Three-fold profit of Rs 21 cr for Indian Metals & Ferro Alloys Ltd

Total income during the July-September quarter declined to Rs 398.60 crore, from Rs 424.04 crore in the year-ago period, the company said in a filing to BSE.

Indian Metals & Ferro Alloys Ltd (IMFA) Tuesday posted a nearly three-fold jump in profit after tax to Rs 21.49 crore for the July-September quarter compared to Rs 7.37 crore in the year-ago period.

Total income during the July-September quarter declined to Rs 398.60 crore, from Rs 424.04 crore in the year-ago period, the company said in a filing to BSE.

Commenting on the developments, Company's Managing Director and CEO Subhrakant Panda said, "Despite higher realisation for ferrochrome during the quarter, our performance was affected by lower output and higher costs.

"Moreover, 'mark to market' (MTM) provisioning on account of the recent rupee depreciation also impacted the bottomline. However, stable demand and long term price trends augur well though quarter on quarter volatility may persist."