Indian Metals & Ferro Alloys (IMFA), India’s leading fully integrated producer of value-added ferrochrome, on Tuesday announced its Q2 FY14 results for the half year ended September 30, 2013.
The highlights of Q2 FY 14 Vs Q2 FY 13: Revenue increased 14% to Rs 22.67 crore Vs Rs 284.13 cr. EBIDTA grew 27% to Rs 80.48 cr (Rs 63.41 crore). Net profit declined by 35% to Rs 14.12 crore (Rs 21.77 crore). Exports increased sharply by 29% to Rs 274.31 crore (Rs 212.70 crore)
Business developments: Unit 1 of 2x60-MW captive power plant is operating at full capacity. Unit 2 is under commissioning process and likely to be tested in full load in a month’s time.
Augmentation of ancillary facilities at Therubali to restart existing 48-MVA furnace by end of December as planned. Permission of grant order in Utkal Coal ltd from the Government of Odisha awaited. Commenting on the results, IMFA MD & CEO Subhrakant Panda said, “The tough business environment is reflected in the subdued numbers for the quarter. Though higher depreciation and interest cost on account of the new 120-MW captive power plant has impacted the numbers, we will reap the benefit of this investment in the coming quarters. There is a slight recovery underway in the ferrochrome market and larger volumes going ahead will help us post better results. We remain confident about the robustness of our business model and inherent competitive strength.”