Synopsis
Indian Metals and Ferro Alloys Ltd (IMFA) on Thursday reported a consolidated net profit of Rs 122 crore during the December quarter of FY 22, up 3.7 times the net profit reported during the same quarter last year.
iStockMumbai: Indian Metals and Ferro Alloys Ltd (IMFA) on Thursday reported a consolidated net profit of Rs 122 crore during the December quarter of FY 22, up 3.7 times the net profit reported during the same quarter last year.
“Our record performance in the ongoing fiscal has enabled us to prepay long term debt thereby strengthening the Balance Sheet ahead of our proposed 100,000 tonnes per annum ferrochrome expansion,” said the company’s managing director Subhrakant Panda in a media statement.
IMFA reported consolidated revenue of Rs 655.22 crore, up nearly 54% year-on-year for the 9 month period ending December 2021. The company’s operating income (earnings before interest, taxes, depreciation and amortization) was at Rs 634.88 crore for the nine-month period, up 2.5 times the Ebitda of FY 21 at Rs 246 crore.
The company’s Ebitda for the December quarter was at Rs 214.8 crore, up 3 times the Ebitda of last year, same quarter. The company recorded Exports worth Rs 583.46 crore in the December quarter vs Rs 397.01 crore in Q3 of FY22.
“Ferro Chrome demand continues to be strong, and a trend reversal of prices is seen with recent upward movement,” Panda said.
The company prepaid a loan worth Rs. 214 crore long term debt as of 31st December and has an equity ratio of 0.07.
“IMFA will be debt-free by March 2022,” the company’s media statement said.
The company has plans to expand its existing ferrochrome facility. The company has a 190 MVA installed furnace capacity, with 284,000 tonnes per annum of value-added ferrochrome.
“Intimation received regarding allotment of 124.26 acres land in Kalinga Nagar for FeCr expansion project,” the company said.
IMFA expects strong financial performance in the next fiscal which will enable the company to focus on growth, while also rewarding shareholders, said Panda.
(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
…moreless
Pick the best stocks for yourself
Powered by
-
3 mins read
-
4 mins read
-
7 mins read
-
4 mins read
-
4 mins read
-
4 mins read
-
3 mins read
-
4 mins read
SynopsisIndian Metals and Ferro Alloys Ltd (IMFA) on Thursday reported a consolidated net profit of Rs 122 crore during the December quarter of FY 22, up 3.7 times the net profit reported during the same quarter last year.iStockIMFA expects strong financial performance in the next fiscal which will enable the company to focus on growth, while also rewarding shareholders, said Panda.Mumbai: Indian Metals and Ferro Alloys Ltd (IMFA) on Thursday reported a consolidated net profit of Rs 122 crore during the December quarter of FY 22, up 3.7 times the net profit reported during the same quarter last year. “Our record performance in the ongoing fiscal has enabled us to prepay long term debt thereby strengthening the Balance Sheet ahead of our proposed 100,000 tonnes per annum ferrochrome expansion,” said the company’s managing director Subhrakant Panda in a media statement. IMFA reported consolidated revenue of Rs 655.22 crore, up nearly 54% year-on-year for the 9 month period ending December 2021. The company’s operating income (earnings before interest, taxes, depreciation and amortization) was at Rs 634.88 crore for the nine-month period, up 2.5 times the Ebitda of FY 21 at Rs 246 crore. The company’s Ebitda for the December quarter was at Rs 214.8 crore, up 3 times the Ebitda of last year, same quarter. The company recorded Exports worth Rs 583.46 crore in the December quarter vs Rs 397.01 crore in Q3 of FY22. “Ferro Chrome demand continues to be strong, and a trend reversal of prices is seen with recent upward movement,” Panda said. The company prepaid a loan worth Rs. 214 crore long term debt as of 31st December and has an equity ratio of 0.07. “IMFA will be debt-free by March 2022,” the company’s media statement said. The company has plans to expand its existing ferrochrome facility. The company has a 190 MVA installed furnace capacity, with 284,000 tonnes per annum of value-added ferrochrome. “Intimation received regarding allotment of 124.26 acres land in Kalinga Nagar for FeCr expansion project,” the company said. IMFA expects strong financial performance in the next fiscal which will enable the company to focus on growth, while also rewarding shareholders, said Panda. (What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.) Download The Economic Times News App to get Daily Market Updates & Live Business News….morelessPick the best stocks for yourself Powered by 3 mins read4 mins read7 mins read4 mins read4 mins read4 mins read3 mins read4 mins read