Indian Metals & Ferro Alloys profit rises 300.65% in Q1 led by higher FeCr prices; N R Mohanty appointed Non-Executive Chairman

The sales also rose 32.78% to Rs537.86cr in the quarter ended June 2021 as against Rs405.08cr during the previous quarter ended June 2020.

Jul 26, 2021 05:07 IST India Infoline News Service

Quarterly Results
Indian Metals & Ferro Alloys Ltd (IMFA), announced Q1FY22 results for the period ending June 30th, 2021.

The net profit of the company jumped 300.65% to Rs98.96cr in the quarter ended June 2021 as against Rs24.70cr during the previous quarter ended June 2020.

The sales also rose 32.78% to Rs537.86cr in the quarter ended June 2021 as against Rs405.08cr during the previous quarter ended June 2020.

The stock ended at Rs767.40 up by Rs36.4 or 4.98% from its previous closing of Rs731 on the BSE. The scrip opened at Rs790 and touched a high and low of Rs795 and Rs759.60 respectively.

Highlights of Q1 FY22 vs Q1 FY21
• Revenues of Rs 537.86 crores vs Rs 405.08 crores
• Exports of Rs 498.18 crores vs Rs 391.01 crores
• EBIDTA of Rs 177.01 crores vs Rs 80.07 crores
• Profit of Rs 98.57 crores vs Rs 24.30 crores

Operational Highlights of Q1 FY22 vs Q1 FY21
• FeCr production of 58,640 tonnes vs 60,342 tonnes
• FeCr sales of 59,506 tonnes vs 59,743 tonnes
• Power generation of 260 mu vs 202 mu

After 28 years on the Board, Maj R N Misra (Retd) is stepping down upon completing a second term as Independent Director under new guidelines, and N R Mohanty has been appointed as Non-Executive Chairman for a period of 3 years. Further, after a successful career spanning more than four decades, Jayant Misra shall transition to an advisory role when his term ends on October 27th, 2021. Prem Khandelwal will be appointed Chief of GCS while continuing to discharge his role as CFO & Company Secretary; Bijayananda Mohapatra is being elevated as COO Designate consequent to which Binoy Agarwalla will take over as Head of the Power Business Unit.

Commenting on the results Subhrakant Panda, Managing Director said: “The Q1 FY22 performance has been exceptional, driven by steady operations and upswing in prices globally. Our strategy of entering into long term contracts which are repriced every quarter assures offtake and leads to more stability, even as the benefit of price movement is reflected with a slight lag; however, some tonnage is set aside for spot sales and monthly contracts so as to capture upside in prices. Supply side dynamics are expected to dominate going ahead, and we are uniquely positioned to benefit given our fully integrated business model.”

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