Indian Metals & Ferro Alloys (IMFA) announces highest turnover

Odisha based and India’s leading value added ferro-chrome producer, Indian Metal & Ferro Alloys (IMFA) has witnessed the highest ever turnover in its operational history.

As per the reports published In OdishaDiary, IMFA’s FY13 revenues are valued at Rs 1,273.25 cr and EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) at Rs 284.43 cr. IMFA exports have also seen a marginal increase of more than 12 crores.

As compared to FY12 revenue stats, IMFA has 7% more revenues in FY 13 and the EBIDTA has seen 21% growth as compared to the stats of FY13.

While announcing the results MD & CEO of IMFA, Mr. Subhrakant Panda said “The year gone by has been extremely challenging with demand remaining muted and all commodity prices coming under pressure. Results for FY13 and, in particular, Q4 were impacted by higher depreciation on account of the commissioning of Unit 1 (60 MW) of the new Captive Power Plant, deferred tax and an exceptional charge relating to the Posco joint venture. However, the long term impact of the new power generation capacity and the joint venture far outweigh any short term implications and we remain confident about future prospects."

While the overall profit did see a dip, MD Subhrakant Panda indicated that there are good days ahead. Just six days back Mr. Subhrakant Panda has got elected as President of IMFA Group. IMFA has been operational in Odisha from more than 50 years and has been associated with the people of Odisha through business, entertainment and social activities. [Source - OdishaDiary]