IMFA posts record turnover in 2006-07; healthy trend continues in Q1
Financial closure achieved for 30 MW power plant
Jul 28, 2007
Internal Press Release

Addressing the 45th Annual General Meeting of Indian Metals & Ferro Alloys Ltd (IMFA), India's largest and only 'fully integrated' producer of ferro alloys, Dr Bansidhar Panda, Chairman, stated that the Company has posted its highest ever turnover of Rs 593.53 crores during FY 2006-07 registering an increase of 26.67% over the previous year. This included export earnings of Rs 317.74 crores which increased by 48.52%. The improved operational performance coupled with higher product prices resulted in PBIDT increasing by 45.48% to Rs 140.53 crores.

IMFA produced a record 130,563 tonnes of ferro chrome during FY 2006-07 (23.06% higher than the previous year) – including tonnage sourced under a conversion contract with an Associate Company – as it shifted focus away from ferro silicon the output of which declined by 19.39% to 30,796 tonnes. Ferro Chrome imparts the 'non-corrosive' property to stainless steel and its demand during the year was very strong leading to buoyant prices. Demand was particularly strong in China where stainless steel production grew by 68% year on year. The Company also raised 323,020 tonnes of chrome ore during the year which was entirely consumed captively and converted to value-added ferro chrome.

Dr Panda also stated in his speech to stakeholders of the Company that financial closure had been achieved for a 30 MW dual-fuel power plant at Choudwar which is expected to be operational in 18 months. This will take total power generation capacity to 138 MW.

Earlier the IMFA Board met to approve the unaudited results for the first quarter of the current fiscal. While turnover for three months ending 30th June 2007 increased by 28.77% over Q1 of last year to Rs 149.61 crores, PBIDT surged by 162.73% to Rs 47.79 crores.

Mr Subhrakant Panda, Managing Director, commenting on IMFA's performance said : "The outstanding performance of the Company during FY 2006-07 has been made possible by the dedicated efforts of the entire team. We are firmly on the growth path and the next 18-24 months will see IMFA emerge on an even stronger footing."

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