Indian Metals & Ferro Alloys Q2 revenue jumps 7.7%

KOLKATA: Indian Metals & Ferro Alloys ( IMFA), a leading producer of value-added chrome has reported revenues of Rs 348 crore against Rs 323 crore in Q2 FY14.

During the period under review, exports went up to Rs 281 crore against Rs 274 crore in Q2 FY14. The company’s revenues in the first half of FY15 went up to Rs 649 crore against Rs 630 crore in first half of FY14.

However, exports were marginally lower at Rs 507 crore in H1FY15 against Rs 523 crore in the first half of FY14. Refinancing of Rs 430 crore term loan for 120 MW captive power plant completed. This is expected to reduce interest outgo.

Environmental clearance for Sukinda Mines received valid up to March 31, 2026 and mining operations restarted. Commenting on the results, Subhrakant Panda, Managing Director & CEO said: “The ferro chrome industry is currently facing a challenging environment due to rising costs coupled with lower prices.

While the key lies in a sustained economic recovery, the robustness of our integrated business model places us at a significant advantage to our peers and we expect to benefit from improved business sentiments going ahead.”