IMFA

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.

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 ...

Days after Pakistan's Army Chief General Qamar Bajwa requested Washington for help in securing an early disbursement of funds from the IMF, he is likely to visit US

While the company has had no major capital expenditure for the current fiscal, for FY23, it plans to set up a 100,000 tonne plant at Kaliganagar, capex for which is about Rs 550 crore

The ferro chrome producer's revenues rose 7.48 per cent from Rs 412.53 crore to Rs 445.93 crore

Indonesia won the case against India Metal Ferro and Alloys Ltd after nearly four years of court battles.

The Odisha government has shut down two chromite mines of India Metals and Ferroalloys, a leading ferroalloys producer of the country, on the ground of non-compliance of pollution control norms.Incidentally, IMFA is promoted by the family of Biju Janata Dal (BJD) MP, Baijayant Panda, who has fallen out of favour with chief minister Naveen Patnaik following his recent tweets and newspaper article criticising functioning of the party and calling for retrospection after lacklustre performance of BJD in the recent panchayat election in the state. Soon after Panda, who is also the vice-chairman of the company, went public about the ills afflicting the party, the Odisha Sate Pollution Control Board (OSPCB) had slapped notices on two mines of IMFA at Kaliapani in Sukinda valley for violation of pollution control norms.While the consent to operate (CTO) granted to the mines by OSPCB was set to expire in March, 2021, the sudden move to revoke it, based on an inspection of the pollution ...

The company produced 50,592 tonne of ferro chrome, 63% higher than 30,904 tonne in the October-December period of last fiscal