IMFA registers sterling performance in H1 of 2007-08
Net profit at Rs 23.81 crores is higher than last fiscal
Ground breaking ceremony shortly for 30 MW project
Oct 29, 2007
Internal Press Release

Indian Metals & Ferro Alloys Ltd (IMFA), India's largest and only "fully integrated" producer of ferro alloys, has unveiled a sterling performance for the quarter and half-year ended 30th September 2007.

The Company's Profit Before Tax (PBT) for the second quarter increased by 259% to Rs 33.01 crores as compared to Rs 9.20 crores in the corresponding quarter last fiscal. Meanwhile, net profit grew by 117% from Rs 4.46 crores to Rs 9.68 crores despite a prior period adjustment of Rs 6.42 crores.

PBT for the half-year ended 30th September 2007 surged from Rs 56 lakhs to Rs 60.23 crores on the back of buoyant ferro chrome prices in the international market and optimal output. The net profit of Rs 23.81 crores for the half-year is higher than the Rs 19.99 crores registered by the Company during FY 2006-07. Meanwhile, turnover for the 6 months increased to Rs 297.91 crores registering a growth of 14.34%.

Commenting on the results Mr Subhrakant Panda, Managing Director, said : "We have been able to control costs as a result of being fully integrated and this, in conjunction with optimal output and buoyant prices, is reflected in the financial results. The short to medium term outlook for ferro chrome remains very positive and, barring unforeseen circumstances, we are on course for a record year in terms of both operational and financial performance."

Speaking in the context of the 30 MW dual fuel power project for which financial closure was recently achieved, Mr Panda added : "The ground-breaking ceremony is going to be held shortly and preparations are on in full swing to take up the construction activity thereafter. The commissioning of this project by the end of next year will give a boost to the Company's revenues and profitability."

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