IMFA net profit declines by 94% to Rs. 11 Crore in FY19

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Bhubaneswar : Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading producer of ferro alloys, has reported a loss of Rs.73.87 Crore in the 4th quarter of 2018-19 financial year, against a profit of Rs.4.59 Crore in the corresponding quarter in FY18. Revenue also dropped to Rs.434 Crore against Rs.443.27 Crore in the Q4 of FY 18.

In the 2018-19 financial year the company’s profit declined by almost 94% to Rs.11 Crore, from Rs. 186.6 Crore in the 2017-18 financial year. The revenue also dropped to Rs.1633.78 Crore against Rs.1769.26 crore in the previous year. During the year, IMFA produced 216,046 tonnes of Ferrochrome against 234,443 tonnes in the previous year. Despite loss, the company has announced 50% dividend.

“We have registered strong operational numbers in a challenging environment which is reflective of the inherent strength of our fully integrated business model and long term relationships with customers. However, exceptional items have provedto be a drag on profitability. Our Balance Sheet is exceptionally strong, so we are looking to move on and focus on our core strength of value addition. We are evaluating acquisition opportunities and will look to expand capacity” Mr Subhrakant Panda, Managing Director said.

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