BWI: IMFA Net Sales up 157% to Rs. 300.41 crore; Net Profit at Rs. 57.24 crore

Press release from Business Wire India
Source: Indian Metals & Ferro Alloys (IMFA)
Monday, November 01, 2010 12:05 PM IST (06:35 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Energy companies, Financial Analyst, Heavy industries, Stock exchanges
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IMFA Net Sales up 157% to Rs. 300.41 crore; Net Profit at Rs. 57.24 crore


New Delhi, Delhi, India, Monday, November 01, 2010 -- (Business Wire India) -- Highlights
-- Q2FY11 net sales up by 157% at Rs. 300.32 crore as against Rs. 116.95 crore for the corresponding period in the previous year.
-- Q2FY11 net profit up at Rs. 57.24 crore.
-- H1FY11 net sales up by 132% at Rs. 536.05 crore as against Rs. 231.16 crore for the previous year.
-- H1FY11 net profit up by 1172 % at Rs. 111.55 crore as against a loss in the previous year.

Indian Metals & Ferro Alloys (IMFA), a fully integrated producer of Ferro alloys, announced its financial results for the second quarter ended 30th September 2010.

Q2FY11 Performance

IMFA posted a net profit of Rs. 57.24 crore for the second quarter-ended September 30, 2010 as against a loss of Rs. 2.02 crore in corresponding quarter of the previous financial year.
Net sales for Q2FY11 increased by 157% to Rs. 300.32 crore for the second quarter ended September 30, 2010 as compared to Rs. 116.95 crore in the corresponding quarter last year. Earnings before interest, depreciation and taxation (EBITDA) surged 410% to Rs. 107 crore for the quarter ended September 30, 2010 as compared to Rs. 21 crore in the corresponding quarter last year.

EBITDA margin during the quarter improved to 35% as compared to 18% in Q2FY10. Increased productivity along with better realization has led to better margins realizations. The earnings per share (EPS) for Q2FY11 improved to Rs. 21.73. During the quarter, Ferro-chrome production stood at 40567 tonnes.

H1FY11 Performance

Net sales for the first six months ended September 30, 2010 (H1 FY2011) surged by 132% to Rs. 536.05 crore as against Rs. 231.16 crore for H1 FY2010. For the same period, EBITDA registered an increase of 648% to Rs. 217 crore as compared to Rs. 29 crore. The company posted net profit of Rs. 111.55 crore in H1 FY2011 compared to a loss of Rs. 10.41 crore during H1 FY2010.

Management Comments

Commenting on the company's performance, Mr. Subhrakant Panda, Managing Director said - "The current quarter figures vividly acknowledges the fact that our efforts are very much in sync with our vision. Despite the price volatility in the industry we now see a strong demand environment building up across the sector and are extremely bullish on an upsurge in the demand. In the coming quarters we intend to consolidate our position in the ferro chrome segment across the markets."

About IMFA Group: (BSE Code: 533047; NSE Code: IMFA)

Indian Metals and Ferro Alloys Ltd (IMFA) is India's largest fully integrated producer of value added Ferro chrome with 157 MVA installed furnace capacity. Incorporated in 1961 by founder and Executive Chairman, Dr. Bansidhar Panda, the company is headquartered in Bhubneshwar, Orissa and has its manufacturing complex in Therubali and Choudwar. Within the power segment the company plans to expand the capacity of its coal-based captive power plant from the existing 108 mw to 258 mw. Utkal Coal Ltd, an SPV of IMFA has a reserve of 130 mn tonnes of extractable coal. IMFA at present produces Ferro Chrome for the domestic market as well as major international markets. IMFA is unique from a quality perspective in that it has multi-product & multi-location ISO 9001 certification covering the entire range of its activities.


CONTACT DETAILS
Sonia Susan John, Mutual PR, Mumbai, +91 9833654390, sonia.j@mutualpr.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, ENERGY, Financial Analyst, HEAVY INDUSTRIES, STOCK EXCHANGES

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