ICCL registers strong performance in 2004-05
Posts highest ever turnover and cash profit
Sep 29, 2005
Internal Press Release

Addressing the 22nd Annual General Meeting of Indian Charge Chrome Ltd (ICCL), a constituent of IMFA Group which is India's largest producer of ferro alloys, Dr Bansidhar Panda, Executive Chairman, stated that 2004-05 saw the Company post its highest ever turnover of Rs 317.42 crores representing a 35.40% increase over the previous year and crossing the Rs 300 crores mark for the first time. Meanwhile, boosted by a buoyant market for ferro alloys, profit before long term interest & depreciation surged by 47% to Rs 81.14 crores.

In terms of output, 2004-05 saw ICCL achieve the second highest ferro chrome production (67,723 tonnes) and electricity generation (825.19 million units). Exports of ferro chrome reached a record level of Rs 224.76 crores which easily placed the Company as India's largest exporter of value added ferro chrome. He also stated that the Company had recently executed the lease deed with the Govt of Odisha for its captive chrome ore mines in Mahagiri (Sukinda Valley) and operations were expected to start shortly.

Addressing the shareholders Dr Panda said that ICCL is not only regular in its repayments to term lenders following the finalisation of the debt restructuring proposal but has, in fact, been able to accelerate payments. He stated that cumulative repayments to the term lenders as of September 2005 stood at Rs 212.47 crores.

Subhrakant Panda, Managing Director, acknowledged the commitment & contribution of the entire workforce in enabling ICCL to achieve the excellent results. He also assured the stakeholders that the Company was committed to aggressive fund raising efforts so as to further cut down outstanding debt. He added that efforts were being made in this regard and an announcement would be made at an appropriate time.

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