Indian Metals and Ferro Alloys Limited (IMFA) has reported a net profit of INR 636.50 million ($7.76 million) in the fourth quarter (January-March) of the fiscal year 2022-23, a decline of 50 percent year on year, according to a regulatory filing of the company on Wednesday, June 7.
The company achieved total sales revenues of INR 6.3 billion ($77.67 million) during the quarter, a decline of 15 percent year on year.
“While commodity prices have cooled off from last year's exceptional levels leading to a decline in profitability, the fiscal 2022-23 performance is still creditable. The slowdown globally represents a challenge for the ferrochrome industry but we remain confident about the current year's outlook, given the strength of our balance sheet and our fully integrated business model,” Subhrakant Panda, managing director, said in the company statement.
IMFA is a fully-integrated ferrochrome producer with a 284,000 mt plant located in the eastern state of Odisha.