IMFA Q3 Profit Drops 20% to Rs 86 cr

New Delhi, Jan 29 (PTI) Indian Metals & Ferro Alloys Ltd (IMFA) on Wednesday reported an over 20 per cent fall in profit after tax to Rs 86.13 crore for the December 2024 quarter, impacted by a fall in revenues.

It had posted Rs 107.87 PAT in the year-ago quarter, the company said in a statement.

The company's revenues fell to Rs 643.22 crore from Rs 685.27 crore in the October-December period of 2023-24.

During the quarter, the company said it signed a Power Purchase Agreement (PPA) with JSW Green Energy One and JSW Green Energy Seven for 70 MW hybrid renewable energy (50 MW AC Solar and 100 MW Wind).

Further, the final negotiations are ongoing to award major contracts for the ethanol Project, and construction is expected to start shortly with a commissioning timeline of 12 months.

IMFA said Bijayananda Mohapatra has been appointed to the Board with effect from January 31, 2025, and will be designated Wholetime Director and COO.

Saunak Gupta has been named CFO Designate and will formally take on the role on March 8, 2025.

Subhrakant Panda, Managing Director said: "Commodity markets in general are under pressure due to weak global demand and poor economic data emanating from China. However, we have minimised the impact of softening ferrochrome prices on Q3 FY25 results through long-term contracts and declining input costs. Further, margins have been bolstered by treasury operations".