Imfa

IMFA Q3 results: Net profit falls 20% to Rs 86 cr, revenue at Rs 643.22 cr

Indian Metals & Ferro Alloys Ltd (IMFA) on Wednesday reported an over 20 per cent fall in profit after tax to Rs 86.13 crore for the December 2024 quarter, impacted by a fall in revenues. It had posted Rs 107.87 PAT in the year-ago quarter, the company said in a statement. The company's revenues fell to Rs 643.22 crore from Rs 685.27 crore in the October-December period of 2023-24. During the quarter, the company said it signed a Power Purchase Agreement (PPA) with JSW Green Energy One and JSW Green Energy Seven for 70 MW hybrid renewable energy (50 MW AC Solar and 100 MW Wind). Further, the final negotiations are ongoing to award major contracts for the ethanol Project, and construction is expected to start shortly with a commissioning timeline of 12 months. IMFA said Bijayananda Mohapatra has been appointed to the Board with effect from January 31, 2025, and will be designated Wholetime Director and COO. Saunak Gupta has been named CFO Designate and will formally take on the ..

IMFA partners with JSW Green Energy for renewable power in smelting ops

Odisha-based Indian Metals & Ferro Alloys Ltd (IMFA), a ferrochrome producer, entered into a joint venture with JSW Green Energy to source renewable energy for its smelting operations, officials said on Wednesday. In a statement, the company said IMFA signed a binding term-sheet with JSW Green Energy One Ltd and JSW Green Energy Seven Ltd, and will invest Rs 83.26 crore in a hybrid project that combines 50 megawatt (MW) AC solar and 100 MW of wind for a total contracted capacity of 70 MW. The company will subsequently sign a power purchase agreement (PPA) as a captive consumer, which will be valid for 25 years, it added. IMFA vice-president Binoy Agarwalla said, "By combining solar and wind power, we are taking a proactive step towards a green future and aligning with the global trend of sustainability." The company also mentioned that it is setting up a 1 lakh tonne per annum greenfield facility at Kalinganagar, Odisha, to augment its ferrochrome production in line with ...

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.

IMFA standalone net profit falls over 50% to Rs 63.65 cr in March quarter

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 ...

Pak Army chief likely to visit US to request for early IMF funding: Report

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

IMFA to invest Rs 900 crore to boost production from Odisha mines

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

IMFA Q1 net profit down 170% at Rs 10.66 crore amid global trade tensions

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

Indonesia wins $469 mn arbitration case against Indian metal firm IMFA

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

Odisha govt shuts down two IMFA mines over flouting of pollution norms

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 ...

IMFA ramps up output as ferro chrome demand firms up

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