India's IFGL Refractories slides as company swings to losses in Q3

IFGL Refractories

10/02/2025 07:15

** India's IFGL Refractories  IFGL.NS  slides 11% to
19-month low of 354.15 rupees, set for biggest single-day
percentage fall since May, if losses hold 
    ** Co posts 21.6 mln rupees ($246,629) Q3 consol loss vs
15.2 million rupees profit y/y
    ** Revenue from exports, which make up around 35% of
revenues, drop 15% y/y
    ** Significant slowdown in the U.S., Germany and the UK
subsidiaries as several steel plants underwent shutdown, says
James McIntosh, MD of the refractory products maker and seller
    ** Co outlines weak outlook for refractory industry in
near-term
    ** IFGL stock down 22% so far in 2025; plunged 43% in 2024

    ($1 = 87.5810 Indian rupees)

 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))