IMFA profit rises to 33.01 crore

Bhubaneswar, Oct 29 (UNI) The Indian Metals&Ferro Alloys Ltd (IMFA), largest and only fully-integrated producer of ferro alloys, has registered a net profit of Rs 33.01 crore during the second quarter of the current year.

The Company's Profit Before Tax (PBT) for the second quarter increased by 259 per cent to Rs 33.01 crores compared to Rs 9.20 crore in the corresponding quarter during the last fiscal.

Similarly, the net profit also grew by 117 per cent from Rs 4.46 crores to Rs 9.68 crore despite a prior period adjustment of Rs 6.42 crore.

Meanwhile, the turnover of the company for the six months increased to Rs 297.91 crore registering a growth of 14.34 per cent.

IMFA Managing Director Subhrakant Panda said the 30 MW dual fuel power project recently achieved its financial closure.

The project, he said, would be commissioned by the end of next year to give a boost to the Company's revenues and profitability.

UNI