IMFA posts hike in exports, power generation

Bhubaneswar: The exports of the Indian Metals and Ferro Alloys (IMFA) Limited, India’s leading fully integrated producer of value-­added ferrochrome, went up to Rs 318 cr during the second quarter (Q2) of the current fiscal-2015-16 against Rs 281 crore in the same period last fiscal.

Similarly, the company received a net profit of Rs 5.12 cr during the same period, MD and CEO Subhrakant Panda said.

The ferrochrome major recorded 67 per cent rise in production which stood at 59,701 tonne during Q2 of the current financial year against the previous fiscal.

This apart, company’s power generation is 268 million units which is higher by 61% as compared to corresponding quarter.

Commenting on the results, MD and CEO Subhrakant Panda said- “We have performed creditably in a tough environment for commodities by maximising output and bringing down raw material costs as well as interest outgo even as we provided for certain exceptional items. While the short term outlook remains difficult, we believe a gradual recovery is imminent.”

The IMFA, with its headquarters in Bhubaneswar, has manufacturing complexes in Therubali and Choudwar.