Indian Metals and Ferro Alloys (IMFA) today said its net profit fell by 71 per cent to Rs 28.74 crore during the first quarter ended June 30.
The company had clocked a net profit of Rs 99.92 crore in the same period a year ago.
Its revenue also fell to Rs 412.53 crore in the first quarter from Rs 426.31 crore in the corresponding period of the previous fiscal, IMFA said in a BSE filing.
Subhrakant Panda, MD and CEO of IMFA said: "The current quarter numbers reflect improved market sentiments along expected lines. However, an unplanned shutdown at our Therubali unit and mark to market provision on foreign currency borrowings affected the bottom line".
Indian Metals and Ferro Alloys Ltd (IMFA) is India's leading fully integrated producer of value added ferro chrome with capacity of 2,75,000 tonnes per annum.
The Bhubaneswar-headquartered company has manufacturing complexes in Therubali and Choudwar backed up by captive power generation of 261 mega watt and captive chrome ore mines in Sukinda and Mahagiri.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)