【Ferro-alloys.com】 Indian Metals and Ferro Alloys Ltd (IMFA) on Thursday reported a consolidated web profit of Rs 122 crore in the course of the December quarter of FY 22, up 3.7 occasions the net profit reported throughout the identical quarter final yr.
“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,” stated the corporate’s managing director Subhrakant Panda in a media assertion.
IMFA reported consolidated income of Rs 655.22 crore, up almost 54% year-on-year for the 9 month interval ending December 2021. The firm’s working earnings (earnings earlier than interest, taxes, depreciation and amortization) was at Rs 634.88 crore for the nine-month interval, up 2.5 occasions the Ebitda of FY 21 at Rs 246 crore.
The firm’s Ebitda for the December quarter was at Rs 214.8 crore, up 3 occasions the Ebitda of final yr, identical quarter. The firm recorded Exports value Rs 583.46 crore within 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 stated.
The firm pay as you go a mortgage value Rs. 214 crore long run debt as of thirty first December and has an fairness ratio of 0.07.
“IMFA will be debt-free by March 2022,” the corporate’s media assertion stated.
The firm has plans to increase its current ferrochrome facility. The firm has a 190 MVA put in furnace capability, with 284,000 tonnes each year of value-added ferrochrome.
“Intimation received regarding allotment of 124.26 acres land in Kalinga Nagar for FeCr expansion project,” the corporate stated.
IMFA expects robust monetary efficiency within the subsequent fiscal which is able to allow the corporate to concentrate on development, whereas additionally rewarding shareholders, stated Panda.