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

New Delhi: 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 comply with enhanced renewable power obligations (RPO), he added.

Odisha-based Indian Metals & Ferro Alloys Ltd (IMFA) produces 2.84 lakh tonnes of value-added ferrochrome per annum from its manufacturing complexes in Therubali and Choudwar.