Indian Metals & Ferro Alloys (IMFA) today posted a net profit of Rs 174 crore for the quarter ended on March 31, 2017. The company had posted a loss of Rs 37.29 crore in the year-ago quarter, IMFA said in a statement. The company’s total income during the quarter under review jumped three-fold to Rs 630.72 crore from Rs 210.63 crore in the three-month period a year ago, it said.
Total expenses were at Rs 365.61 crore during the January-March quarter, as against Rs 276.46 crore a year ago. “A sharp increase in ferro chrome prices has significantly boosted the company’s performance for the fourth quarter with profit after tax growing manifold,” IMFA said.
Subhrakant Panda, the MD and CEO of IMFA, said: “The fourth quarter has indeed been exceptional due to the sharp increase in prices… Ore prices have fallen sharply globally due to higher output and this has also translated into lower ferro chrome prices; we expect the next 1-2 quarters to be somewhat challenging but overall the outlook continues to be good on the basis on strong demand for stainless steel.”
Bhubaneswar-headquartered Indian Metals & Ferro Alloys Ltd (IMFA) is a leading fully integrated producer of value added ferro chrome with capacity of 2,75,000 tonnes per annum. It has manufacturing complexes in Therubali and Choudwar and captive chrome ore mines in Sukinda, Mahagiri and Nuasahi. Shares of the company today closed down 5 per cent at Rs 493.50 apiece on BSE.