Indian Metals and Ferro Alloys Q2 result: Profit rises 5-fold to Rs 89 cr

Indian Metal & Ferroy Alloys (IMFA) Ltd on Thursday posted over five-fold jump in consolidated net profit to Rs 89.34 crore in the September quarter, aided by reduced expenses.

It had clocked Rs 16.40 crore net profit during the year-ago period, the company said in regulatory filing.

The company's total income also increased to Rs 704.25 crore over Rs 676.88 crore in the year-ago quarter.

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.

It also approved the merger of Utkal Coal Ltd into Indian Metals & Ferro Alloys Ltd, as well as their respective shareholders and creditors.

The amalgamation will be implemented upon receipt of requisite approvals of statutory and regulatory authorities, including the approval of the jurisdictional National Company Law Tribunal, shareholders and creditors.