Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome (NSE: IMFAEQ| BSE: 533047), announced its financial result for the third quarter (Q3 FY21) ended December 31, 2020 and nine months (9M FY21) ended December 31, 2020.
IMFA reported a strong revenue of Rs 1268.12 cr in 9M FY21 up by 3% YoY. On the back of robust growth and improved operating efficiencies, EBITDA in 9M FY21 stood at INR 246.53cr, up by 126% YoY. The company posted Profit after Tax of INR 100.34cr in 9M FY21, up by 655% YoY.
The company reported revenue of INR 425.46cr in Q3 FY21, up by 7% YoY and EBITDA of INR 73.05cr in the quarter, up by 65% YoY. The company posted Profit of INR 32.14cr in Q3 FY21.
Commenting on the results Mr Subhrakant Panda, Managing Director said: “Demand for ferro chrome continued to improve in line with increase in economic activity globally, while prices picked up substantially in January 2021 on the back of production constraints in Inner Mongolia and likely imposition of export duty on chrome ore by South Africa. This will translate into better financial performance in the forthcoming quarters as we capture the price rise through our monthly contracts and, subsequently, benchmark price adjustment. Our financial position is healthy, and we remain focused on further paring down debt while also building up reserves for our expansion plans.”