Friday, Mar 29 2024 | Time 03:00 Hrs(IST)
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Business Economy


Indian Metals & Ferro Alloys profit drops 55 pc in Q4

New Delhi, May 30 (UNI) Indian Metals & Ferro Alloys Ltd (IMFA) on Tuesday reported 55% year-on-year decline in standalone net profit to Rs 63.65 crore for January-March quarter (Q4) of financial year 2022-23.
The fully integrated producer of value added ferro chrome had posted Rs 142.63 crore profit in the Q4 of 2021-22.
The company's revenue from operations fell to Rs 641.59 crore in the March quarter of FY23 from
Rs 756.71 crore in the same period of FY22.
IMFA registered a profit of Rs 225.73 crore in FY23 as against Rs 507.87 crore in FY22. The company's revenue from operations in FY23 stood at Rs 2,676.39 crore as against Rs 2,602.95
crore in FY22.
Commenting on the results, IMFA Managing Director Subhrakant Panda said, “While commodity prices have cooled off from last year’s exceptional levels leading to a decline in profitability, FY23 performance is still creditable. The slowdown globally represents a challenge for the ferro chrome industry but we remain confident about the current year’s outlook given the strength of our balance sheet and fully integrated business model."
UNI NK BM
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