IMFA Q2 FY21 result reflects pick-up in economic activity globally

Indian Metals & Ferro Alloys Ltd (IMFA), India's leading fully integrated producer of ferro chrome, announced Q2 & H1 FY21 results today for the period ending September 30th, 2020.

Highlights of Q2 FY21 vs Q1 FY21

- Revenues of Rs 437.58 crores vs Rs 405.08 crores (Up by 8%)
- Exports of Rs 387.86 crores vs Rs 391.01 crores
- EBIDTA of Rs 93.83 crores vs Rs 79.65 crores
- Profit of Rs 44.17 crores vs Rs 24.03 crores (Up by 84%)

Highlights of Q2 FY21 vs Q2 FY20

- Revenues of Rs 437.58 crores vs Rs 389.47 crores (Up by 12%)
- Exports of Rs 387.86 crores vs Rs 352.80 crores
- EBIDTA of Rs 93.83 crores vs Rs 2.17 crores
- Profit of Rs 44.17 crores vs Loss of Rs 33.07 crores

Operational Highlights of Q2 FY21 vs Q1 FY21

- FeCr production of 64,872 tonnes vs 60,342 tonnes (Up 7.5%)
- FeCr sales of 64,528 tonnes vs 59,743 tonnes
- Power generation of 265 mu vs 202 mu

Financial Highlights

- Long Term Debt of Rs 431.83 crore in Q2 FY21
- Debt:Equity Ratio of 0.38

Business Highlights

South Africa has announced that it will impose export duty on chrome ore; further details are awaited

Commenting on the results Mr Subhrakant Panda, Managing Director said: "We have operated through the lockdown period by virtue of the exemption available to continuous process industries and delivered a strong operational performance, while healthy market conditions in terms of demand & price have helped boost profitability. While inherent uncertainties remain due to the unpredictable nature of the pandemic, the proactive approach of the Central & State Government to save lives and livelihoods augurs well. Going ahead, we also expect the imposition of export duty on chrome ore by South Africa to have a positive impact on ferro chrome prices."

Shares of INDIAN METALS & FERRO ALLOYS LTD. was last trading in BSE at Rs.266.55 as compared to the previous close of Rs. 256.45. The total number of shares traded during the day was 4644 in over 746 trades.

The stock hit an intraday high of Rs. 271.35 and intraday low of 259.65. The net turnover during the day was Rs. 1233823.

Source : Equity Bulls

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