The Indian Metals and Ferro Alloys ltd (IMFA) on Tuesday said its revenue in Quarter-3 of the current fiscal ending December 2016 was upped by 13 per cent as compared to the revenue earned in Q3 of the last fiscal. It generated revenue of `329 crore in this Q3 as against `292 crore in Q3 of the last year.
During the quarter, its exports were also increased from `227 crore in Q3 of FY15 to `266 crore in FY16. Besides it earned a after tax profit of `1.1 crore in the Q3 against loss of `3.7 crore in the last Q3.
Similarly, results of the nine months of the year showed that the company generated a total revenue of `1007 crore against `942 crore during the corresponding period of the last fiscal. Its exports too increased to `883 crore from `734 crore and EBIDTA declined from `178 crore to `157 crore.
It recorded a 7 per cent growth in production which stood at 52,217 tonnes of ferro chrome and 4 per cent growth of in power generation which stood at 236 million units during the Q3 FY 16.
“The commodity space is markedly weak and ferro chrome is no exception with prices at levels last seen during the 2008 economic meltdown. The demand-supply imbalance will continue for at least a couple of quarters but radical cutbacks are likely as current prices are not sustainable. These are testing times, but we remain sanguine given our low debt levels and fully integrated business model,” said IMFA MD and CEO Subhrakant Panda commented.