Indian Metals & Ferro Alloys

IMFA Q3 results: Profit climbs to Rs 109 cr, total income at Rs 695.02 cr

Indian Metals & Ferro Alloys Ltd (IMFA) has posted manifold jump in its consolidated net profit to Rs 108.95 crore in the December quarter, pushed by higher income. It had clocked a profit of Rs 11.04 crore in the October-December period of 2022-23 financial year, the company said in an exchange filing on Tuesday. The company's total income rose to Rs 695.02 crore over Rs 631.84 crore in the year ago quarter. Its expenses reduced to Rs 549.44 crore from Rs 605.61 crore in the third quarter a year ago. Subhrakant Panda, Managing Director, IMFA, said, "The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside." Bhubaneswar-based IMFA is a leading integrated producer of value added ferro chrome with ...

Updated On : 31 Jan 2024 | 2:48 PM IST

Indian Metals & Ferro Alloys Q1 net profit falls 17.8% to Rs 110 cr

Indian Metals & Ferro Alloys Ltd (IMFA) on Wednesday posted a 17.80 per cent fall in its net profit to Rs 110 crore in the June 2023 quarter on lower income. It had posted a net profit of Rs 133.83 crore in the year-ago period, the company said in a statement. The company's revenues also trimmed to Rs 701.73 crore from Rs 743.42 crore in the year-ago quarter. "Despite softening commodity prices, the Q1 FY24 result is robust as we have benefited from lower input costs primarily, thermal coal and metallurgical coke. While there are global headwinds, the ongoing power crisis in South Africa, along with stimulus measures to boost the Chinese economy, is expected to support the ferrochrome prices," IMFA Managing Director (MD) Subhrakant Panda said. The expansion project in Kalinganagar, Odisha, is on track with the public hearing being conducted successfully recently. IMFA is also in active discussions to tie up for hybrid renewable energy to meet its requirement for the project and ...

Updated On : 26 Jul 2023 | 4:46 PM IST

Steel Strips Wheels hits record high, surges 9% on healthy growth outlook

SSWL is looking to expand its presence in alloy wheel with global passenger car segment customer

Updated On : 26 Jun 2023 | 11:29 AM IST

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 ...

Updated On : 30 May 2023 | 10:43 PM IST

Wheels India expects demand for cast aluminium wheels to grow this year

Wheels India Ltd, manufacturers of wheels for automobiles on Thursday said it expects the demand for cast aluminium wheels to grow this year, according to a top company official

Updated On : 14 Jul 2022 | 1:46 PM IST

Fallout of Russia-Ukraine war: Metal users, producers feel price pinch

Price hikes in the offing, say metal producers; may have to pass on costs, say user industries

Updated On : 10 Mar 2022 | 6:05 AM IST

Indian Metals & Ferro Alloys' net profit soars to Rs 122 crore in Q3

Indian Metals & Ferro Alloys (IMFA) on Thursday posted nearly four-fold jump in consolidated profit after tax (PAT) at Rs 122.24 crore for December quarter 2021-22, mainly on account of higher income. The company had logged Rs 32.53 crore PAT during October-December period of 2020-21, IMFA said in a regulatory filing. During the quarter under review, its total income rose to Rs 658.21 crore from Rs 430.10 crore a year ago. Total expenses were at Rs 483.63 crore as against Rs 395.29 crore in the year-ago quarter. In a separate statement, the company said it produced 61,545 tonne of ferrochrome (FeCr) and sold 55,403 tonne of the alloy during December quarter. The company said it has also made a prepayment of Rs 214 crore towards a long-term debt. IMFA MD Subhrakant Panda said: Our record performance in the ongoing fiscal has enabled us to prepay long-term debt thereby strengthening balance sheet ahead of our proposed 100,000 tonne per annum ferro chrome expansion." Headquartered

Updated On : 27 Jan 2022 | 9:08 PM IST

Stocks to Watch: Airtel, RIL, Siemens, Escorts, Radhe Dev, Indian Metals

Upside in Vedanta may be capped unless commodity prices rebound, say analyst

Updated On : 24 Nov 2021 | 9:01 AM IST

IIT Madras develops light-weight alloy to replace steel, aluminium in cars

There has been a lot of focus on lowering carbon footprint of vehicles by using light-weight material in their bodies, as lighter vehicles consumer less fuel

Updated On : 26 May 2020 | 7:12 PM IST

Ferrous metals headed for subdued start in FY21 due to dip in auto demand

Analysts believe that strict quarantine measures to enforce lockdown will lead to demand erosion even though the supply side is facing relatively lower disruptions