Iron & Steel/Intermediate Products company Indian Metals & Ferro Alloys announced Q1FY24 results:
- Q1FY24 vs Q1FY23:
- Revenue of Rs 701.73 crore vs Rs 743.42 crore
- EBITDA of Rs 182.68 crore vs Rs 224.67 crore
- PAT of Rs 110.00 crore vs Rs 133.83 crore
- Exports of Rs 662.76 crore vs Rs 710.53 crore
- Q1FY24 vs Q4FY23:
- Revenue of Rs 701.73 crore vs Rs 636.90 crore
- EBITDA of Rs 182.68 crore vs Rs 143.61 crore
- PAT of Rs 110.00 crore vs Rs 63.65 crore
- Exports of Rs 662.76 crore vs Rs 603.37 crore
Commenting on the results Subhrakant Panda, Managing Director said, “Despite softening commodity prices, the Q1 FY24 result is robust as we have benefited from lower input costs – primarily thermal coal and metallurgical coke. While there are global headwinds, the ongoing power crisis in South Africa along with stimulus measures to boost the Chinese economy is expected to support the ferrochrome prices. We, of course, continue to benefit from a fully integrated business model and a long-term debt-free Balance Sheet.”
Panda further added, “Our expansion project in Kalinganagar, Odisha is on track with the Public Hearing being conducted successfully recently. We are also in active discussions to tie up hybrid renewable energy to meet our requirement for the project and comply with enhanced renewable power obligations (RPO).”