Indian Metals and Ferro Alloys (IMFA) profit has dipped by 15.70 per cent to Rs 53.89 crore in 2012-13 on cost incurred by new power plant and a joint venture. The company had posted a profit of Rs 63.93 crore in the previous fiscal.
"The year gone by has been extremely challenging with demand remaining muted and all commodity prices coming under pressure. Results for FY13 and, in particular, Q4 (Jan-Mar 2013) were impacted by higher depreciation on account of the commissioning of Unit 1 (60 Mw) of the new captive power plant, deferred tax and an exceptional charge relating to the Posco joint venture," said Subhrakant Panda, MD and CEO of IMFA.
During Jan-Mar, the ferro chrome maker posted a loss of Rs 11.39 crore, against Rs 15.06 crore profit made in the same period last year, as per the financial results submitted by the company to the Bombay Stock Exchange (BSE).
However, year-on-year basis, EBITDA (earnings before interest, tax, depreciation and amortisation) of the company went up by 21 per cent to Rs 284.43 crore.
The company expressed that the implementation of the JV with Posco for supply of ferro chrome will boost its bottom line in the long term.
