Updated January 30th, 2024 at 14:58 IST

Indian Metals Q3 profit zooms nearly 10-fold, stock price surges 13% to record high

IMFA's net profit surged to Rs 108.7 crores in Q3 FY24 compared to Rs 11 crores in the same period last year (YoY).

Reported by: Business Desk
IMFA Q3 results | Image:IMFA

IMFA Q3 financial results: The shares of Indian Metals and Ferro Alloys (IMFA) have surged 12.78 per cent to a record high of Rs 621 apiece on the NSE after the company posted a ten-fold rise in its third-quarter profit for the current fiscal.

Net profit

IMFA's net profit surged to Rs 108.7 crores in Q3 FY24 compared to Rs 11 crores in the same period last year (YoY). This nearly 10-fold increase underscores the company's efficient operational management and strategic financial decisions.

Revenue growth

The company reported a 10 per cent growth in revenue, with figures reaching Rs 685.3 crores in Q3, up from Rs 623.6 crores in the corresponding period last year (YoY). This growth is indicative of IMFA's resilience and adaptability in navigating market dynamics.

EBITDA performance

IMFA's earnings before interest, taxes, depreciation, and amortisation (EBITDA) soared to Rs 158.6 crores, a substantial increase from Rs 58.9 crores reported in the previous year (YoY). This robust EBITDA performance reflects the company's operational efficiency and strategic decision-making.

Margin expansion

The company's margin expanded to an impressive 23.1 per cent, a significant improvement from 9.4 per cent in the same period last year (YoY). This indicates the company's ability to optimise its resources and enhance overall operational efficiency.

A pioneer in ferro chrome production

Established in 1961 in the Eastern State of Odisha, IMFA has earned its reputation as India's foremost fully integrated producer of value-added ferro chrome. The company boasts a robust infrastructure, including 190 MVA installed furnace capacity, supported by a 204.55 MW captive power generation capacity, including 4.55 MWp solar. IMFA's extensive chrome ore mining tracts further solidify its position in the industry.

Global recognition and collaborations

IMFA's commitment to quality is evident through its comprehensive ISO 9001 Quality Management certification. Globally, the company is acknowledged as a reliable and cost-competitive producer, focusing on customer satisfaction. IMFA has nurtured enduring relationships with multinationals such as POSCO of South Korea, Marubeni Corporation, and Nisshin Steel of Japan. Within India, leading names like Jindal Stainless, AIA Engineering, and Shah Alloys stand as a testament to IMFA's prominence in the domestic market.



Published January 30th, 2024 at 14:58 IST