The Business Bytes
TBB BUREAU
BHUBANESWAR, JAN 30, 2024
IMFA’s net profit surged to Rs 107.87 crore in Q3 FY24 compared to Rs 10.43 crore in the same period last year (YoY). This increase in PAT underscores the company’s efficient operational management and strategic financial decisions.
IMFA reported a 10 per cent growth in revenue, with figures reaching Rs 685.27 crore in Q3FY24, up from Rs 623.62 crore in the corresponding period last year (YoY).
The company’s export in Q3FY24 went up to Rs 649.82 crore from Rs 577.46 crore recorded in the same period last year.
IMFA’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the quarter under review soared to Rs 167.87 core, a substantial increase from Rs 67.2 crore reported in the year-ago period.
Commenting on the Q3 results, IMFA Managing Director Subhrakant Panda said: “The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside.”
“Raising of chrome ore is on track to cross 0.6 million tonnes during the year for the first time with a further hike in FY25, and we are looking to tie up hybrid renewable power for our expansion project which will reduce our carbon footprint,” he added.
