Credit rating agency, India Ratings & Research has affirmed IFB Industries’ long-term Issuer Rating at ‘A’. The outlook is stable. The affirmation factors in the company’s leading position in the domestic front-loading washing machine market, with the largest market share of 70%, and its negative net debt.
Meanwhile, the company has planned setting up a top loader manufacturing capacity of 1,50,000 units every year and an injection molding capacity at Goa. The total capital expenditure estimated at Rs 78 crore is likely to be completed by November 2014.
IFB Industries has two main businesses - home appliances and engineering division - which contributed 85% and 15% to FY14 revenue, respectively.
