Indian Metals & Ferro Alloys (IMFA) today announced a 71 per cent decline in net profit at Rs 28.74 crore in the June quarter on unplanned shutdown at its Therubali plant in Odisha and mark-to-market provisions.
The company had reported Rs 99.92 crore net profit in the same period last year.
Its revenues also stood lower at Rs 412.53 crore, compared with Rs 426.31 crore in the year-ago period, the company said in a release.
Production of ferro chrome slipped to 46,766 tonne, against 51,798 tonnes in the year-ago period, while the sales stood flat at 48,580 tonne.
Subhrakant Panda, managing director and chief executive officer, IMFA, said, "An unplanned shutdown at our Therubali unit in Odisha and 'mark to market' provision on foreign currency borrowings affected the bottom line."
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