IMFA Q3 FY21 results reflect increased economic activity globally

Hyderabad: Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome, announced Q3 & 9M FY21 results today for the period ending December 31st, 2020.
 
Highlights of Q3 FY21 vs Q3 FY20
•        Revenues of Rs 425.46 crores vs Rs 397.50 crores
•        Exports of Rs 397.01 crores vs Rs 339.18 crores
•        EBIDTA of Rs 73.05 crores vs Rs 44.30 crores
•        Profit of Rs 32.14 crores vs Rs 4.34 crores
Highlights of 9M FY21 vs 9M FY20
•        Revenues of Rs 1268.12 crores vs Rs 1232.90 crores
•        Exports of Rs 1175.89 crores vs Rs 1092.29 crores
•        EBIDTA of Rs 246.53 crores vs Rs 109.26 crores
•        Profit of Rs 100.34 crores vs Loss of Rs 18.07 crores
Operational Highlights of Q3 FY21 vs Q3 FY20
•        FeCr production of 67,206 tonnes vs 64,078 tonnes
•        FeCr sales of 61,116 tonnes vs 60,652 tonnes
•        Power generation of 281 mu vs 294 mu
Financial Highlights
•        Long Term Debt of Rs 407.51 crore
•        Debt:Equity ratio of 0.35
•        Interim dividend of Rs 3 per share (30%)
Business Developments
•         Removal of MEIS export benefits have somewhat impacted Q3 performance; announcement of RoDTEP rates awaited
 
Commenting on the results Mr Subhrakant Panda, Managing Director said: “Demand for ferro chrome continued to improve in line with increase in economic activity globally, while prices picked up substantially  in January 2021 on the back of production constraints in Inner Mongolia and likely imposition of export duty on chrome ore by South Africa. This will translate into better financial performance in the forthcoming quarters as we capture the price rise through our monthly contracts and, subsequently, benchmark price adjustment. Our financial position is healthy, and we remain focussed on further paring down debt while also building up reserves for our expansion plans.”