IMFA Q2 net profit at Rs 5.12 cr

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BHUBANESWAR, OCT 20: Ferrochrome maker Indian Metals and Ferro Alloys (IMFA) posted Rs 5.12 crore net profit in the second quarter of FY 2015-16 ending September 30, 2015 as against Rs 0.57 crore made in the corresponding period of the previous fiscal, on higher production and power generation by the company.
However, IMFA’s revenue in the quarter under review went down marginally from Rs 348 crore in Q2 of FY 2014-15 to Rs 338 crore in Q2 FY 16, a company release said today.
Exports increased by Rs 37 crore to Rs 318 crore in the second quarter of FY 2015-16 compared to Rs 281 crore in the same period last fiscal, it added.
For the half yearly period April-September 2015 (H1FY16), IMFA’s revenue crossed Rs 678 crore compared to Rs 649 crore in the corresponding period during the previous fiscal. The EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) in this period however, was Rs 119 crore compared to Rs 130 crore in the H1 of FY 2014-15. But, export during this period went up from Rs 507 crore in H1 FY 15 to Rs 617 crore.
IMFA produced 59,701 tonnes of ferro chrome during the second quarter of the current fiscal which is 67 percent higher than that recorded in Q2 of FY15. Power generation during this quarter too went up by 61 percent to 268 million units in comparison to that in Q2 of the previous fiscal.
Commenting on the performance of the company, Subhrakant Panda, Managing Director and CEO said: “We have performed creditably in a tough environment for commodities by maximising output and bringing down raw material costs as well as interest outgo even as we provided for certain exceptional items.”
“While the short term outlook remains difficult, we believe a gradual recovery is imminent,” he added.

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