New Delhi: Indian Metals & Ferro Alloys Ltd (IMFA, the country’s leading fully integrated producer of ferro alloys, announced Q2 FY24 results Thursday for the period ending September 30th, 2023. The company reported Rs. 89.96 crore profit in Q2 of FY 24 as against Rs 17.82 crore during the same period in last fiscal. The company has scored higher revenue of Rs 692.61 crore in Q2 of FY24 as against Rs 672.45 crore in Q2 of FY23.
The company has posted a net profit of Rs 199.96 crore during April-September period of FY24 as against Rs151.65 crore during the same period last fiscal.
IMFA managing director Subhrakanta Panda said, “IMFA’sdebt-free Balance Sheet and fully integrated business model has helped deliver strong results this quarter in a challenging environment. A focus on long term marketing tie-ups has also been handy at a time when there is a slight degrowth in stainless steel production. Input costs have moderated in general, although a surge in chrome ore cost for non-integrated producers in India is likely to curtail ferro chrome output in the near term which will work to our benefit. We remain sanguine about future prospects as we focus on our ferro chrome expansion project and enhancement of chrome ore output.”