IMFA posts Rs 99.9 cr PAT in Jun quarter

NEW DELHI, July 24:
Indian Metals & Ferro Alloys (IMFA) on Saturday posted a four-fold jump in its consolidated profit after tax (PAT) to Rs 99.09 crore during the June quarter, mainly on account of higher income.
The company had posted Rs 24.82-crore PAT during the April-June period of financial year 2020-21, IMFA said in a regulatory filing .
During the quarter under review, the company said its total income rose to Rs 541.91 crore from Rs 422.29 crore a year ago.
Its total expenses were at Rs 405.29 crore as against Rs 383.93 crore in April-June quarter of the preceding fiscal.
In a statement, Subhrakant Panda, Managing Director of the company, said: “The Q1 performance has been exceptional, driven by steady operations and upswing in prices globally. Our strategy of entering into long-term contracts which are repriced every quarter assures offtake and leads to more stability, even as the benefit of price movement is reflected with a slight lag; however, some tonnage is set aside for spot sales and monthly contracts so as to capture upside in prices.”
“Supply side dynamics are expected to dominate going ahead, and we are uniquely positioned to benefit given our fully integrated business mode,” he said.
The company produced 58,640 tonnes ferro chrome during the said quarter as against 60,342 tonnes the company had produced in the year ago quarter.
While the company sold 59,506 tonnes ferro chrome in April-June of the ongoing fiscal compared to 59,743 tonnes in April-June a year ago.
Headquartered in Bhubaneswar (Odisha), Indian Metals & Ferro Alloys Ltd (IMFA) is India’s leading fully integrated producer of value added ferro chrome with capacity of 2.84 lakh tonnes per annum. The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.55 MW (including 4.55 MW solar), and owns chrome ore mines in Sukinda & Mahagiri. (PTI)