The Indian Metals and Ferro Alloys (IMFA) limited, the country’s largest fully integrated producer of valueadded ferrochrome, has generated revenue to the tune of Rs 379.04 crore in the fourth quarter (Q4) ending March 31, 2013 against Rs 318.49 crore in the previous corresponding period, thus registering a rise of 19 per cent.
The company's exports went up to Rs 297.08 crore during Q4 in FY 2012-13 against Rs 257.28 crore in the same period last fiscal.
For FY 2012-13, the company's revenues grew by 7 per cent to Rs 1273.25 crore from Rs 1192.73 crore in FY 2011-12, and exports went up from Rs 964.87 crore to Rs 976 crore.
The IMFA recorded a 5-per cent rise in its Earnings before Interest, Taxes, Depreciation and Amortisation (EBIDTA) which stood at Rs 69.25 crore in FY 13 against Rs 65.65 crore in the previous fiscal.
The company’s joint venture with Posco became operational during Q4 in FY13 further cementing a mutually-beneficial relationship built up over more than a decade and, in conjunction with the long term contract, resulting in greater off-take assurance.
With China lifting the export duty on metallurgical coke, the prices have come down substantially, the company said in a statement on Wednesday.
The IMFA Board of Directors recommended a dividend of Rs 5 per share (50 per cent) for FY 2012-13.
Commenting on the company’s performance, its MD & CEO Subhrakant Panda said, “Results for FY 13 and, in particular, Q4 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.”
“However, the long term impact of the new power generation capacity and the joint venture far outweigh any short term implications and we remain confident about future prospects,” he added.
The IMFA, with its headquarters in Bhubaneswar, has manufacturing complexes in Therubali and Choudwar and captive chrome ore mines in Sukinda and Nuasahi.