IMFA records highest ever turnover; FY13 EBIDTA up 21%
May 15, 2013
Internal Press Release

Indian Metals & Ferro Alloys Ltd (IMFA), the country’s leading fully integrated producer of value-added ferro chrome, today announced the Q4 & FY13 results for the period March 31st, 2013.

Highlights of FY13 v/s FY12
• Revenues at Rs 1,273.25 cr vs Rs. 1,192.73 cr, up 7%
• EBIDTA at Rs 284.43 cr vs Rs. 234.67 cr, up 21%
• Exports of Rs 976.51 cr vs Rs. 964.87 cr

Highlights of Q4 FY13 v/s Q4 FY12
• Revenues at Rs 379.04 cr vs Rs. 318.49 cr, up 19%
• EBIDTA at Rs 69.25 cr vs Rs. 65.65 cr, up 5%
• Exports at Rs 297.08 cr vs Rs. 257.28 cr

The Board of Directors have recommended dividend to be maintained at Rs 5 per share (50%) for FY13.

Operational Highlights
The joint venture with Posco became operational during Q4 FY13 further cementing a mutually beneficial relationship built up over more than a decade and, in conjunction with the long term contract, resulting in greater off-take assurance.

Metallurgical coke prices have come down substantially with the lifting of export duty by China.

Commenting on the results Mr Subhrakant Panda, MD & CEO, IMFA said : “The year gone by has been extremely challenging with demand remaining muted and all commodity prices coming under pressure. Results for FY13 and, in particular, Q4 were impacted by higher depreciation on account of the commissioning of Unit 1 (60 MW) of the new Captive Power Plant, deferred tax and an exceptional charge relating to the Posco joint venture. However, the long term impact of the new power generation capacity and the joint venture far outweigh any short term implications and we remain confident about future prospects. The captive coal block is yet to be operational due to undue delay by the State Government in approving the Grant Order but we are hopeful of completing all remaining formalities and starting mining within this year. The new organisation structure with the creation of the Ferro Alloys and Power Business Units will help us in focusing top management bandwidth on strategic priorities including diversifying into new businesses and geographies.”

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Mr Kishore Mohan Mohanty