IMFA's Ferro Chrome Output And Exports Dip in FY19

Leading integrated producer of Ferro Alloys "Indian Metals & Ferro Alloys Ltd" (IMFA) has recorded dip in Ferro Chrome production and exports in FY19.

The company's Ferro Chrome output slid from 2.34 lakh tonnes in FY18 to 2.16 lakh tonnes in the last fiscal year. Exports of the alloy, too, dipped in value terms, from Rs 1506.88 crore to Rs 1470.02 crore, marking a fall of 2.44 percent. IMFA's top line or total gross revenue also exhibited a downtrend, lowering from Rs 1769.26 crore to Rs 1633.78 crore, denoting a slide of 7.65 percent.

The downtrend in exports and revenue was noted in Q4 too with IMFA posting a loss of Rs 73.87 crore vis-a-vis Rs 4.59 crore in the comparable period of FY18. For the whole of FY19, IMFA's net profit tanked 94.08 percent to Rs 11.04 crore.

Commenting on the results Subhrakant Panda, Managing Director, IMFA said "We have registered strong operational numbers in a challenging environment which is reflective of the inherent strength of our fully integrated business model and long term relationships with customers. However, exceptional items have proved to be a drag on profitability. Our balance sheet is exceptionally strong, so we are looking to move on and focus on our core strength of value addition. We are evaluating acquisition opportunities and will look to expand capacity."