IMFA Q2 FY 14 revenue at Rs 323 cr, up 14%; EBIDTA increases 27% to Rs 80 cr

Indian Metals & Ferro Alloys (IMFA), India’s leading fully integrated producer of value-added ferro chrome, today announced its Q2 FY14 results for the half year ended September 30th, 2013.

Highlights of Q2 FY 14 v/s Q2 FY 13

• Revenue increased 14% to Rs 322.67 crores (Rs 284.13 cr)
• EBIDTA increased 27% to Rs 80.48 crores (Rs 63.41 cr)
• Net profit declined by 35% to Rs 14.12 crores (Rs 21.77 cr)
• Exports increased sharply by 29% to Rs 274.31 crores (Rs 212.70 cr)

Highlights of H1 FY 14 v/s H1 FY 13

• Revenue of Rs 629.63 crores vs Rs.582.71 crores
• EBIDTA of Rs 170.21 crores vs Rs 154.77 crores
• Net profit of Rs 24.19 crores vs Rs 50.22 crores
• Exports of Rs 522.75 crores vs Rs 454.11 crores

Business Developments

• Unit 1 of 2×60 MW captive power plant is operating at full capacity. Unit 2 is under commissioning process and is likely to be tested in full load in a month’s time
• Augmentation of ancillary facilities at Therubali to restart existing 48 MVA furnace by end of December 2013, as planned is on schedule
• Permission of grant order in Utkal Coal Ltd, from Government of Orissa awaited

Management Comment
Commenting on the results Mr Subhrakant Panda, Managing Director & CEO, IMFA said, “The tough business environment is reflected in the subdued numbers for the quarter. Though higher depreciation and interest cost on account of the new 120 MW captive power plant has impacted the numbers, we will reap the benefit of this investment in the coming quarters. There is a slight recovery underway in the ferro chrome market and larger volumes going ahead will help us post better results. We remain confident about the robustness of our business model and inherent competitive strength.”

About IMFA
Indian Metals & Ferro Alloys Ltd (IMFA) is India’s largest, fully integrated producer of value­added ferro chrome with capacity of 275,000 tonnes per annum. Incorporated in 1961 and headquartered in Bhubaneswar, Odisha, the Company has manufacturing complexes in Therubali and Choudwar. It has a fully integrated business model with captive power generation of 258 MW and own chrome ore mines in Sukinda, Mahagiri and Nuasahi. IMFA is unique from a quality perspective having an Integrated Management System comprising quality, environment and occupational health and safety certification.