Indian Metals & Ferro Alloys, a producer of value-added ferro chrome, announced a substantial drop in standalone net profit for the quarter ended September 2014. During the quarter, the profit of the company declined 95.96% to Rs 5.70 million from Rs 141.20 million in the same quarter last year.
Net sales for the quarter rose 7.86% to Rs 3,480.30 million, compared with Rs 3,227 million for the prior year period.
Earnings per share for the quarter stood at Rs 0.22, registering 95.95% decline over previous year period.
Commenting on the results, Subhrakant Panda, managing director & CEO said, ''The ferro chrome industry is currently facing a challenging environment due to rising costs coupled with lower prices. While the key lies in a sustained economic recovery, the robustness of our integrated business model places us at a significant advantage to our peers and we expect to benefit from improved business sentiments going ahead.''
| Quarterly Results - Standalone (Rs in mn) |
| As at | Sep - 14 | Sep - 13 | %Change |
| Net Sales | 3,480.30 | 3,226.70 | 7.86 |
| Net Profit | 5.70 | 141.20 | (95.96) |
| Basic EPS | 0.22 | 5.43 | (95.95) |
Shares of the company gained Rs 3.25, or 1.42%, to trade at Rs 231.95. The total volume of shares traded was 1,303 at the BSE (3.31 p.m., Thursday).
