The Business Bytes
TBB BUREAU
NEW DEDLHI, NOV 2, 2023
Bhubaneswar-headquartered Indian Metals & Ferro Alloys (IMFA) Ltd on Thursday posted over five-fold jump in consolidated net profit to Rs 89.96 crore in the second quarter (Q2) of the current fiscal (FY24), aided by reduced expenses.
It had clocked Rs 17.82 crore net profit during the year-ago period, the company said in regulatory filing.
IMFA’s total income also increased to Rs 692.61 crore in Q2FY24 over Rs 672.45 crore in the corresponding period in the previous financial year.
Exports in Q2FY24 stood up at Rs 653.77 crore as against Rs 631.31 crore in the year-ago period.
However, the company’s total revenue in the first half (H1) of FY24 went marginally down to Rs 1394.34 crore as against Rs 1415.87 crore registered in H1FY23.
IMFA’s expenses trimmed to Rs 581.10 crore from Rs 647.98 crore last year.
The board of the company also approved an interim dividend of Rs 7.50 per equity share of Rs 10 each for the financial year ending March 31, 2024.
Commenting on the results, IMFA Managing Director Subhrakant Panda said, “IMFA’s debt-free Balance Sheet and fully integrated business model has helped deliver strong results this quarter in a challenging environment. A focus on long term marketing tie-ups has also been handy at a time when there is a slight degrowth in stainless steel production. Input costs have moderated in general, although a surge in chrome ore cost for non-integrated producers in India is likely to curtail ferro chrome output in the near term which will work to our benefit.”
“We remain sanguine about future prospects as we focus on our ferro chrome expansion project and enhancement of chrome ore output,” he added.
