Indian Metals and Ferro Alloys Q2 PAT plunges 82 pc to Rs 7 cr

Indian Metals and Ferro Alloys (IMFA) Ltd today said its profit after tax (PAT) dived 82 per cent to Rs 7.37 crore in the second quarter ended September.
The company had clocked Rs 42.31 crore PAT in the year- ago quarter, it said in a BSE filing.
During the July-September period, total expenses of the company grew to Rs 415.73 crore from Rs 335.80 crore in the corresponding period of 2016-17 fiscal.
However, total income of the company rose 5.60 per cent to Rs 422.18 crore as against Rs 399.76 in similar period of the preceding financial year.
Odisha-based Indian Metals and Ferro Alloys (IMFA) mostly exports ferrochrome to the Far-East -- China, Japan and Taiwan. In India, the company supplies the alloy to Jindal Stainless, Shah Alloys and other producers.

Ferrochrome is an alloy comprised of iron and chromium used primarily in the manufacturing of stainless steel. The average chrome content in stainless steel is approximately 18 per cent.
Shares of the company were trading down 11.84 per cent at Rs 639.80 apiece on BSE in the afternoon trade today.