BHUBANESWAR: Indian Metals and Ferro Alloys Ltd (IMFA), the country’s one of the leading fully integrated producers of ferro chrome, said its revenue for the first half of 2019-20 has touched Rs 835.4 crore against Rs 807.3 crore generated during the corresponding period of last fiscal.
The company has announced its Q2 and H1 financial results for the period ending September 30. Though the company posted growth in exports during the period, it incurred a loss of Rs 22.41 crore against a profit of Rs 50.23 crore during the corresponding period last year.
It exported metals worth Rs 753.11 crore in the first half of the year, up from Rs 725.96 crore in the same period last financial year.
IMFA’s revenue has come down from Rs 445.93 crore in the first quarter of the fiscal to Rs 389.47 crore in the second quarter despite growth in ferro chrome production. Exports have also declined to Rs 352.05 crore from Rs 401.06 crore and the company has incurred a loss of Rs 33.07 crore against profit of Rs 10.66 crore during the corresponding period last year. The company produced of 59,371 tonne of ferro chrome against 47,021 tonne last year.
IMFA Managing Director Subhrakant Panda said market conditions are extremely challenging at the moment with prices being at unviable levels.
“While there have been significant production cutbacks all over the world, our fully integrated business model, low gearing and long term marketing arrangements with leading customers has helped us sustain. Given the reported finalisation of a mini deal between the US and China, we expect market conditions to start improving with pick up in prices to follow,” he added.