 "Indian Metals & Ferro Alloys' net profit soars to Rs 122 crore in Q3")
Indian Metals & Ferro Alloys (IMFA) on Thursday posted nearly four-fold jump in consolidated profit after tax (PAT) at Rs 122.24 crore for December quarter 2021-22, mainly on account of higher income.
The company had logged Rs 32.53 crore PAT during October-December period of 2020-21, IMFA said in a regulatory filing.
During the quarter under review, its total income rose to Rs 658.21 crore from Rs 430.10 crore a year ago.
Total expenses were at Rs 483.63 crore as against Rs 395.29 crore in the year-ago quarter.
In a separate statement, the company said it produced 61,545 tonne of ferrochrome (FeCr) and sold 55,403 tonne of the alloy during December quarter.
The company said it has also made a prepayment of Rs 214 crore towards a long-term debt.
IMFA MD Subhrakant Panda said: Our record performance in the ongoing fiscal has enabled us to prepay long-term debt thereby strengthening balance sheet ahead of our proposed 100,000 tonne per annum ferro chrome expansion."
Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully integrated producer of value added ferro chrome with capacity of 2.84 lakh tonne per annum.
The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 204.55 MW (including 4.55 MW solar), and owns chrome ore mines in Sukinda and Mahagiri.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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