Ferro chrome producer Indian Metals & Ferro Alloys Ltd (IMFA) has reported a standalone loss of Rs 73.87 crore for the quarter ended March 31, 2019. The company had posted a profit of Rs 4.59 crore in the year-ago period, IMFA said in a filing to the BSE. The standalone income of IMFA in the January-March quarter declined to Rs 437.67 crore, from Rs 451.75 crore in the year-ago period.
“We have registered strong operational numbers in a challenging environment which is reflective of the inherent strength of our fully integrated business model and long term relationships with customers,” IMFA Managing Director Subhrakant Panda said.
Panda further said “exceptional items have proved to be a drag on profitability. Our balance sheet is exceptionally strong, so we are looking to move on and focus on our core strength of value addition. We are evaluating acquisition opportunities and will look to expand capacity.”
IMFA is India’s leading fully integrated producer of value-added Ferro chrome with capacity of 2,84,000 tonnes per annum.