By Our Business Bureau
BHUBANESWAR: Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome, announced Q2 & H1 FY20 results for the period ending September 30th, 2019.
IMFA posted a loss of Rs 33.07 crore for the quarter ended September 30, 2019 as challenging market conditions and depressed ferro chrome prices weighed on.
IMFA’s muted performance in Q2 of this fiscal is in contrast to the net profit of Rs 10.66 crore it achieved in the comparable period of last fiscal year. The company’s revenues declined 12.66 per cent from Rs 445.93 crore to Rs 389.47 crore. IMFA’s exports suffered as well, shrinking 12 per cent from Rs 401.06 crore to Rs 352.05 crore in the period under review.
Subhrakant Panda, Managing Director, IMFA said, “Market conditions are extremely challenging at the moment with prices being at unviable levels. While there have been significant production cutbacks all over the world, our fully integrated business model, low gearing andlong term marketing arrangements with leading customers has helped us sustain. As such, especially given the reported finalisation of a ‘mini deal’ between the US & China, we expect market conditions to start improving with pick up in prices to follow”.
Shares of INDIAN METALS & FERRO ALLOYS LTD. was last trading in BSE at Rs.182.45 as compared to the previous close of Rs. 184.2. The total number of shares traded during the day was 5827 in over 337 trades.
The stock hit an intraday high of Rs. 186.65 and intraday low of 171.25. The net turnover during the day was Rs. 1055111.
Highlights of Q2 FY20 vs Q1 FY20
– Revenues of Rs 389.47 crores vs Rs 445.93 crores
– Exports of Rs 352.05 crores vs Rs 401.06 crores
– Loss of Rs 33.07 crores vs Profit of Rs 10.66 crores
Highlights of Q2 FY20 vs Q2 FY19
– Revenues of Rs 389.47 crores vs Rs 394.77 crores
– Exports of Rs 352.05 crores vs Rs 347.99 crores
– Loss of Rs 33.07 crores vs Profit of Rs 21.49 crores
Highlights of H1 FY20 vs H1 FY19
– Revenues of Rs 835.40 crores vs Rs 807.30 crores
– Exports of Rs 753.11 crores vs 725.96 crores
– Loss of Rs 22.41 crores vs Profit of Rs 50.23 crores
Operational Highlights
– FeCr production of 59,371 tonnes vs 47,021 tonnes
– FeCr sales of 59,221 tonnes vs 49,430 tonnes
– Power generation of 275 mu vs 223 mu
Financial Highlights
– Long Term Debt Rs 521.55 crores
– Debt:Equity Ratio 0.47
