IMFA's Q4 net up over 28 pc at Rs 24.48 cr

NEW DELHI: Indian Metals and Ferro Alloys ( IMFA), the largest producer of ferro chrome in the country, today reported a jump of 28.23 per cent in its standalone net profit at Rs 24.48 crore for the quarter ended March 31.

The company had posted a net profit of Rs 19.09 crore during the same period of 2009-10, it said in a statement.

Net sales of the company was Rs 276 crore for the quarter, registering a growth of 73.69 per cent vis-a-vis Rs 158.90 crore it had reported during the January-March quarter of 2009-10.

Company's revenues from ferro alloys went up by 82.55 per cent at Rs 275.07 crore during the quarter as compared to Rs 150.68 crore it had reported during the same period of FY10.

"Despite the volatility in the input prices, we have been able to insulate ourselves and achieve our objective of sustained growth. With demand picking up and improving prices, we expect to an improvement in margins going ahead," IMFA Managing Director Subhrakant Panda said.

For the full year 2010-11, the standalone net profit of the company went up by over three times to Rs 165.44 crore as compared to Rs 41.01 crore it had posted during 2009-10, the statement said.

The net sales of the company was Rs 1,040.48, registering a growth of over 75 per cent during the year vis-a-vis Rs 592.59 crore it had reported in FY10.

During the year, IMFA sealed a joint venture with leading steel maker POSCO for producing ferro chrome in India, the statement said, adding, this has boosted its installed capacity of ferro chrome by 40,000 tonnes per annum.

The Orissa-based company, which has 108 MW captive power generation capacity, plans to expand it 258 MW in near future, the statement further said.

Besides this, IMFA is developing a captive coal block with 123 million tonnes of mineable reserves through a special purpose vehicle Utkal Coal.

Shares of the company today closed at Rs 532 on the Bombay Stock Exchange, down 0.23 per cent from the previous close.