Bhubaneswar : Idian Metals & Ferro Alloys Ltd (IMFA), the country’s leading fully integrated producer of ferro alloys, announced Q4 FY24 results recently for the period ending March 31st 2024.
Business Highlights:
· Chrome Ore raising crossed 6 lakh tonnes mark for the first time
·Receipt of ₹132 crore as part compensation for Utkal ‘C’ Coal Block
Foray into Ethanol Business to utilise surplus land and bulk material handling capacity
Commenting on the annual results, Subhrakant Panda, Managing Director said: “Excellent operational performance during the year with highest ever ferro chrome production, chrome ore raising, and captive power generation set the stage for a strong financial performance. We are poised to embark on our expansion and diversification plans on the back of a robust Balance Sheet with zero debt, and this will create substantial value in times to come.”
Addressing the demand outlook,Panda said: “Even as there are some concerns due to ongoing geopolitical conflicts, economic stimulus measures announced by the Chinese Government augur well for commodities in general. Meanwhile, China remains a relatively high cost producer of ferro chrome which provides a base to prices. India’s focus on infrastructure with a large capital expenditure outlay in the interim budget will boost demand for stainless steel and, hence, ferro chrome.”
The Company is expanding into the ethanol business by utilising surplus land and other infrastructure available at its Therubali unit which will diversify the product portfolio; however, the management’s focus will continue to be on its core business of smelting.
