IMFA net dips 35% to Rs 14.12 cr

During the quarter, the net profit slipped to Rs 14.12 cr, 35% less than Rs 21.77 cr made during the year ago period

Ferrochrome maker Indian Metals and Ferro Alloys (IMFA) has posted negative growth in the July-September quarter as higher interest cost of investment made in new power plants affected profit margins.

During the quarter, the net profit slipped to Rs 14.12 crore, 35 per cent less than Rs 21.77 crore made during the year ago period.

Commenting on the results, Subhrakant Panda, managing director and CEO of the company said, "The tough business environment is reflected in the subdued numbers for the quarter. Though higher depreciation and interest cost on account of the new 120 Mw captive power plant has impacted the numbers, we will reap the benefit of this investment in the coming quarters." However, the company witnessed growth on export revenue, which rose by 29 per cent to Rs 274. 31 crore during the period, as a depreciating rupee provided the cushion.