Kolkata, Jan 29 (PTI) Ferro chrome producer Indian Metals & Ferro Alloys Ltd (IMFA) today reported a net profit of Rs 74.74 crore for the third quarter ended December 2017, up 17 per cent over the corresponding period profit of Rs 63.87 crore last year. Also Read - Indian Metals & Ferro Alloys Q2 PAT rises three-folds
The company said in a statement that revenue was higher by 4.6 per cent to Rs 483.65 crore during the quarter. Also Read - Tata Steel starts despatch of Tiscrome from Gopalpur Plant
Ferro Chrome production was at 63,194 tonnes in the December 2017 quarter as against 64,641 tonnes in the corresponding quarter. Also Read - Tata Steel commissions SLS Plant at FAP Joda
The company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 261 MW (including 3 MW solar) and captive chrome ore mines in Sukinda, Mahagiri and Nuasahi.
“The company said project work for additional 1.5 MW solar power plant at Therubali is in progress. Underground mines development is on track to sustain and eventually enhance ore raising,” the company said.
“While our fully integrated business model is very resilient, it is obviously not immune to price volatility. In this context, while contract prices for the ongoing fourth quarter have settled lower, we see strength in spot prices which suggests a trend reversal going ahead,” IMFA managing director & CEO, Subhrakant Panda said.
This is published unedited from the PTI feed.