IMFA maintains tempo in Q1 FY18
Jul 17, 2017
Internal Press Release

Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome today announced Q1 FY18 results for the period ended June 30th, 2017.

Highlights of Q1 FY18 vs Q1 FY17
• Revenue of Rs 426.31 crores vs Rs 253.29 crores
• Exports of Rs 376.84 crores vs Rs 217.42 crores
• Net Profit of Rs 99.92 crores vs Rs (30.35) crores

Operational Highlights of Q1FY18 vs Q1 FY17
• Ferro Chrome production of 51,798 tonnes, up 2% from 50,592 tonnes
• Sales of 48,500 tonnes, down by 6% from 51,324 tonnes
• Power generation of 230 MU vs 220 MU

Recent developments
• Mining operations at Sukinda & Mahagiri resumed from June 23rd, 2017 after ‘Consent to Operate’ (CTO) was reinstated; CTO is valid as before until March 2021
• 3 MW solar project at Therubali was formally inaugurated on July 4th, 2017

Commenting on the developments Mr Subhrakant Panda, MD & CEO said: "The first quarter of the current fiscal saw significant correction in ferro chrome prices though this came about after long term contracts were finalised; conversely, spot prices have moved up after finalisation of Q2 contracts. However, we see tremendous value in long term contracts as they provide off take assurance and, on average, better price realisation.

While the unfortunate closure of mining operations has had an impact, we are working hard to contain the fallout and minimise the loss of ferro chrome production.

I am delighted with our first step into the renewable space and look forward to expanding solar power generation going ahead.”

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