IMFA reports 84% (QoQ) rise in Net Profit in Q2 on improved demand

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Bhubaneswar: Odisha based integrated Ferro-Chrome producer Indian Metals & Ferro Alloys Ltd (IMFA) has reported impressive turn around in the second quarter (July-Sept 2020).

The company’s net profit rose by 84 per cent to Rs.44.17 crore from Rs.24 crore in the previous quarter (April-June 2020). The growth in net profit will even be higher as the company had reported a loss of Rs.33 crore in the second quarter of FY20.

Imfa’s revenues rose by 8 per cent to Rs.437.58 Crore in Q2 from Rs.405 Crore in the first quarter. On year-on-year (YoY) basis, the company has registered a revenue growth of 12 per cent from Rs.389.47 crore in Q2FY20.

“We have operated through the lockdown period by virtue of the exemption available to continuous process industries and delivered a strong operational performance, while healthy market conditions in terms of demand & price have helped boost profitability. While inherent uncertainties remain due to the unpredictable nature of the pandemic, the proactive approach of the Central & State Government to save lives and livelihoods augurs well” Mr Subhrakant Panda, Managing Director said.

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