Bhubaneswar: The MD & CEO of IMFA, Subhrakanta Panda said that the company’s bottom line would look up in the coming quarters. He said that the company’s price realisation would be improved due to long term price contracts for the coming quarters.
Stating that the company’s profit dipped in the Q2 ending on September 30, 2017, he said that this was due to fluctuations in the ferro chrome prices in the world market. He said that the price realisation during the quarter hit badly as the prices for the quarter were fixed during the Chinese slow down.
IMFA’s net profit during the second quarter ending on September 30, 2017 dropped to Rs7.37 crore as against Rs 42.31 crore profit posted during the same period last year. The gross revenue during the Q2 of the current fiscal was Rs 416.03 crore as against Rs 387.58crore last year. The export earning was Rs 344.94 crore as against Rs323.70 crore during the Q2 of the last year.
Country’s leading integrated ferro alloys company, however, posted a net profit of Rs 107.29 crore during the first of the current fiscal ending on September 30,2017 as against Rs 11.96 crore during the same period last fiscal. The net profit came from a gross revenue of Rs842.34 crore in the H1 as against Rs 640.87 crore in the corresponding period last year. The company’s export earning has become Rs 721. 78crore as against Rs 541.12crore.