Indian Metals and Ferro Alloys’ Jul-Sep net profit at Rs 44 cr

New Delhi, Nov 8 : Indian Metals & Ferro Alloys (IMFA) has reported a net profit of Rs 44.17 crore for the July-September quarter.

During the same period of last fiscal, the company had reported a net loss of Rs 33.07 crore.

Its total income for the period under review rose by 14.9 per cent to Rs 455.34 crore.

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IMFA Managing Director Subhrakant Panda said: “We have operated through the lockdown period by virtue of the exemption available to continuous process industries and delivered a strong operational performance, while healthy market conditions in terms of demand & price have helped boost profitability.”

“While inherent uncertainties remain due to the unpredictable nature of the pandemic, the proactive approach of the Central and state governments to save lives and livelihoods augurs well. Going ahead, we also expect the imposition of export duty on chrome ore by South Africa to have a positive impact on ferro chrome prices.”

Disclaimer: This story is auto-generated from IANS service.

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