Bhubaneswar: Odisha based Ferrochrome manufacturer Indian Metals and Ferroalloys (IMFA) has reported a net profit of Rs.98.57 crore in the first quarter (Apr-Jun) as against Rs. 24.30 crore in the first quarter of 2020-21, a growth of over 300 per cent. Revenue during the quarter grew by 32.8 percent to Rs. 538 crore from Rs. 405 crore in Q1FY21.
The company’s ferrochrome production dropped by 2.8 percent to Rs.58,640 tonnes, while sales remain flat at Rs.59,506 tonnes.
“The Q1 FY22 performance has been exceptional, driven by steady operations and upswing in prices globally. Our strategy of entering into long term contracts which are re-priced every quarter assures offtake and leads to more stability, even as the benefit of price movement is reflected with a slight lag; however, some tonnage is set aside for spot sales and monthly contracts so as to capture upside in prices. Supply side dynamics are expected to dominate going ahead, and we are uniquely positioned to benefit given our fully integrated business model” said Subhrakant Panda, Managing Director, IMFA.