Indian Metals & Ferro AlloysNSE 0.00 % (IMFA), a leading producer of ferrochrome, said its net profit went up to Rs 63.87 crore in the quarter ending December 31, 2017 (Q3FY17) against Rs 2.75 crore in Q3FY16. IMFA posted a revenue of Rs 462.00 crore in the quarter under review against Rs 335.35 crore in the previous corresponding quarter. The company’s exports of Rs 381.93 crore were significantly higher than at Rs 266.48 crore in the same period last year.
Ferro Chrome production at 64,641 tonnes in Q3FY17 was up 24% from 52,217 tonnes in Q3FY16, while sales at 64,034 tonnes during the quarter saw an increase of 19% from 53,764 tonnes in Q3FY16.
Commenting on the developments, Subhrakant Panda, Managing Director said: “After a long period of tepid demand and declining prices there has been a noticeable turnaround in the ferrochrome industry brought about by improved business sentiment in China, unviable ferrochrome capacity being shut down and significantly higher chrome ore prices.”
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