Bhubaneswar: Indian Metals & Ferro Alloys (IMFA), a leading manufacturer of ferrochrome, has posted a net profit of Rs 74.74 crore in its third quarter when compared with a net profit of Rs 63.87 crore for the same period last year.
The company’s revenue rose to Rs 483.65 crore in the quarter as against revenue of Rs 462.00 crore for the same quarter last year.
“The revenue for the first nine months of this fiscal has grown by 200 per cent over the same period last fiscal. Improved realisation due to higher benchmark price for the third quarter has had a positive impact. While our fully integrated business model is very resilient, it is obviously not immune to price volatility,” Subrakant Panda, managing director and CEO, IMFA, said.
Revenue from exports of ferrochrome has reached Rs 406.64 crore.
“The contract prices for the ongoing quarter have settled lower. We see strength in spot prices which suggests a trend reversal going ahead. Moreover, we believe ferro chrome pricing is likely to move in a narrow range over the next several quarters with sustained demand and a strong rand helping prices,” Panda SAID.
The net profit for first nine months has increased 8.2 per cent to Rs 82.03 crore.
On the operational cost highlights of the company during the October-December period, he said there is decline in the production of ferrochrome to 63,194 tonne. (PNN)