IMFA profit jumps to nearly Rs 109 crore in Q3

New Delhi: Indian Metals & Ferro Alloys Ltd (IMFA) has posted a 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 the 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 of 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 ferrochrome 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 installed 284,000 tonnes per annum.

The company has manufacturing complexes in Therubali & Choudwar backed up by captive power generation of 204.5 MW (including 4.5 MW solar) and owns chrome ore mines in Sukinda & Mahagiri.