IMFA’s ferro chrome production increases 19%

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Bhubaneswar: Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome, today announced Q1 FY20 results for the period ending June 30th, 2019.

Highlights of Q1 FY20 vs Q1 FY19

Revenues of Rs 445.93 crores vs Rs 412.53 crores
Exports of Rs 432.28 crores vs Rs 377.97 crores
Profit of Rs 10.66 crores vs Rs 28.74 crores

Highlights of Q1 FY20 vs Q4 FY19

Revenues of Rs 445.93 crores vs Rs 434.06 crores
Exports of Rs 432.28 crores vs 395.11 crores
Profit of Rs 10.66 crores vs Loss of Rs 73.87 crores

Operational Highlights

Ferro Chrome production of 55,676 tonnes vs 46,766 tonnes
Sales of 60,612 tonnes vs 48,580 tonnes
Power generation of 189 mu vs 220 mu

Commenting on the results Mr Subhrakant Panda, Managing Director said: “The ferro chrome industry is going through a difficult time on account of trade tensions globally so our performance during the quarter under review is especially noteworthy. We were able to leverage our fully integrated business model to eke out a profit. While the short term outlook continues to be challenging on account of the international benchmark price having come down, we are confident of our ability to ride out volatility on account of our inherent resilience. There is a slight trend reversal in prices and, barring unforeseen circumstances, we expect the situation to improve from here.”

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