IMFA Sees Profit Dip Amid Revenue Slide, Strategic Moves in Focus
Indian Metals & Ferro Alloys Ltd reported a 20% decline in its quarterly profit to Rs 86.13 crore, affected by falling revenues. The company also signed a Power Purchase Agreement for renewable energy and is advancing plans for an ethanol project. Leadership changes were also announced.
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Indian Metals & Ferro Alloys Ltd (IMFA) announced a significant 20% drop in profit after tax for the December 2024 quarter, hitting Rs 86.13 crore. The decrease was primarily due to a reduction in revenues, which dipped to Rs 643.22 crore from Rs 685.27 crore a year earlier.
In a strategic move, IMFA signed a Power Purchase Agreement with JSW Green Energy for 70 MW of hybrid renewable energy, comprising 50 MW AC Solar and 100 MW Wind. Meanwhile, the company is finalizing major contracts for its ethanol project, with construction scheduled to commence soon and a target completion in 12 months.
Additionally, IMFA's board welcomed Bijayananda Mohapatra as Wholetime Director and COO, while Saunak Gupta is set to assume the role of CFO on March 8, 2025. Despite challenges in the commodity markets, IMFA managed to cushion the impact on its Q3 FY25 results through long-term contracts and cost reductions.
(With inputs from agencies.)