IMFA Posts Profits

 A sharp increase in ferro chrome prices significantly boosted performance of Indian Metal & Ferro Alloys (IMFA) in the fourth quarter (Q4) of FY 2016-17.

The Ferro Alloys Major has posted a net profit of Rs 174 crore against a loss of Rs 37.29 crore in the corresponding quarter in FY16.
IMFA’s revenue moved up sharply to Rs 594.17 crore from Rs 207.51 crore in Q4FY16, with exports rising to Rs 524.33 crore over Rs 173.86 crore in Q4FY16.
For the financial year 2017-16, IMFA earned a net profit of Rs 249.83 crore compared to a loss of Rs 44.73 crore in FY16 while revenue was up 38.4 percent to Rs 1697.04 crore against Rs 1226.53 crore with exports growing 37 percent to Rs 1447.37 crore compared to Rs 1057.15 crore registered in FY16.
Ferro chrome production grew significantly by 92 percent to 59,391 tonne in Q4FY17 from 30,904 tonne in the corresponding period in FY16.
Sales went up by 48 percent to 56,578 tonne in Q4FY17 from 38,101 tonne in Q4FY16. In FY17, ferro chrome production went up 25 percent to 235,460 tonne from 188,849 tonne in the previous fiscal (FY16). IMFA registered 21 percent increase in sales in FY17 with 233,698 tonne from 193,302 tonne in FY16.
Commenting on the developments, IMFA Managing Director and CEO Subhrakant Panda said, "The fourth quarter has indeed been exceptional due to the sharp increase in prices. However, this should not detract from the significant improvement in operational performance which has enabled us to reap the benefit of higher prices.”
“We expect the next one or two quarters to be somewhat challenging, but the overall outlook continues to be good on the basis on strong demand for stainless steel,” added Mr.Panda.

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