Shares of
Indian Metals & Ferro Alloys gained over 2% after reporting Q4 numbers. The company’s standalone net profit of Rs65.11cr in the quarter ended March 2021 as against net loss of Rs52.16cr during the previous quarter ended March 2020.
The sales rose 51.99% to Rs576.11cr in the quarter ended March 2021 as against Rs379.04cr during the previous quarter ended March 2020.
The stock is currently trading at Rs483.15 up by Rs10.85 or 2.3% from its previous closing of Rs472.30 on the BSE.
Commenting on the results Mr Subhrakant Panda, Managing Director said: The Company’s record breaking FY21 performance is especially noteworthy given the pandemic related challenges which called for meticulous planning. Demand for ferro chrome was steady throughout the year, although we focussed more on exports due to the national lockdown, and prices picked up in Q4 which is reflected in the results. Going ahead, we expect the positive momentum to sustain leading to strong internal accruals which will enable our expansion plans approved by the State Government in November 2019 but on hold since then due to the Covid disruption.
Operational Highlights of Q4 FY21 vs Q4 FY20
• FeCr production of 67,522 tonnes vs 58,687 tonnes
• FeCr sales of 72,265 tonnes vs 60,464 tonnes
• Power generation of 266 MU vs 282 MU