IMFA Q1 Results

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

Leading producer of ferro chrome Indian Metals & Ferro Alloys Ltd (IMFA) has recorded a resilient performance in the April-June quarter of this fiscal, clocking a net profit of Rs 99.92 crore. In the corresponding period of previous fiscal, the company bled a loss of Rs 30.35 crore.The company's revenue surged 68.3 per cent in the period under review as it grew from Rs 253.29 crore to Rs 426.31 crore. Exports zoomed 73 per cent in this period, rising from Rs 217.42 crore to Rs 376.84 crore.IMFA got a breather towards the end of the quarter as its captive mining operations at Sukinda and Mahagiri resumed on June 23 after the consent to operate was reinstated. The order from the State Pollution Control Board is valid till March 2021.Subhrakant Panda, managing director & chief executive officer, IMFA said, "The first quarter of the current fiscal saw significant correction in ferro chrome prices though this came about after long-term contracts were finalised, conversely, spot ...