IMFA Q2 FY21 result reflects pick-up in economic activity globally

                                  Improvement in operational performance & ferro chrome prices

BSE Code: 533047 NSE Code: IMFAEQ _____________________________ Headquartered in Bhubaneswar; Manufacturing complexes in Therubali & Choudwar, Odisha _____________________________ Captive Chrome Ore mines in Sukinda & Mahagiri; 262.55 MW captive power generation including 4.5 MWp solar _____________________________ 190 MVA installed furnace capacity (284,000 tonnes per annum of value added ferro chrome) _____________________________

Bhubaneswar, November 8th, 2020: Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro chrome, announced Q2 & H1 FY21 results today for the period ending September 30th, 2020. Highlights of Q2 FY21 vs Q1 FY21 Revenues of Rs 437.58 crores vs Rs 405.08 crores (Up by 8%) Exports of Rs 387.86 crores vs Rs 391.01 crores EBIDTA of Rs 93.83 crores vs Rs 79.65 crores Profit of Rs 44.17 crores vs Rs 24.03 crores (Up by 84%) Highlights of Q2 FY21 vs Q2 FY20 Revenues of Rs 437.58 crores vs Rs 389.47 crores (Up by 12%) Exports of Rs 387.86 crores vs Rs 352.80 crores EBIDTA of Rs 93.83 crores vs Rs 2.17 crores Profit of Rs 44.17 crores vs Loss of Rs 33.07 crores Operational Highlights of Q2 FY21 vs Q1 FY21 FeCr production of 64,872 tonnes vs 60,342 tonnes (Up 7.5%) FeCr sales of 64,528 tonnes vs 59,743 tonnes Power generation of 265 mu vs 202 mu Financial Highlights Long Term Debt of Rs 431.83 crore in Q2 FY21 Debt:Equity Ratio of 0.38 Business Highlights South Africa has announced that it will impose export duty on chrome ore; further details are awaited Management Comments Commenting on the results Mr Subhrakant Panda, Managing Director said: “We have operated through the lockdown period by virtue of the exemption available to continuous process industries and delivered a strong operational performance, while healthy market conditions in terms of demand & price have helped boost profitability. While inherent uncertainties remain due to the unpredictable nature of the pandemic, the proactive approach of the Central & State Government to save lives and livelihoods augurs well. Going ahead, we also expect the imposition of export duty on chrome ore by South Africa to have a positive impact on ferro chrome prices.”

ABOUT IMFA: Indian Metals & Ferro Alloys Ltd (IMFA) is India’s leading fully integrated producer of value added ferro chrome with capacity of 284,000 tonnes per annum. Incorporated in 1961 and headquartered in Bhubaneswar (Odisha), the Company has manufacturing complexes in Therubali & Choudwar backed up by captive power generation  of 262.5 MW (including 4.5 MWp solar) and own chrome ore mines in Sukinda & Mahagiri. IMFA has an Integrated Management System with quality, environment and occupational health & safety certification.