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Company Information

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IFB INDUSTRIES LTD.

01 August 2025 | 12:00

Industry >> Domestic Appliances

Select Another Company

ISIN No INE559A01017 BSE Code / NSE Code 505726 / IFBIND Book Value (Rs.) 194.75 Face Value 10.00
Bookclosure 29/07/2024 52Week High 2360 EPS 29.35 P/E 45.43
Market Cap. 5402.37 Cr. 52Week Low 1060 P/BV / Div Yield (%) 6.85 / 0.00 Market Lot 1.00
Security Type Other

DIRECTOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

Your Directors have pleasure in presenting before you the 49th Annual Report of the Company together with the Audited
Financial Statements of the Company for the year ended 31 March 2025.

FINANCIAL RESULTS

The performance during the period ended 31 March 2025 has been as under:

Particulars

Standalone

Consolidated

2024-25

2023-24

2024-25

2023-24

Total revenue

4977.19

4343.99

5,126.89

4470.21

Profit before depreciation/amortisation, finance costs and tax

324.61

240.22

319.29

225.28

Less: Finance costs

- Finance cost on financial liabilities measured at amortised cost

5.38

10.32

5.39

10.33

- Other finance cost

18.53

17.39

18.58

17.57

Less: Depreciation and amortization

129.44

122.15

131.87

124.39

Profit /(Loss) before Tax prior to share of income and loss of an
associate

171.26

90.36

181.74

97.15

Share of Loss of an associate

-

-

(18.29)

(24.16)

Profit /(Loss) before Tax

171.26

90.36

163.45

72.99

Less: Current tax

49.82

17.41

51.89

18.55

Less: Current tax relating to earlier period

(1.83)

0.01

(1.83)

0.22

Less: Deferred tax (net)

(5.52)

4.06

(5.52)

4.06

Profit/(loss) after tax

128.79

68.88

118.91

50.36

Other comprehensive income/(loss)

Items that will not to be classified to profit or loss -

- Re measurements of defined benefit plan

- Share of OCI in Associates and Joint Venture

- Income tax relating to items that will not be reclassified to profit
or loss

4.00

0.89

4.00

0.89

-

-

(0.05)

(0.23)

(1.00)

(0.22)

(1.00)

(0.02)

Items that will be reclassified to profit or loss -

- Exchange differences in translating the financial statements of
foreign operations

- Income tax relating to items that will be reclassified to profit or
loss

2.52

(0.66)

Other comprehensive income/(loss)

3.00

0.67

5.47

(0.22)

Total comprehensive income for the year

131.79

69.55

124.38

50.14

Consolidated figure includes standalone figure and figure of Global Appliances & Automotive Limited (GAAL), a wholly
owned subsidiary company, Thai Automotive and Appliances Pte. Ltd. (TAAL), a step-down subsidiary company, and
IFB Refrigeration Limited, an Associate Company.

OPERATIONS - Standalone

Your company completed year 2024-25 with moderate
increase of 14.58 % on revenue terms, and earned PBT of
' 171.26 Crores. The net revenue from operations grew by
14.63 % to ' 4,942.28 Crores. The profit before depreciation,
finance cost and tax as compared to last year increased by
35.13% to ' 324.61 Crores.

OPERATIONS - Consolidated

Net Revenue from operations on consolidated basis increased
by 14.73% to ' 5091.71 Crores. Profit before depreciation,
finance cost and tax on consolidated basis as compared to
last year increased by 41.73% to ' 319.29 Crores.

DIVIDEND

Your Directors have decided not to recommend any
dividend for the financial year under review to conserve
resources for working capital, capital expenditure projects,
acquisition etc.

TRANSFER TO RESERVE

The company does not propose to transfer any amount to
Reserve.

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

As required under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (LODR Regulations), the
Management Discussion and Analysis Report is enclosed as
a part of this report.

CHANGE IN THE NATURE OF BUSINESS OF THE
COMPANY

During the year under review, there is no change in the
nature of the business operations of the Company.

CORPORATE GOVERNANCE AND SHAREHOLDERS
INFORMATION

Your Company has taken adequate steps to adhere to all
the stipulations laid down in LODR Regulations. A report
on Corporate Governance is included as a part of this
Annual Report. Certificate from the Secretarial Auditors of
the company M/s. Patnaik & Patnaik, Company Secretaries
(Firm Registration No. P2017WB064500), confirming the
compliance with the conditions of Corporate Governance as
stipulated under LODR Regulations is included as a part of
this report.

LISTING WITH STOCK EXCHANGES

The Company's Equity shares are listed on National Stock
Exchanges of India Limited and BSE Limited. Applicable
annual listing fee has already been paid to the respective
stock exchanges for the financial year 2025-26.

The Equity shares of the Company have been voluntarily
delisted from The Calcutta Stock Exchange Limited with
effect from 18th March, 2025, since there was no trading of
shares due to absence of nationwide trading terminals.

DEMATERIALISATION OF SHARES

98.47% of the company's paid-up Equity Share Capital is
in dematerialized form as on 31 March, 2025 and balance
1.53% is in physical form. The Company's Registrars is M/s
C.B. Management Services Pvt. Ltd., having their Corporate
Office at Rasoi Court, 5th Floor, 20, R.N. Mukherjee Road,
Kolkata-700 001.The entire shareholding of the promoters'
and promoters' group are in dematerialized form.

NUMBER OF BOARD MEETINGS HELD

The Board of Directors duly met seven times during the
financial year from 01 April 2024 to 31 March 2025. The dates
on which the meetings were held are as follows:

20 April 2024, 28 May 2024, 27 July 2024, 27 September 2024,
26 October 2024, 28 January 2025 and 26 March 2025.

DIRECTORS AND KEY MANAGERIAL PERSONNEL
(KMP)

As on March 31, 2025, the Company has eleven
Directors of which seven are Non-Executive Directors
(including one women Directors). The Company has Six
Independent Directors (including one woman Independent
Director).

Mr. C.S. Govindaraj (DIN: 10149022), was appointed as
an Executive Director - Manufacturing, HAD Division
of the Company for a period of three years with effect
from 26 October 2024 and the same was approved by the
shareholders of the company by passing of resolution
through postal ballot on 22nd January, 2025.

Mrs. Sreedevi Pillai (DIN: 08944944) was appointed as
an Independent Director of the Company by the Board
of Directors it its meeting dated 28th January, 2025 for a
term of one year. Her appointment was approved by the
shareholders of the Company through postal ballot on 23rd
April, 2025.

Mr. P. H. Narayanan (DIN: 10158148), retires by rotation and
being eligible offers himself for reappointment.

Mr. Amar Singh Negi (DIN:008941850), retires by rotation
and being eligible offers himself for reappointment.

Based on the recommendation of Nomination and
Remuneration Committee ("NRC"), and in terms of the
provisions of the Act, the Board of Directors at its meeting
held on May 28, 2025 :

a. Re-appointed Mr. Amar Singh Negi (DIN:08941850)
as the Whole-time Director designated as Executive
Director - Service Business Head for a term of five
years commencing from October 30, 2025 to October 29,
2030, subject to approval of the Members at the ensuing
Annual General Meeting ("AGM"). A resolution seeking
Member's approval for his re-appointment forms part
of the Notice for the ensuing AGM.

b. Approved the continuation of the Office of Mr. Biswadip
Gupta, (DIN: 00048258) Independent Director, who was
appointed by the members by way of passing of special
resolution through postal ballot on 25th March, 2022 for
a period of 4 years w.e.f. 10th February, 2022. He will
attain the age of 75 years on 25th December, 2025. In
terms of Regulation 17(1A) of SEBI Listing Regulations
as amended the consent of members by way of special
resolution is sought for continuation of directorship of
Mr. Gupta, beyond the age of 75 years till the expiry of
his term till 9th February, 2026.

Resolutions seeking Member's approval for re-appointment
of Mr Negi as an Executive Director - Service Business Head
and continuation of Mr Gupta as an Independent Director of
the Company beyond the age of 75 years forms part of the
Notice for the ensuing AGM.

Dr. Rathindra Nath Mitra (DIN: 01071347), Independent
Director passed away on 28th June 2024. The Board took
note of the sad demise and take on record its deep sense of
appreciation for the services rendered by him.

Mr. Raj Shankar Ray (DIN: 03498696), resigned from the post
of Managing Director - HAD Business w.e.f. 12th October,
2024. Ms. Sangeeta Sumesh (DIN: 7080379), Independent
Director of the Company resigned on 29th January, 2025
due to completion of her second term of appointment
as Independent Director. The Board places on record its
appreciation for their invaluable contribution and guidance
provided to the Company.

Mr. Soumitra Goswami, who was appointed as Interim
CFO from 1st April 2024, was elevated to CFO position on
26th October, 2024.

Brief particulars and expertise of the director seeking re¬
appointment together with their other Directorship and
Committee membership have been given in the annexure to
the notice of the Annual General Meeting.

Apart from the above, there is no other change in the
Director(s)/ KMP of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013,
Directors of your Company hereby state and confirm
that:

a) in the preparation of the annual accounts for
the year ended 31st March 2025, the applicable
accounting standards have been followed along
with proper explanation relating to material
departures;

b) they have selected such accounting policies and
applied them consistently and made judgments
and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs
of the company at the end of the financial year and
of the profit of the company for the same period;

c) they have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies
Act, 2013 for safeguarding the assets of the
company and for preventing and detecting fraud
and other irregularities;

d) they have prepared the annual accounts on a
going concern basis;

e) they have laid down internal financial controls
in the company that are adequate and were
operating effectively.

f) they have devised proper systems to ensure
compliance with the provisions of all applicable
laws and these are adequate and are operating
effectively.

DECLARATION BY INDEPENDENT DIRECTORS

All the Independent Directors have submitted a declaration
that each of them meets the criteria of independence as
provided in Section 149(6) of the Companies Act, 2013 along

with Rules framed thereunder and Regulation 16(1)(b) of the
SEBI LODR Regulations. In the opinion of the Board there
has been no change in the circumstances affecting their status
as independent directors of the Company. The Independent
Directors have also confirmed the compliance pertaining
to their enrolment with the databank of the independent
directors maintained by The Institute of Corporate Affairs
in terms of Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014. The declaration was
placed and noted by the Board in its meeting held on 28th
May, 2025.

REMUNERATION POLICY

A Nomination and Remuneration Policy has been
formulated pursuant to the provisions of Section 178 and
other applicable provisions of the Companies Act, 2013
and rules there to and Regulation 19 of SEBI (LODR)
Regulation 2015 stating therein the Company's policy on
Directors/ Key Managerial Personnel/ other employees'
appointment and remuneration by the Nomination and
Remuneration Committee and approved by the Board of
Directors. The said policy may be referred to on company's
website at
www.ifeindustries.com/Legal/Policies. As part of
the policy, the Company strives to ensure that the level and
composition of remuneration is reasonable and sufficient to
attract, retain and motivate Directors / KMPs of the quality
required to run the company successfully; Relationship
between remuneration and performance is clear and meets
appropriate performance benchmarks.

ANNUAL EVALUATION OF BOARD'S PERFORMANCE

The Board of Directors has carried out an annual evaluation
of its own performance, board committees, and individual
directors pursuant to the provisions of the Act and SEBI
LODR Regulations.

The performance of the board was evaluated by the Board
after seeking inputs from all the directors on the basis
of criteria such as the board composition and structure,
effectiveness of board processes, information and
functioning etc.

The performance of the committees was evaluated by the
Board after seeking inputs from the committee members on
the basis of criteria such as the composition of committees,
effectiveness of committee meetings etc.

In a separate meeting of Independent Directors, performance
of Non-Independent Directors, the Board as a whole and
Chairman of the Company was evaluated, taking into

account the views of executive directors and non-executive
Directors.

Nomination and Remuneration Committee also in a separate
meeting reviewed the performance of the individual
directors and the Board as a whole. In the Board meeting
the performance of the Board, its committees, and individual
Directors were also discussed.

AUDIT COMMITTEE

The Board has constituted an Audit Committee, the details
pertaining to the composition of the audit committee are
included in the report on Corporate Governance. There has
been no instance during the year where recommendations of
the Audit Committee were not accepted by the board.

AUDITORS' REPORT

During the year under review, the Auditors did not report
any matter under Section 143(12) of the Act, therefore no
detail is required to be disclosed under Section 134(3)(ca) of
the Act. The notes on Financial Statements referred to in the
Auditor's Report are self-explanatory and do not call for any
further explanation.

The Secretarial Auditor's Report for the year under review
does not contain any qualification, reservation, or adverse
remark. The Secretarial Auditor's Report submitted by
Company Secretary in Practice is appended as
Annexure-A,
which forms part of this report. The observations of the
Secretarial Auditor are self-explanatory in nature and does
not call for any further explanation.

During the year under review, the statutory auditor and the
secretarial auditor have not reported any instance of fraud
committed in the Company by its officers or employees.

STATUTORY AUDITORS

At 48th Annual General Meeting held on 29 July 2024
the shareholders of the company appointed M/s. Price
Waterhouse & Co Chartered Accountants LLP (Firm
Registration No.:304026E/E-300009) as Statutory Auditors of
the company for a period of five years from the conclusion
of 48th Annual General Meeting of the company to
the conclusion of 53rd Annual General Meeting of the
company.

COST AUDITORS

Your Board has appointed M/s Shome & Banerjee, Cost
Accountants as Cost Auditors of the Company for conducting
cost audit for the financial year 2025-26. Accordingly, a
resolution seeking approval of the members for ratifying

the remuneration payable to the Cost Auditors for Financial
Year 2025-26 is provided in the Notice to the ensuing Annual
General Meeting.

COSTRECORDS

The Cost accounts and records as required to be maintained
under Section 148(1) of the Act are duly made and maintained
by the Company.

SECRETARIAL AUDIT

In accordance with Section 204 of the Companies Act 2013,
read with the rules framed thereunder, and Regulation 24A of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations"), every listed
entity is required to undertake Secretarial Audit by a Peer
Reviewed Secretarial Auditor who shall be appointed by the
Members of the Company, on the recommendation of the
Board of Directors, for a period of five consecutive years.

Based on the recommendation of the Audit Committee,
the Board, at its Meeting held on May 28, 2025, subject to
the approval of the Members of the Company, approved
appointment of M/s. Patnaik and Patnaik, Company
Secretaries (Firm Registration No. P2017WB064500), as the
Secretarial Auditors of the Company, for a term of five (5)
consecutive years, to hold office of the Secretarial Auditor
from the Financial Year 2025-26 upto Financial Year 2029-30.
Accordingly, a resolution seeking approval of the members
for the appointment of Secretarial Auditor for the Financial
Year 2025-26 to 2029-30 is provided in the Notice to the
ensuing Annual General Meeting.

SECRETARIAL STANDARDS

The Company has in place proper system to ensure
compliance with the provisions of the applicable Secretarial
Standards issued by The Institute of Company Secretaries
of India and such systems are adequate and operating
effectively.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO

Information required under section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014, is appended as
Annexure-B, which
forms part of this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In terms of section 135 and Schedule VII of the Companies

Act, 2013, the Board of Directors of your Company
constituted a CSR Committee. The Committee comprises
independent director, non-executive director and executive
director. CSR Committee of the Board has developed a
CSR Policy which has been uploaded on the website of
the Company at www.iftindustries.com Your company
has identified the activities covering mainly relating to (a)
Promoting education, (b) Promoting Health Care and (c)
skill development programme in line with the CSR policy
of the Company. The company made an expenditure of
' 17.96 lakhs against the budgeted amount of ? 16.96 lakhs.
The complete disclosure on CSR activities in terms of Rule
8 of the Companies (Corporate Social Responsibility Policy)
Rules, 2014 is appended as
Annexure-C, which forms part
of this report.

VIGIL MECHANISM

In pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013, a Vigil Mechanism for directors and
employees to report genuine concerns has been established.
The Vigil Mechanism Policy has been uploaded on the
website of the Company at www.iftindustries.com.

CONTRACTS AND ARRANGEMENTS WITH RELATED
PARTIES

All contracts/ arrangements/ transactions entered by the
company during the financial year with related parties
were in ordinary course of business and on an arm's length
basis. During the year, the company has not entered into
any contract / arrangement / transaction with related parties
which could be considered material in accordance with
the policy of the company on materiality of related party
transaction, which is required to be reported in Form No.
AOC-2 in terms of Section 134(3)(h) read with Section 188 of
the Act. The policy on materiality of related party transaction
and on dealing with related party transaction as approved
by the board may accessed on company's website at www.
iftindustries.com. There were no material significant related
party transactions which could have potential conflict
with interest of the Company at large. Your directors draw
attention of members to note 37 to the Financial Statements
which set out related party disclosures. As required under
the Companies Act, 2013, the prescribed Form AOC-2 is
appended as
Annexure - D to the Board's report.

ANNUAL RETURN

In compliance with Section 92(3) and Section 134(3)(a) of the
Act read with Companies (Management and Administration)

Amendment Rules, 2020, the Annual Return for FY 2024-25
in the prescribed format has been placed at the Company's
website at www.iftindustries.com.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

The particulars of Loans, Guarantees and Investments
covered under the provisions of Section 186 of the Companies
Act, 2013 are given in the notes to the Financial Statements
of the Company.

REMUNERATION RATIO OF THE DIRECTORS / KEY
MANAGERIAL PERSONNEL (KMP) / EMPLOYEES

The information required pursuant to Section 197 of the
Companies Act, 2013 read with Rule 5 of The Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is appended as
Annexure-E, which forms part
of this report.

The number of permanent employees on the role of the
Company as on 31 March 2025 is 2409.

The statement containing the name of top ten employees in
terms of remuneration drawn and particulars of employees
employed throughout the year and in receipt of
remuneration of ' 1.02 crore or more per annum and
employees employed for part of the year and in receipt of
remuneration of ' 8.5 lakhs or more per month, as required
under Section 197(12) of the Companies Act, 2013, read with
Rule 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, forming part of this
report and is available on the website of the Company, at
www.iftindustries.com.

In terms of Section 136 of the Act, the said annexure is open
for inspection and any member interested in obtaining a
copy of the same may write to the Company to email id:
investors@liftglobal.com.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

In conformance to the requirements of the clause (f) of sub¬
regulation (2) of regulation 34 of Securities and Exchange
Board of India (SEBI) Listing Regulations, the Business
Responsibility and Sustainability Report for financial year
2024-2025 is appended as
Annexure-F, which forms part of
this report.

DIVIDEND DISTRIBUTION POLICY

The Board of Directors of IFB Industries Limited at its
meeting held on May 29, 2018 has adopted this Dividend

Distribution Policy (the "Policy") as required by Regulation
43A of the LODR Regulations is available at your Company
website at
www.iftindustries.com.

DEPOSITS

During the year under review, your company has not
accepted any deposits from the public/members u/s 73 of the
Companies Act, 2013 read with the Companies (Acceptance
of Deposits) Rules during the year. There is no deposit
outstanding as on date.

SHARE CAPITAL

During the year under review, no new shares were issued by
the Company, therefore there was no change in the Issued
and Paid-Up Share Capital of the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS OR COURTS

There has been no significant and material orders passed
by the Regulators/ Courts/ Tribunals which would impact
the going concerns status of the Company and its future
operations.

MATERIAL CHANGES AND COMMITMENTS, IF ANY,
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE
END OF THE FINANCIAL YEAR OF THE COMPANY TO
WHICH THE FINANCIAL STATEMENTS RELATE AND
THE DATE OF THE REPORT

There has been no material changes and commitments
have occurred after the closure of the year till the date of
this Report, which affect the financial position of the
Company.

On 6th November 2024, CRISIL rating has reaffirmed the
"CRISIL AA - / Stable" (pronounced as CRISIL double A
minus rating) for long term debts and "CRISIL A1 for short
term debts.

DISCLOSURE UNDER SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013

As per the requirement of Sexual Harassment of Women
at workplace (Prevention, Prohibition & Redressal) Act,
2013, your Company has in place a Policy for Prevention of
Sexual Harassment of Women at Work Place and constituted
Internal Complaints Committees. No complaint has
been raised during the year ended 31 March, 2025 and
there is no complaint pending unresolved as on 31 March,
2025.

DEVELOPMENT AND IMPLEMENTATION OF A RISK
MANAGEMENT POLICY

The Board of Directors of the Company already formed a Risk
Management Committee to frame, implement and monitor
the risk management plan for the Company. The Committee
is monitoring and reviewing the risk management plan and
ensuring its effectiveness.

Risk management is the process of minimizing or mitigating
the risk. It starts with the identification and evaluation of
risk followed by optimal use of resources to monitor and
minimize the same. The company is exposed to several
risks. They can be categorized as operational risk and
strategic risk. The company has taken several mitigating
actions, applied many strategies and introduced control and
reporting systems to reduce and mitigate those risks.

Appropriate structures are in place to proactively monitor
and manage the inherent risks in businesses with unique/
relatively high-risk profiles.

An independent Internal Audit function carries out risk
focused audits across all business, enabling identification
of areas where risk management processes may need to be
strengthened. The Audit committee of the board reviews
internal audit findings on risk and provides strategic
guidance on internal controls.

FAMILARISATION PROGRAMME FOR INDEPENDENT
DIRECTORS

To familiarize the Independent Directors with the strategy,
operations and functions of your company, the executive
directors/ senior managerial employees make presentation
to the Independent Directors about the company's strategy,
operations, product and service offerings, markets, finance,
quality etc. Independent Directors are also visiting factories
and branch offices to familiarise themselves with the
operations of the company and to offer their specialized
knowledge for improvement of the performance of the
Company.

Further, at the time of appointment of an Independent
Director, the company issues a formal letter of appointment
outlining his/ her role, function, duties and responsibilities
as a director. The format of the letter of appointment is
available at the Company website at
www.iftmdustries.
com
.

INSOLVENCY AND BANKRUPTCY CODE

No application has been made under the Insolvency and
Bankruptcy Code; hence the requirement to disclose the
details of application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 during the
year along with their status as at the end of the financial year
is not applicable.

VALUATION

The requirement to disclose the details of difference between
amount of the valuation done at the time of one-time
settlement and the valuation done while taking loan from
banks on financial institutions along with the reason thereof,
is not applicable.

SUBSIDIARY / ASSOCIATE COMPANIES

IFB Industries Limited, has one wholly owned subsidiary
company Global Automotive & Appliances Pte Ltd. (GAAL),
one step down subsidiary Thai Automotive and Appliances
Ltd. (TAAL) and one Associate company IFB Refrigeration
Limited (IFBRL).

Wholly Owned Subsidiary Global Automotive &
Appliances Pte Ltd. (GAAL) and step-down subsidiary
Thai Automotive and Appliances Ltd. (TAAL)

GAAL acts as a special purpose vehicle for further investment
in TAAL. GAAL is also engaged in trading of Electronics
Parts and semiconductors and other commodities. TAAL is
engaged in the business of Fine Blanking and Conventional
Blanking and its acquisition helps IFB to consolidate its
position in similar type of business in Thailand.

GAAL

During the year under review, GAAL has achieved a revenue
of US$ 10.07 million which is a 27.31 % growth as compared
to 7.91 million US $ achieved during 2023-24. During the
year the company made a PBT of US$ 1.08 million which is
10.73% of revenue as compared to US$ 0.81 million which is
10.23 % of revenue, achieved during 2023-24.

TAAL

During the year under review, TAAL has achieved a turnover
of 273.69 million THB, which is a 1.88 % growth as compared
to 268.65 million THB achieved during 2023-24. During the
year the company registered a profit of 7.04 million THB at
PBT level which was 264.66% higher as compared to a profit
of 2.66 million made during 2023-24.

IFBRL

During FY 2022-23, your Company invested an amount of
' 97 crores (Rupees Ninety-Seven Crores Only) in Equity
shares of IFBRL. Your Company's shareholding in IFBRL as
on 31.03.2025 comes to 41.40%.

During the year under review IFBRL has achieved a turnover
of ' 352.03 crs, which is 118.83% growth as compared to
' 160.87 crs achieved during the year 2023-24. During the
year the company reported a loss of ' 44.17 crs, which was '
15.36 crs lower than the loss of ' 59.53 crs made during the
year 2023-24. IFBRL has turned positive at PBDIT level since
Feb, 25 riding on gradual increase in volume. The company
plans to increase its shareholding in IFBRL during the year
2025-26.

Consolidated financial statements of the company and
its subsidiaries and Associate have been prepared in
accordance with Section 129(3) of the Companies Act,
2013. Further, the report on the performance and financial
position of the subsidiary companies in the prescribed form
AOC-1 is appended as
Annexure-G, which forms part of
this report.

In accordance with Section 136 of the Companies Act, 2013,
the audited financial statements, including the Consolidated
financial statements and related information of the company
and financial statement of the subsidiary companies will
be available on our website www.iftindustries.com. These
documents will also be available for inspection during
business hours at the corporate office of company.

ACKNOWLEDGEMENT:

Directors take this opportunity to express their thanks to
various departments of the Central and State Government,
Bankers, Customers and Shareholders for their continued
support. The Directors wish to place on record their
appreciation for the dedicated efforts put in by the
Employees of the Company at all level.

For and on behalf of the Board of Directors
Bikramjit Nag

Place : Kolkata (DIN: 00827155)

Date : 28th May 2025 Chairman