IMFA Q4 net profit falls over 50 pc to Rs 63.65 cr

Indian Metals & Ferro Alloys Ltd (IMFA) on Tuesday posted over a 50 per cent fall in its standalone net profit to Rs 63.65 crore in the March 2023 quarter, dragged by lower revenues.

It had clocked a net profit of Rs 142.63 crore during the January-March quarter of 2021-22, IMFA said in a statement.

The company's revenues also fell to Rs 636.90 crore from Rs 756.71 crore in the year-ago period.

IMFA Managing Director (MD) Subhrakant Panda said, ''While commodity prices have cooled off from last year's exceptional levels leading to a decline in profitability, FY23 performance is still creditable. The slowdown globally represents a challenge for the ferrochrome industry but we remain confident about the current year's outlook, given the strength of our balance sheet and fully integrated business model''.

The company's 1 lakh tonne per annum ferro chrome expansion project at Kalinganagar is on track, he added.

Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully integrated producer of value-added ferro chrome with a capacity of 2.84 lakh tonne per annum.

The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.55 MW (including 4.55 MW solar), and owns chrome ore mines in Sukinda and Mahagiri.