Higher output & prices boost IMFA’s performance
Oct 24, 2016
Internal Press Release

Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome today announced Q2 & H1 FY17 results for the period ended September 30th, 2016.

Higher output combined with an increase in ferro chrome prices has boosted the company’s performance for the second quarter of FY17 after it had reported losses for two successive quarters. There has been a broad rally across commodities and ferro chrome too has witnessed a turnaround after prices had hit multi-year lows.

Highlights of Q2 FY17 vs Q2 FY16
• Revenue of Rs 387.58 crores vs Rs 340.12 crores
• Exports of Rs 323.70 crores vs Rs 318.14 crores
• Net Profit of Rs 42.31 crores vs Rs 3.46 crores

Highlights of H1 FY17 vs H1 FY16
• Revenue of Rs 640.87 crores vs Rs 683.67 crores
• Exports of Rs 541.12 crores vs Rs 616.79 crores
• Net Profit of Rs 11.96 crores vs Rs (10.19) crores

Operational Highlights of Q2 FY17 vs Q2 FY16
• Ferro Chrome production of 60,836 tonnes, up 2% from 59,701 tonnes
• Sales of 61,762 tonnes, increases of 25% from 49,432 tonnes
• Power Generation of 272 MU vs 268 MU

Business Highlights
• The 120 MW captive power plant at Choudwar received the ‘Pollution Control Excellence Award 2016’ from the State Pollution Control Board, Odisha for adopting sound environmental management practices
• Stage I forest clearance has been received for both Sukinda and Mahagiri Mines in connection with forest land identified under Sabik records
• Quarterly benchmark price has increased from a recent low of 90 cents (Q1 FY17) to 118 cents (Q3 FY17)
• All six furnaces are operating on ferro chrome

Commenting on the results Mr Subhrakant Panda, MD & CEO, IMFA said: “After a turbulent period which saw a lot of turmoil and disappointing numbers the ferro chrome industry is sparkling once again. Demand has picked up and unviable capacity has been shuttered worldwide thus bringing about a much needed rebalancing. Spot prices are running even higher than the recently concluded quarterly prices indicating there is some more steam left in the rally. Having advanced maintenance shutdowns to earlier in the year, we are now focused on maximising output and taking full advantage of the price rally.”

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Mr Kishore Mohan Mohanty