Indian Metals and Ferro Alloys clocks profit of Rs 44.17 crores for Q2 FY21

Indian Metals and Ferro Alloys (IMFA) posted a profit of Rs 44.17 crore for the July-September (Q2) of Financial Year 2020-21, a company statement said here.

Indian Metals and Ferro Alloys (IMFA) posted a profit of Rs 44.17 crore for the July-September (Q2) of Financial Year 2020-21, a company statement said here. The company had registered a loss of Rs 33.07 crore in the corresponding period in the last fiscal (2019-20).

Meanwhile, in the first quarter (April-June) of FY 21, the company had clocked a profit of Rs 24.03 crore, leading to a rise of 84 per cent in profit in the quarter ended September. IMFA is India's leading fully integrated producer of ferrochrome (FeCr).

As per the statement, the production rose to 64,872 tonnes in Q2 from 60,342 tonnes in Q1, a rise of 7.5 per cent in FY 21. The sales, meanwhile also grew from 59,743 tonnes in Q1 to 64,528 tonnes in Q2. Revenue rose to Rs 437.58 crore, while exports was clocked at Rs 387.86 crore in Q2, as per the statement.

The company also said it had long-term debt of Rs 431.83 crore in Q2 FY21 and that the debt-equity ratio stands at 0.38. Commenting on the results Subhrakant Panda, Managing Director said, "We have operated through the lockdown period by virtue of the exemption available to continuous process industries and delivered a strong operational performance, while healthy market conditions in terms of demand and price have helped boost profitability."

"While inherent uncertainties remain due to the unpredictable nature of the pandemic, the proactive approach of the central and state government to save lives and livelihoods augurs well. Going ahead, we also expect the imposition of export duty on chrome ore by South Africa to have a positive impact on ferro chrome prices," he added. (ANI)

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