IMFAL surges on robust Q2 earnings

Posted net profit of Rs 22 crore in September 2012 quarter against loss of Rs 9 crore in previous year quarter.

Indian Metals and Ferro Alloys Limited (IMFAL) has surged 11% to Rs 300 on reporting a net profit of Rs 22 crore in September 2012 quarter due to lower interest outgo and fall in other expenditure. The largest and backward integrated ferro alloy producer had a loss of Rs 9 crore in previous year quarter.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margins improved significantly year-on-year (yoy) from 5% to 16% due to lower raw material cost incidence. Net sales however, decline 7% at Rs 266 crore on y-o-y basis.

The stock opened at Rs 281 and hit a high of Rs 307 on the NSE. A combined 27,442 shares have changed hands on the counter so far on both the exchanges.