Metal Sector Stock Declares 934.23% YoY Jump In Net, Shares Rally 99.42% In 1-Yr

Small cap company from the metals & ferrous sector, Indian Metals & Ferro Alloys Ltd shares rallied 6.89% on Tuesday after the company announced its Q3 FY24 net profit at Rs 107.87 crore, up 934.23% year-on-year (YoY) as compared to Rs 10.43 crore declared in the corresponding quarter of last year. The revenue for Q3 FY24 arrived at Rs 685.27 crore YoY as against Rs 623.62 crore in the similar quarter of last year. EBITDA of the company declared at Rs 167.87 crore for Q3 FY24 from Rs 67.02 crore reported in the similar quarter of last year. Check details below:

Commenting on the Q3 results, Subhrakant Panda, Managing Director, said: "The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside. Raising of chrome ore is on track to cross 0.6 million tonnes during the year for the first time with a further hike in FY25, and we are looking to tie up hybrid renewable power for our expansion project which will reduce our carbon footprint. We remain confident of superior performance on account of our fully integrated business model and long term debt free Balance Sheet, and shall increase smelting capacity to take advantage of the available resource base."

Indian Metals & Ferro Alloys Share Performance & Return: Last trading price of Indian Metals & Ferro Alloys shares on BSE is Rs 588.30 apiece with intraday gain of 6.89%. The 52-week high price of Indian Metals shares on BSE is Rs 620.00 apiece and 52-week low price is Rs 268.45 apiece, respectively. The company has a market capitalisation of Rs 3174.12 crore. Indian Metals shares rallied zoomed 19% in last 1-week, gained 38% in last 3-months, soared 65% in last 6-months, and rallied 99% in last 1-year. In last 3-years, Indian Metals stock rallied 199% and soared 451% in last 5-years.

Indian Metals About: Established in 1961 in the Eastern State of Odisha known for its rich natural resources, IMFA is India's leading fully integrated producer of value added ferro chrome with 190 MVA installed furnace capacity backed up by 204.55 MW captive power generation capacity (including 4.55 MWp solar) and extensive chrome ore mining tracts. We are unique from the quality perspective due to comprehensive ISO 9001 Quality Management certification, according to its LinkedIn page.

Disclaimer:

The stock just highlights the Q3 results and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.