Ferro Alloys Q3 net profit at Rs 31.41 cr

Mumbai, Jan 30 (UNI) Ferro Alloys Corporation Limited (FACL), the flagship company of the FACOR Group, today said that its net profit increased by 270 per cent to Rs 31.41 crore for the third quarter ended December 31, 2007 compared to Rs 8.47 crore in the corresponding quarter last year.

The total income increased to Rs 249.49 crore for the third quarter whereas the same was at Rs 215.94 crore for the same quarter last year.

The Company also announced an interim dividend of 15 per cent to its shareholders.

FACOR Group, with a business level of approximately Rs 1,000 crore, also unveiled a new corporate logo at the sidelines of the group's quarterly results.

Announcing the quarterly results, FACL CMD R K Saraf said, ''Measures are being taken for setting up a 5,00,000 million tonnes greenfield stainless steel plant at Orissa, a 250 MW coal-based power plant and a 45 MW coal-based captive power plant for a capital outlay of Rs 2,750 crore.'' ''The captive 45 MW power plant has achieved financial closure and M/s Fichtner Consulting Engineers (India) have been appointed as our consultants for the project. We hope to commence production by September 2009. The captive power plant would help us improve our bottom line,'' Mr Saraf said.

The group has its chrome ore mines at Boula, Kathpal and Osthapal in Orissa. They have production facilities in Andhra Pradesh, Maharashtra and Orissa.

''We are in the process of commissioning a 45 MW captive coal-based power plant adjacent to its charge chrome plant through a 100 per cent subsidiary, FACOR Power to ensure uninterrupted power supply to its plant. FACOR has also applied for a coal block in Orissa for setting up a 250 MW Coal based thermal power plant,'' he added.

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