Year 2000 saw major upturn in ICCL's performance
Both Production and Revenues show notable Increase
Jan 17, 2001
Internal Press Release

The year 2000 has seen significant improvements in performance by Indian Charge Chrome Ltd. (ICCL), the Choudwar based integrated ferro chrome producer of the IMFA Group. The company recorded it's highest ever production of Charge Chrome and it's Captive Power Plant achieved a new record in units generated. The total production of the core product charge chrome during the calendar year 2000 was 60231 mt, an increase of 32% from the previous best of 45631 mt achieved in 1998. Similarly, the 108 MW thermal power plant, which also supplies power to the state grid, recorded its highest ever power generation of 768 million units during the year 2000. This represents a 19% increase over the previous record of 647 million units that was recorded in 1995.

These achievements have meant significant improvements in operational revenues for the company. Income from operations for the first three quarters of FY 2000-01 is expected to touch Rs 125 crores. This represents a tremendous improvement in the company's performance considering that total income for the entire fiscal 1999-00 was Rs 93 crores. Furthermore, more than 60% of the income from operations of the company is in valuable foreign exchange. Thus, the company is set to make its highest ever contribution to the country's foreign exchange earnings this year. This increase in cash flows has enabled the company to maintain a steady repayment schedule to lenders.

The operational turnaround was made possible because the company was able to resolve a number of key issues during the year. Most importantly, ICCL was able to secure an assured supply of its raw material chrome ore when captive mines in the Sukinda valley were leased to the group. By significantly improving productivity in its mining operations the company was able to obtain all its raw material requirements from its own sources rather than depend on external suppliers. The complete resolution of all technical issues at the CPP ensured that it would be able to produce electricity at optimal capacity. Finally, despite a further downturn in the international ferro alloys market, the company actively sought new customers in the Far East and Europe in addition to fulfilling the prestigious POSCO order and was able to achieve higher valuations for its product.

Commenting on ICCL's achievements for the year, Subhrakant Panda, Joint Managing Director said, "While it gives me great pleasure to declare that the year 2000 has been a pathbreaking year for us with the tremendous progress made on various operational fronts, it will be a while before the company is restored to complete health. All the same our goals are very clear and I know I speak for the entire ICCL family when I say that we will do our utmost to make 2001 an even better one than the year that has just passed."

For any information relating to IMFA Group or to enquire about a Press Release issued by us please contact:

Mr Kishore Mohan Mohanty
Bhubaneswar
email: kishoremohanty@imfa.in