IMFA operational income up by 159% to Rs. 309.41 crore;
Net profit up by 2934% to Rs. 57.24 crore
Oct 29, 2010
Internal Press Release

Highlights

Indian Metals & Ferro Alloys (IMFA), a fully integrated producer of Ferro alloys, announced its financial results for the second quarter ended 30th September 2010.

Q2FY11 Performance
Net sales for Q2FY11 increased by 157% to Rs. 300.32 crore for the second quarter ended September 30, 2010 as compared to Rs. 116.95 crore in the corresponding quarter last year. Earnings before interest, depreciation and taxation (EBITDA) surged 410% to Rs. 107 crore for the quarter ended September 30, 2010 as compared to Rs. 21 crore in the corresponding quarter last year.

EBITDA margin during the quarter improved by 100% to 35% as compared to 18% in Q2FY10. Net Profit increased by 2934% to Rs. 57.24 crore as against a loss of Rs. 2.02 crore in corresponding quarter of the previous financial year. Increased productivity along with better realization has led to better margins realizations. The company's earnings per share (EPS) for Q2FY11 improved by to Rs. 21.73.

During the quarter, Ferro-chrome production stood at 40567 tonnes.

H1FY11 Performance
Net sales for the first six months ended September 30, 2010 (H1 FY2011) surged by 132% to Rs. 536.05 crore as against Rs. 231.16 crore for H1 FY2010. For the same period, EBITDA registered an increase of 648% to Rs. 217 crore as compared to Rs. 29 crore. Net profit registered a 12 times growth to Rs. 111.55 crore in H1 FY2011 from a loss of Rs. 10.41 crore during H1 FY2010.

Management Comments
Commenting on the company's performance, Mr. Subhrakant Panda, Managing Director said – "The current quarter figures vividly acknowledges the fact that our efforts are very much in sync with our vision. Despite the price volatility in the industry we now see a strong demand environment building up across the sector and are extremely bullish on an upsurge in the demand. In the coming quarters we intend to consolidate our position in the ferro chrome segment across the markets."

About IMFA Group: (BSE Code: 533047; NSE Code: IMFA)
Indian Metals and Ferro Alloys Ltd (IMFA) is India's largest fully integrated producer of value added Ferro chrome with 157 MVA installed furnace capacity. Incorporated in 1961 by founder and Executive Chairman, Dr. Bansidhar Panda, the company is headquartered in Bhubaneswar, Odisha and has its manufacturing complex in Therubali and Choudwar. Within the power segment the company plans to expand the capacity of its coal-based captive power plant from the existing 108 mw to 258 mw. Utkal Coal Ltd, an SPV of IMFA has a reserve of 130 mn tonnes of extractable coal. IMFA at present produces Ferro Chrome for the domestic market as well as major international markets. IMFA is unique from a quality perspective in that it has multi-product & multi-location ISO 9001 certification covering the entire range of its activities.

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