Commenting on the results, Subhrakant Panda, managing director and chief executive officer, IMFA said, “Coming out of a very bad year which severely affected financial performance, Q1 FY17 witnessed a turnaround as ferro chrome demand recovered and prices improved. While this is not reflected in the reported numbers since quarterly prices were finalised prior to such recovery, we are now in distinctly different territory as compared to the last two quarters. Unsustainable prices brought about a rapid rebalancing which was helped further by stimulus measures in China and appreciation of the Rand. As such, the worst seems to be behind us and, along with operational efficiencies, has resulted in improved performance compared to the preceding quarter. More importantly, we are confident of a sustained recovery going ahead.”
With manufacturing complexes at Therubali (Rayagada) and Choudwar (Cuttack), IMFA has a ferro chrome production capacity of 275,000 per annum. It has a fully integrated business model with captive power generation of 258 MW and captive chrome ore mines at Sukinda, Mahagiri and Nuasahi.