, the balance 20 percent on order delivery.

Commenting on results and performance, Dolar Shah, Managing Director & CFO, IFL Enterprises Ltd said, "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.”

Company in its board meeting held on April 24, 2023, has allotted 4.54 crore equity shares of Re 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).

First Published:May 12, 2023 11:30 AM IST