India registered over 7% increase in power generation
Coal-perature, delayed monsoons in the Northern region of the country coupled with the resumption of full commercial activities post-Covid.
Indian Metals & Ferro Alloys Ltd (IMFA), has registered improved revenue, export and profit in the third quarter as well as the nine month period of FY18 announced today for the period ended 31 December, 2017. The company said its net profit has risen from Rs 63.87 crore in Q3FY17 to R 74.74 crore in Q3FY18.
It had earned a revenue of Rs 483.65 crores vs Rs 462.00 crores during the same period and its exports have gone up to Rs 406.64 crore as against Rs 381.93 crore. The results showed tht the revenue had gone up from Rs 1102.87 crore in the 9MFY 17 to Rs 1325.99 crore of 9MFY18. Net Profit was Rs 182.03 crores vs Rs 75.83 crores in the same period.
The production of ferro chrome, sales and power generation ha however declined during the period. With regards to ongoing project work, the company said work on the additional 1.5 MW solar power plant at Therubali is in progress as was the underground mines development. Mr Subhrakant Panda, Managing Director & CEO said: “Improved realisations due to higher benchmark price for the third quarter have had a positive impact.
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While our fully integrated business model is very resilient, it is obviously not immune to price volatility”. The contract prices for the ongoing fourth quarter have settled lower, but spot prices suggest a trend reversal in the near future. Moreover, we believe ferro chrome pricing is likely to move in a narrow range over the next several quarters with sustained demand and a strong Rand helping prices.”
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