ICCL cements turnaround with strong performance
"2004-05 to be a record year for IMFA Group"
Oct 05, 2004
Internal Press Release

Addressing the 21st Annual General Meeting of Indian Charge Chrome Ltd, a constituent of IMFA Group which is India's largest producer of ferro alloys, Dr Bansidhar Panda, Chairman & Managing Director, has stated that the financial year 2003-04 was the best ever in the history of the company and signalled the cementing of the turnaround process which started with the allotment of captive chrome ore mines.

Dr Panda said that ferro chrome production was a record 74,338 tonnes representing 119% capacity utilisation while power generation stood at 808 million units during the year under review. He said that riding on the back of strong demand and buoyant prices, ICCL recorded it's highest ever turnover of Rs 234.43 crores during 2003-04 while profit before long term interest & depreciation surged by 627% to a record Rs 55.19 crores. This enabled the company to repay Rs 35 crores to term lenders during the year while cumulative repayment up to September 2004 stood at Rs 119 crores he added.

Meanwhile, Mr Subhrakant Panda, Joint Managing Director, has stated that during the current year (2004-05) IMFA Group will register a record performance as a result of high productivity coupled with strong market conditions. He said : "I am extremely proud that our team has been able to maintain and indeed improve upon the high standards of output & efficiency set earlier. We are doing everything possible to maximise output so as to take utmost advantage of the present conditions."

For the 6 months ending September 30th, 2004 IMFA Group's ferro chrome production was 49,462 tonnes (47,370 tonnes during the corresponding period in 2003-04) while ferro silicon production reached 18,528 tonnes (18,109 tonnes previous year). Power generation stood at 399 million units (382 million units previous year) and chrome ore raising for captive use was 1,12,928 tonnes (59,288 tonnes previous year).

Mr Subhrakant Panda added : "Construction activity relating to the 24 MVA furnace being put up by an associate company UMSL will be starting shortly and we expect to commission it by June 2005 as planned. This will add 35,000 tonnes per annum ferro chrome as a result of which we will be able to substantially accelerate repayments to term lenders."

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