Indian Metals & Ferro Alloys Limited — Updates, 29-01-2025: Press Release

**Financial Highlights:**

In Q3 FY25, Indian Metals & Ferro Alloys Ltd (IMFA) reported revenue of ₹643.22 cr, down from ₹691.92 cr in Q2 FY25 and ₹685.27 cr in Q3 FY24. EBITDA for the quarter was ₹122.97 cr, reflecting a decline from Rs 175.62 cr in Q2 FY25 and ₹158.98 cr in Q3 FY24, resulting in an EBITDA margin of 19.12%. PAT stood at ₹86.13 cr, compared to ₹132.73 cr in the previous quarter and ₹107.87 cr a year ago, yielding a PAT margin of 13.39%.

**Strategic Initiatives and Growth Drivers:**

IMFA is advancing its Kalinganagar Phase 1 expansion, with major contracts awarded and construction slated to begin in February 2025, targeting completion in 18 months. Additionally, a Power Purchase Agreement (PPA) for 70 MW hybrid renewable energy has been signed with JSW Green Energy.

**Business Developments:**

The Ethanol Project is moving forward; major contract negotiations are ongoing, with construction expected to begin shortly, aiming for a 12-month commissioning timeline.

**Market Position and Competitive Advantage:**

Despite facing pressure from weak global demand and ferro chrome pricing, IMFA's strategic long-term contracts have mitigated some impacts. Management believes a revival in ferro chrome demand is possible, as current pricing pressures are deemed unsustainable for non-integrated producers.

**Investor Implications:**

Investors should watch for potential recovery in ferro chrome demand and improved pricing, which could enhance IMFA's financial performance moving forward. The company remains well-positioned due to its integrated operations and strategic expansions.