Indian Metals & Ferro Alloys (IMFA) today reported 27 per cent decline in net profit to Rs 10.98 crore in the quarter ended December 31, 2013.
The company had reported a net profit of Rs 15.06 crore in the same period last year.
The company said its revenue increased 17 per cent to Rs 364.06 crore in the quarter under review as compared to Rs 311.50 crore in the same period last year, a company statement said here.
EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased 44 per cent to Rs 87.13 crore as compared to Rs 60.42 crore in the year-ago period.
For the nine months period ended December 2013, the company's net profit declined 46 per cent to Rs 35.17 crore as compared to Rs 65.28 crore in the year-ago period.
However, revenue increased by 11 per cent to Rs 993.69 crore in the first nine months period of the current fiscal.
"The quarterly performance is in line with our expectation with revenue rising 17 per cent and operating profits by 44 per cent which is better given the difficult circumstances.
"However, net profit has been impacted due to higher depreciation and finance costs on account of recently commissioned captive power plants," the company's Managing Director & Chief Executive Officer Subhrakant Panda said.
