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Tag: Indian Metals & Ferro Alloys Ltd

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 records a revenue of INR 700.56 cr and an EBITDA of INR135.21 cr

Indian Metals & Ferro Alloys Ltd (IMFA; estd 1961), the country’s leading fully integrated producer of ferro alloys, announced Q4 FY24 results today for the period ending March 31st, 2024.

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Business Highlights:

  • Chrome Ore raising crossed the 6 lakh tonnes mark for the first time.
  • Receipt of 132 crore as part compensation for Utkal ‘C’ Coal Block.
  • Foray into the Ethanol Business to utilize surplus land and bulk material handling capacity.

 Management Comment:

Commenting on the annual results, Mr Subhrakant Panda, Managing Director said: “Excellent operational performance during the year with highest ever ferro chrome production, chrome ore raising, and captive power generation set the stage for a strong financial performance. We are poised to embark on our expansion and diversification plans on the back of a robust Balance Sheet with zero debt, and this will create substantial value in times to come.”

Addressing the demand outlook, Mr Panda said: “Even as there are some concerns due to ongoing geopolitical conflicts, economic stimulus measures announced by the Chinese Government augur well for commodities in general. Meanwhile, China remains a relatively high cost producer of ferro chrome which provides a base to prices. India’s focus on infrastructure with a large capital expenditure outlay in the interim budget will boost demand for stainless steel and, hence, ferro chrome.”

The Company is expanding into the ethanol business by utilizing surplus land and other infrastructure available at its Therubali unit which will diversify the product portfolio; however, the management’s focus will continue to be on its core business of smelting.

Audited results for the quarter and year ended March 31, 2024, are available in the Investor Relations section of our website.