IMFA net declines by 69.4 per cent to Rs 12 crore

Ferrochrome maker Indian Metals and Ferro Alloys (IMFA) posted Rs 11.98 crore net profit in the year ending March 2015, 69.37 per cent lower than Rs 39.12 crore made in the year ago period on lower ferrochrome rates and higher operating cost.

The company's EBIDTA (Earnings Before Interest, Tax, Depreciation and Amortization) too has dipped by 15.28 per cent to Rs 262.90 crore in the last fiscal. It had posted an EBITDA of Rs 310.34 crore in 2013-14.

However, in the fiscal under review, the revenue grew by more than two per cent, buoyed by 24 per cent increase in the January-March quarter. In the last quarter, the net profit also went up by a whopping 233 per cent to Rs 13.15 crores compared with Rs 3.95 crores recorded in the previous corresponding period, the company said in a press statement.

Ferrochrome exports fetched Rs 1064.37 crore to the company in 2014-15, lower than Rs 1073.75 crore in the previous fiscal. In the same period, it recorded highest ever ferrochrome production of 205,203 tonnes and power generation of 914 million units.

Commenting on the results Subhrakant Panda, managing director and Chief Executive Officer, IMFA said, "FY15 was a very difficult year but, while some challenges remain, we are confident of a better performance going ahead. We are targeting higher output in the current fiscal and part conversion of debt into foreign currency will also bring down interest costs."