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IMFA - Awards

IMFA’s Chromite Mines Wins Safety Awards 2024

Bhubaneswar, July 30th, 2024: Indian Metals & Ferro Alloys Ltd, the country’s leading producer of value-added ferro chrome, received multiple awards at the All India Mines Safety Awards 2024 held under the aegis of the Directorate General of Mines Safety (DGMS). The awards recognise IMFA’s commitment to safety at its Sukinda Mines and Mahagiri Mines which bagged the 2nd and 3rd position respectively in the category of small mines.

The recipients were felicitated by Shri Prabhat Kumar, Director General of DGMS, in the presence of Chief Guest Shri P M Prasad, CMD of Coal India Limited, and other dignitaries.

Commenting on this achievement, Mr. Sandeep Narade, VP and Head – Mining Business Unit, IMFA, said: “We accord the highest priority to safety in all our operations, and are honoured to receive the awards which recognize our efforts to promote the well-being of employees.”

Mr. Sandeep Narade further added, “IMFA provides comprehensive safety training to all employees, and conducts regular safety audits and inspections to mitigate potential hazards. We also invest in modern equipment and technology to enhance safety and maintain a safe working environment.”

IMFA’s Sukinda Mines started operations in 1999 and accounts for 50% of the company’s output, while the Mahagiri Mines contributes the balance. Notably, the Mahagiri Mines is the only operational underground mines in the Sukinda Valley.

The awards underscore the company’s commitment to maintaining the highest standards of safety in its mining operations. IMFA remains dedicated to setting new benchmarks in the industry and contributing to the overall growth and development of the mining sector in India.

About Indian Metals and Ferro Alloys (IMFA)

Indian Metals & Ferro Alloys Ltd (IMFA) is India’s leading fully integrated producer of value-added ferro chrome with 190 MVA installed furnace capacity backed up by captive chromite mines and power generation. Incorporated in 1961 and headquartered in Bhubaneswar (Odisha), the company has manufacturing complexes in Therubali & Choudwar. IMFA’s operations are benchmarked to international standards and are ISO 9001 (Quality Management) certified.

IMFA’s record performance a precursor to growth

Mumbai, January 27th, 2022: Indian Metals & Ferro Alloys Ltd (IMFA; established 1961), the country’s leading producer of ferroalloys, announced its quarterly results today for the period ending December 31st, 2021.

Highlights of Q3 FY22 vs Q3 FY21 (y-o-y)

• Revenues of Rs 655.22 crore vs Rs 425.46 crore

• Exports of Rs 583.46 crore vs Rs 397.01 crore

• EBITDA of Rs 214.87 crore vs Rs 73.05 crore

• PAT of Rs.121.74 crore vs Rs 32.14 crore

Highlights of 9M FY22 vs 9M FY21

• Revenues of Rs 1846.24 crore vs Rs 1268.12 crore

• Exports of Rs 1717.87 crore vs Rs1175.89 crore

• EBITDA of Rs 634.88 crore vs Rs 246.53 crore

• PAT of Rs 365.24 crore vs Rs 100.34 crore

Operational Highlights

• FeCr production of 61,545 tonnes

• FeCr sales of 55,403 tonnes

• Power generation of 274 mu

Business Highlights

• Prepayment of Rs. 214 crore long term debt as of date.

• Debt: Equity ratio of 0.07; shall be debt-free by March 2022

• Intimation received regarding allotment of 124.26 acres land in Kalinga Nagar for FeCr expansion project.

Commenting on the results, Mr Subhrakant Panda, Managing Director said: “Our record performance in the ongoing fiscal has enabled us to prepay long term debt thereby strengthening Balance Sheet ahead of our proposed 100,000 tonnes per annum ferrochrome expansion. I am grateful to the State Government for allotting land for the project which we will now take us expeditiously. Ferro Chrome demand continues to be strong, and a trend reversal of prices is seen with recent upward movement. We expect strong financial performance in the next fiscal which will enable us to focus on growth while also rewarding shareholders .”