Latest News | IMFA's Q3 Profit Soars to Rs 122 Cr

New Delhi, Jan 27 (PTI) Indian Metals & Ferro Alloys (IMFA) on Thursday posted nearly four-fold jump in consolidated profit after tax (PAT) at Rs 122.24 crore for December quarter 2021-22, mainly on account of higher income.

The company had logged Rs 32.53 crore PAT during October-December period of 2020-21, IMFA said in a regulatory filing.

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During the quarter under review, its total income rose to Rs 658.21 crore from Rs 430.10 crore a year ago.

Total expenses were at Rs 483.63 crore as against Rs 395.29 crore in the year-ago quarter.

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In a separate statement, the company said it produced 61,545 tonne of ferrochrome (FeCr) and sold 55,403 tonne of the alloy during December quarter.

The company said it has also made a prepayment of Rs 214 crore towards a long-term debt.

IMFA MD Subhrakant Panda said: “Our record performance in the ongoing fiscal has enabled us to prepay long-term debt thereby strengthening balance sheet ahead of our proposed 100,000 tonne per annum ferro chrome expansion."

Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully integrated producer of value added ferro chrome with 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 4.55 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)