IMFA net profit grows manifold to over Rs 32 cr in Dec quarter

The Indian Metals and Ferro Alloys (IMFA) on Tuesday posted a manifold jump in consolidated profit after tax (PAT) to Rs 32.53 crore for the December 2020 quarter, helped by higher income.

It had posted a consolidated PAT of Rs 4.84 crore in the corresponding period last fiscal, the company said in a filing to the BSE.

However, the company's consolidated income increased to Rs 430.10 crore in the December 2020 quarter as compared with over Rs 405.79 crore a year ago.

Its expenses were at Rs 395.29 crore, lower from Rs 404.67 crore a year ago.

IMFA Managing Director Subhrakant Panda said, ''Demand for ferro chrome continued to improve in line with increase in economic activity globally.'' He added that prices picked up substantially in January 2021 on the back of production constraints in inner Mongolia and likely imposition of export duty on chrome ore by South Africa.

IMFA is India's leading fully integrated producer of value-added ferro chrome with a capacity of 2,84,000 tonnes per annum.

Headquartered in Bhubaneswar, the company has manufacturing complexes in Therubali and Choudwar with its own chrome ore mines in Sukinda and Mahagiri.