Latest News | IMFA Profit Declines to Rs 17 Crore in Jul-Sep Quarter on High Expenses
Get latest articles and stories on Latest News at LatestLY. Indian Metals & Ferro Alloys (IMFA) on Thursday said its consolidated profit after tax (PAT) declined to Rs 17 crore in the September quarter, mainly due to higher expenses.
New Delhi, Oct 27 (PTI) Indian Metals & Ferro Alloys (IMFA) on Thursday said its consolidated profit after tax (PAT) declined to Rs 17 crore in the September quarter, mainly due to higher expenses.
The company had reported Rs 144 crore PAT during the July-September period of 2021-22, IMFA said in a regulatory filing.
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However, the company's total income rose to Rs 677 crore from Rs 658 crore a year ago.
The expenses soared to Rs 648 crore against Rs 454 crore in the year-ago period.
In a statement, IMFA Managing Director Subhrakant Panda said: "High input costs have impacted margins; however, the advantage of being fully integrated and debt free is reflected in the reported results. We expect an improved performance going ahead".
The threat of global recession and persistent inflation have had a negative impact on commodity prices and ferrochrome is no exception in this regard, he added.
Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully integrated producer of value-added ferrochrome with a capacity of 2.84 lakh tonne per annum.
The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.55 MW (including 4.5 MW solar) and owns chrome ore mines in Sukinda and Mahagiri.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)