IMFA Net Profit Surges 5x to Rs 89 Crore in Q2
By Rediff Money Desk, NEWDELHI Nov 02, 2023 16:27
Indian Metals & Ferro Alloys (IMFA) reported a significant jump in net profit for the September quarter, driven by reduced expenses and increased revenue.
New Delhi, Nov 2 (PTI) Indian Metal & Ferroy Alloys (IMFA) Ltd on Thursday posted over five-fold jump in consolidated net profit to Rs 89.34 crore in the September quarter, aided by reduced expenses.
It had clocked Rs 16.40 crore net profit during the year-ago period, the company said in regulatory filing.
The company's total income also increased to Rs 704.25 crore over Rs 676.88 crore in the year-ago quarter.
IMFA's expenses trimmed to Rs 581.10 crore from Rs 647.98 crore last year.
The board of the company also approved an interim dividend of Rs 7.50 per equity share of Rs 10 each for the financial year ending March 31, 2024.
It also approved the merger of Utkal Coal Ltd into Indian Metals & Ferro Alloys Ltd, as well as their respective shareholders and creditors.
The amalgamation will be implemented upon receipt of requisite approvals of statutory and regulatory authorities, including the approval of the jurisdictional National Company Law Tribunal, shareholders and creditors.
It had clocked Rs 16.40 crore net profit during the year-ago period, the company said in regulatory filing.
The company's total income also increased to Rs 704.25 crore over Rs 676.88 crore in the year-ago quarter.
IMFA's expenses trimmed to Rs 581.10 crore from Rs 647.98 crore last year.
The board of the company also approved an interim dividend of Rs 7.50 per equity share of Rs 10 each for the financial year ending March 31, 2024.
It also approved the merger of Utkal Coal Ltd into Indian Metals & Ferro Alloys Ltd, as well as their respective shareholders and creditors.
The amalgamation will be implemented upon receipt of requisite approvals of statutory and regulatory authorities, including the approval of the jurisdictional National Company Law Tribunal, shareholders and creditors.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Sensex, Nifty Hit...](https://im.rediff.com/80-80/money/2020/sep/30bse.jpg)
Sensex, Nifty Hit Record Highs for 3rd Day -...
Indian benchmark stock indices Sensex and Nifty closed at record highs for the third...
![Incuspaze Opens...](https://im.rediff.com/80-80/money/2023/jun/27flexible-office.jpg)
Incuspaze Opens New Coworking Centre in Bengaluru
Incuspaze has leased 1.15 lakh sq ft office space in Bengaluru to open a new coworking...
![Rupee Rises 3...](https://im.rediff.com/80-80/money/2013/jul/08rupee2.jpg)
Rupee Rises 3 Paise to Close at 83.58 vs US Dollar
The Indian rupee strengthened against the US dollar on Tuesday, supported by firm...