IMFA standalone net profit falls over 50% to Rs 63.65 cr in March quarter
Indian Metals & Ferro Alloys Ltd (IMFA) on Tuesday posted over a 50 per cent fall in its standalone net profit to Rs 63.65 crore in the March 2023 quarter, dragged by lower revenues.
It had clocked a net profit of Rs 142.63 crore during the January-March quarter of 2021-22, IMFA said in a statement.
The company's revenues also fell to Rs 636.90 crore from Rs 756.71 crore in the year-ago period.
IMFA Managing Director (MD) Subhrakant Panda said, "While commodity prices have cooled off from last year's exceptional levels leading to a decline in profitability, FY23 performance is still creditable. The slowdown globally represents a challenge for the ferrochrome industry but we remain confident about the current year's outlook, given the strength of our balance sheet and fully integrated business model".
The company's 1 lakh tonne per annum ferro chrome expansion project at Kalinganagar is on track, he added.
Headquartered in Bhubaneswar (Odisha), IMFA is India's leading fully ...