Odisha-based Indian Metals & Ferro Alloys ltd (IMFA), India’s leading fully integrated producer of value-added chrome, on Monday announced its results for the first quarter ended 30th June 2013.
Highlights of Q1 FY14 against Q1 FY13 were revenue of Rs 306.96 cr in comparison to Rs 298.58 cr; EBIDTA of Rs 89.73 cr (Rs 91.36 cr); exports of Rs 248.14 cr as opposed to Rs 241.41 cr and PAT of Rs 10.07 crore (Rs 28.45 crore).
The second unit of the 2x60 MW captive power plant (CPP) at Choudwar was synchronised with the grid on June 30, taking IMFA’s total captive power generation capacity to 258 MW. The initial teething issues are currently being addressed and both units of the new CPP are expected to operate at optimum capacity by the third quarter of the current fiscal. Transportation of chromite from the Nuasahi Mines has commenced in July and would have a positive impact on profitability going ahead, said the company. IMFA MD Subhrakant Panda said, "These are very challenging times for the ferroalloys industry with growth in major economies faltering, thereby stunting demand while costs are also rising. Under the circumstances, our performance in the first quarter is creditable. Moreover, the short-term impact of higher depreciation of the new CPP is far outweighed by the long-term benefit as it gives us the headroom to expand smelting capacity which is under active consideration." He added, "Also, the captive coalmine allotted to us is expected to start operations within this year and will provide a boost to our competitiveness and reliability.”