{"id":136474,"date":"2022-10-28T01:30:00","date_gmt":"2022-10-28T05:30:00","guid":{"rendered":"https:\/\/44.250.171.167\/?p=136474"},"modified":"2022-11-11T00:54:04","modified_gmt":"2022-11-11T05:54:04","slug":"indian-metals-ferro-alloys-limited-imfa-q2-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q2-fy23-earnings-concall-transcript\/","title":{"rendered":"INDIAN METALS & FERRO ALLOYS LIMITED (IMFA) Q2 FY23 Earnings Concall Transcript"},"content":{"rendered":"

INDIAN METALS & FERRO ALLOYS LIMITED (NSE: IMFA<\/a>) Q2 FY23 Earnings Concall dated Oct. 28, 2022<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Mamta Samat<\/strong>\u00a0—\u00a0Investor Relation<\/em><\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to the Indian Metals & Ferro Alloys Limited Q2 FY 2023 Conference Call. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]<\/p>\n

I now hand the conference over to Ms. Mamta Samat. Thank you and over to you, ma’am.<\/p>\n

Mamta Samat<\/strong>\u00a0—\u00a0Investor Relation<\/em><\/p>\n

Thank you, Mike. Good morning, everyone, and thank you for joining us on IMFA’s Q2 FY 2023 Analyst Conference Call. Today, we have with us the senior management represented by Mr. Prem Khandelwal, CFO and Company Secretary, Mr. Bijayananda Mohapatra, COO, Mr. Deepak Mohanty, Head of Ferro Alloys Business Unit, Mr. Binoy Agarwalla, Head of Power Business Units and Mr. Sandeep Narade, Head, Mines Business Unit.<\/p>\n

Before we begin, I would like to say that some of the statements that will be made in today’s discussion may be forward-looking in nature. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session.<\/p>\n

I would now request Mr. Prem Khandelwal for the opening remarks. Over to you, sir.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Thank you, Mamta. Good morning, ladies and gentlemen, and thank you for joining our Q2 FY 2023 earnings call. I hope you had a very cheerful Diwali and festival you’re your friends and family. So happy to Diwali to all of you once again.<\/p>\n

Coming back to Q2 results, after almost nine quarters of up-streaming ferrochrome price finally they are corrected quite sharply, which is getting reflected in Q2 results. Those who are tracking the metal industry must be knowing that we are at that leg of cycle where the cost at the peak, but the prices have corrected quite sharply. Now, the costs are coming down, and ferrochrome prices have increased a little bit. It started moving up. With this now, I would like to open the Q&A session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you, sir. We will now begin the question-and-answer session. [Operator Instructions] We have the first question from the line of Shubham Agarwal with Aequitas. Please go ahead.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Yeah. Thank you for the opportunity, and happy Diwali to the entire team. Sir, my first question — yeah, thank you. So the first question was related to the cost of production. So as you mentioned in the opening remarks that the cost has peaked and the prices of ferrochrome has started increasing, which we are observing in the market currently. But in the Q2, our cost per ton reached almost Rs. 90,000 per ton. So I wanted your guidance with respect to the next two quarters. How do you see this trending in light of the current coal prices and the coking coal prices?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

The two major costs, which is the coal and coke, which are not in our control, both of — coke had gone up to almost $700 and it has come down now to around $450, $500. And similarly, coal at the peak, we had bought e-auction booking book at the peak of around 10,000 to 12,000 and it has come down to 7,000.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So both these — it should figure in Q3 result, because the consumption of these low-cost coal and coke is going to be in Q3. So we should see some dip in Q3 costs.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay. So this is now the peak of cost cycle in Q2?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Likely, it looks like this was the peak of cost and it should come down going forward.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay..<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Deepak, would you like to add anything on the coke front?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

No. Yes. Coke, actually coke front, Chinese coke has come down, but Colombian coke, which is the ultra low cost that is not coming down, primarily because the coking coal is going to Europe for power generation. As you all know, because of Russia-Ukraine war, the gas supply from Russia is stopped and for that reason Europe as the energy crises going up. And particularly in the winter when heating is the first priority for that reason, it’s going there. So Coke, although some Chinese coke has come down, even that is also volatile. Although it was in the range, it come down to around $370 coal price, but it has gone up again to say 90,400. So it’s quite volatile depending on Chinese production. It goes up and down so — quite volatile, but has come down from 700 level to 450 level.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay. [Technical Issues]<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

So coal regarding, actually spot deduction price has touched around 11,800. Now it is coming down to INR7,500. So we are expecting another dip in Q3 also.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay, okay. And all the high-cost coal and coking coal that we had is almost over, right?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay. Got it. And in terms of realization, sir, so almost 103,000 was our realization in Q2. Now going forward, we had observed in the last quarter that ferrochrome fell almost 93,000, 94,000. So for this quarter and the coming quarter, and now it has again spiked up significantly, increased more than INR10,000 per tonne. So for the Q3, do you expect a further average realization drop or it will trend upwards from Q2 level?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Deepak?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

It will be going down from last quarter slightly because mostly the spot prices also, it has improved domestically to around 105,000. And in China also, it has gone up from INR0.25 to INR0.92, INR0.93 So overall, looking at such things, I think it will go down a little bit further for the Q2.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Got it. Got it. Fair enough.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Just to add because it might come down a little bit from Q2 by the average price Q3. But again, the cost will also come down. So, yes, maybe we’ll be seeing a little better yes — in Q3 compared to Q2.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Got it. So<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Better that this — this to predict anything.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

No, sir. It’s fair. So I think everyone was expecting Q2 and Q3 to be below a par.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Which is all right.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

I think from Q4 onwards, things will start improving.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

It will fixed at the same thing. Q4 onwards again things should improve.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Yes, yes. And sir, secondly, on the compensation part, I think on 17 August, we signed our agreement. So is it fair to assume that in November or December, we will receive the money.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

You are talking about UCL?<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Yes.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, UCL vesting order has been issued on the 10th of October to DSP<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So we should be getting back that statutory portion of around INR20 crores now, and there was indicating by the end of this month, we will be getting that money. And then the valuation process will start, we should take another three to four months’ time. So the balance amount we are expecting at the end of this year. By March, we should be getting back that money.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay, okay. So this is further delayed then?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

They were committed to pay as soon as the vesting order is signed, but the balance thing will take time, because of the valuation process, they will start now. So it will take time, yeah, three to four months, I think will take time.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay. And sir, lastly, the general trend in the market, I think South Africa also, there was a slight spike in the power tariffs. So how do you see the general market for ferrochrome over the next like one year also? If you can guide us anything?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Deepak?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yeah. Actually, at this juncture, South Africa had two problems. So one was that power, which is continuing. But that was the Transnet workers strike, which has been resolved now. But it still takes some time to get normalized operation and on. That is one part. But looking at, if you talk about stainless steel where we are bespoke, stainless steel for 2022 calendar is expected to be — world production would be around 57.8 million, which is around 2% less than the last year. And for 2023, it is projected to grow by 3% to something like 59.56 million tons. So there is a positive for the next year. We said already, as you know, in the first half Chinese production has went down by about one million tons.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

And sir, in South Korea also we observed that their production had gone down significantly in the last two, three months. So does that impact us?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes. That impacts us because we have the long-term contract with Posco. But as you know, because of the typhoon, they are particularly the stainless steel site mill, which is closer to the river that affected, and they have already out of three furnaces already one have started at a lower level of operation further to their planning in the next month, but even then also their rolling mill is affected quite a bit substantial, for which their operation is affected at the moment for this quarter, next quarter onwards also to stabilize, it will take some time, another maybe three months, first quarter may come to the full level.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Okay. But is that also impacting our uptake in terms of volume?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Absolutely. This quarter, the uptake is impacted, because they have declared post measures, because their furnaces are not running. They have also lot of stock. But next quarter wise, it will start to normalizing.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

We are supplying to other customers, I mean Posco may not be taking the tonnage, but we are in a position to sell it to some other customers, so that we are doing. So overall, that will not be impacted. But yes, to Posco there would not be any surprise to Posco.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Got it, got it. But we will be able to maintain close to 60,000?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yea, yeah. Absolutely.<\/p>\n

Shubham Agarwal<\/strong>\u00a0—\u00a0Aequitas — Analyst<\/em><\/p>\n

Got it. Sir, thank you for answering all my question and best of luck.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Saket Kapoor from Kapoor & Companies [Phonetic]. Please go ahead. Mr. Saket, can you hear us.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Yes, yes, yes. Sorry, I was on mute. Namaskar, sir, hello?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Namaskar, Saket, Namaskar.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Yes, sir. Sir, firstly, what is the total tonnage on a long-term basis annually if you could give the tonnage number?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Deepak, would you have that number?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Tonnage for projected around 240,000 to 250,000 tonnes product and sell for long-term.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Long-term tonnage, he is asking for<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Long term or long term, we have around — if you say Odia Posco, it would be 80,000 to 90,000 per annum. And other spaces, we have been Japan and China also, we have also another 80,000 to 90,000 tonnes on long-term basis.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. So total, we have around 160 to 180<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

170 its being 180<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

As to the previous answer, you were mentioning that the uptake from Posco has been lowered, so what’s the agreement basis on — the basis of this but if they can — on their availability or on the plant uses, can they lower their terms, they are the variables in the terms, wherein they can lower their consumption.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Yes, of course post measure condition is there, and this is the post measure<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay, sir. And sir, sir, there is a lot of talk about Russian coal availability in the country that has gone up significantly to — for our clean and plants, have you tried with the Russian coal grade? Or these are not suited for our consumption.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

No, we are dependent on the coal only.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

You’re talking about Russian coke or coal<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Coal.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Coal we are not — we are dependent on [Indecipherable] and we often and we often pull from NCM.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. I was — earlier I was only taking the price arbitrage and the quality since the prices on this 4G auction have gone up significantly. Have you looked at alternative resources for the same? Or it is — the setup is like that, that this coal will only work there?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Binoy do we answer that At the — our power plants are our best in CFBC and design. So basically, the design with the coal of — this have been approximately great cut-in of Indian coal that is approximately DC3,000. So the Russian and South African coal they are not suitable for running with this coal — and their rate also very high compared to the Indian coal. I can say that South African coal costing around 18,000 per tonne.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

No, I was particularly speaking about the Russian coal. They were telling they were….<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Russian coal also because of high DC is not suitable for [Indecipherable]<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Right, sir. Sir, when we look at your other expenses line item, that has also was at INR144 crores. So if you could explain what led to this increase, what are the key components is one-off item, any time, sir, is there in this?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Mainly, it has gone up because of two things. One is that freight cost has gone up very high. So that is the one factor and other factor is the CSR expenses. The two factors<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, your line is very disturbed. I cannot hear you properly.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Hello, are you able to hear us?<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Yes, sir.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So it has gone up on two counts. One is the freight cost rates has gone up this quarter.<\/p>\n

Operator<\/strong><\/p>\n

This is the operator here. Mr. Khandelwal, your voice is still breaking up. I’ll try to connect you back again, sir. Just give me moment, we’ll reconnect you back.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Okay, right, right, right.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, please stay connect as we connect Mr. Khandelwal back again to the conference. Ladies and gentlemen, we have Mr. Khandelwal well connected now.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Saket, are you able to hear me now?<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Yes, sir. Now very clear. For the other expenses you were mentioning, sir.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Two counts, I said it has gone up. One is the freight cost has gone up very high because of that. And another — some CSR expenses were there in this quarter. So for these two counts, it has gone up by almost INR20 crores.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. So freight will remain the same in the same vicinity going forward also for the same tonnage or freight costs have also declined?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

In fact the freight cost has gone up — in fact, the freight cost has gone down very drastically now. It’s almost 25% — I mean come down to 25% level. It’s down by 75%.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Particularly container freight, which was in the range of $1,000 per container to give a feel about it has come down to $200 to $250 per container. So that is one measure. But in dreadful also, it has come down, but not very much maybe 50%, around about 60%, it is it is at the moment. And —<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

50%, 60% is also a bit selling for us.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes, yes, yes.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, going ahead for quarter three, what should be the ballpark number? What should be the bottom line impact just on the reduction of freight cost, sir? Can you give a ballpark number, sir?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Saket, that would be very difficult for us because so much wallet seen every peak won’t be able to — it won’t be proper for us to give you any number.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir. Okay. Sir, I just rephrase it.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

I can just tell you that since the costs are now going down and silicon prices have inched up from the low. So the Q3 should be better than Q2. That’s what I can tell you. But number is very difficult.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

No. I’m not at all highlighting that guess, sir. But just to understand, the September freight cost month of September and October cost, if you could give that difference that would also….<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So much especially would be difficult Saket.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

No issue, sir. No issues. I was just trying to gauge the impact sir, [Foreign Speech] that means when that relief is there on the downwards side also there will be a significant contribution to the bottom line. Just understanding is correct, sir?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So that’s why Deepak gave you the numbers that…<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Correct, correct.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

It’s almost you can count from the top.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Correct. Correct, sir.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So we should be getting a lot of saving on account of freight and on account of coke and coal cost.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay, sir. And sir, CSR, can you quantify what was the figure for this quarter?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, I need to check that one. The number I need to check, Saket.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Correct, sir. Sir, if you.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

I will give you separately for that, yes.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

I will — I would ask later on, sir. When we look at the finance cost component also I think so this foreign exchange part is, is ACV part, sir — what is the reason for the INR14 crores, INR15 crores loss on foreign exchange?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Our entire working capital is in foreign currency. So the fluctuation — this is the INR14 crores, whatever you are seeing is because of the exchange.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

That is all dollar denominated.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

All dollar denominated. Our entire working capital, because our exports — 90% is getting exported. So we are getting dollar earnings.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. So it gets netted off whatever we are getting gaining from the revenue<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Because the revenue — gain from revenue is not getting differently into revenue itself. So that is not shown separately as for the accounting standard. But the interest portions whatever exchange is there, we are showing it separately.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

So two more questions. Firstly, I guess [Foreign Speech]<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So the gain in revenue is getting blocked into the revenue. So that’s why you are not able to see that again.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, on the CapEx front, would you like to elaborate more? So where are we in terms of, I think some land was allocated, we made some payment also. So where are we in midst of that? And how are you progressing in that part, sir?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Bijayananda, would you like to brief about that?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Actually, we had a land of 124.26 acres land in Kalinganagar, so this we have exhibited that listing on 14 October. So after that, there will be slightly RR supplement by IDCO and if you area doing it separately for 15 around or 77 people, who is there in the process. And we have given the DPR to M N Dastur, which is expected by December end, then I will start overall attributes. And side by side, you are going to — this IPSI, IPSI you are giving to EIC<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Right, sir. So by March, what is our goal in terms of this expense? What are we trying to achieve by March 23. And if the coming six months is from either…<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

These six months, we are going to construct the boundary wall after the possession. And also we’ll start from stringing a power line and also ordering of our equipment once the PRL freeze<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

These six months, we are going to construct the boundary wall after the possession. And also we’ll start from stringing a power line and also ordering of our equipment once the PRL freeze<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

We are expected to commission in the month of April 25. So the major CapEx will be going by 23, 24 and to some extent, 25.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

And last point, sir, on the cost of material consumed, sir. If on a quarter-on-quarter basis, sir, if you could give the impact of the increased coke and coal prices — if you could quantify for us, how that has affected because on a Q-on-Q basis, it has gone up by INR20 crores. So what was our cost for Q1 and vis-a-vis what was the cost for Q2?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Coke cost has gone up from almost INR19,000 crores to INR22,000 crores, INR20,000 crores to INR22,000 crores. That is 10% increase from Q1 to Q2. And power cost has gone up from INR23,000 crores to INR25,000 crores. So these two are the major factors, which has led in the past.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. And how are they likely to shape sir?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

I’ve already told you that these coke prices — both the prices have come down quite significantly. So Q3, we should be seeing a bit in both these costs.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. So, it will be lower than Q1 prices, sir, just to get an understanding, no other figures?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Again, Saket, you are asking a specific question, and it would be difficult for us to give any number. We’ll come know after the end the quarter only.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Only I was looking at the trend?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

There will be a combination of — it all depends on what kind of coal and coke they’re consuming. So, not possible to give these numbers now.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay, sir.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

I can give you the sales only that we are buying now at a cheaper price or whichever is lower.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

I can give you the sales only that we are buying now at a cheaper price or whichever is lower.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, thank you, Saket.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] We have the next question from the line of Yash Chandan [Phonetic] from — who is an Individual Investor. Please go ahead.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Hello.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, Yash.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yes. First of all, wish you a very Happy Diwali, sir and congratulation on good use of number even in a troubling set of time. Sir, I had a few questions majorly on the business aspect. I can see that our power cost per tonne of ferro chrome has gone up. But power cost per unit of power production has gone down. So how have we managed that? Given that coal prices have gone up from Q2 — in Q2 over Q1. How is our per unit cost of power generation has gone down by almost half a rupee?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, I’m not able to get you — you’re comparing from what Q1 to Q2.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

The Q2 cost of power generation rupees per kilowatt unit, it has gone down, sir, which I believe, given that our production has gone up for power 274 million units…<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yash, I think I don’t know from where you’re getting the number, but I’m seeing the number if the power cost has gone up from INR3.60 to INR4.11 from Q1 to Q2.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

No, no, I’ll make it correct sir. He is asking about Q1 to Q2, that is INR6.57. So initially, this is Q1, we have got the price at the end of the call is around 10,000, 11,000. Now it has spend in this quarter to INR7,500 is auction coal production. That’s why that is a INR0.20, INR0.30.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Okay. INR5.94 to INR5.69 has come down, yes.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, on the Balasore alloys part, are we planning on valuation of that asset? Or what are your thoughts on that?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No. If it comes in NCLT, definitely, we are open to that. We will be very keen in participating in that. But as of now, there is no news about that.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

No. If it comes in NCLT, definitely, we are open to that. We will be very keen in participating in that. But as of now, there is no news about that.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Sir, but like you said in Q3, we won’t be dispatching anything to Posco. So roughly 20 kg, 25 kg are we losing in Q3 for Posco contract?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

No, for Posco contract we would be losing but we are suppling to other customer, so overall we are not going to lose on tonnage, sales tonnage.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

So we are planning that in spot-only in domestic or in export and in spot or with some other long-term contract customer? How are we planning to sell that?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Deepak, what are you planning for this?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

We have some long-term contracts with other countries like China, Taiwan and Japan. So where — we are increasing the quantity there. So particularly in China and Taiwan also, we are increasing the quantity and making up that tonnage. So, we are not basically on sales front there is a need.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

But we are not exploring domestic also?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes, domestic also we are supplying some quantity. So based on that, as per — wherever there is requirement and with proper price we are open to all and we are doing that.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

No, Deepak, I’ll just — at the risk of repeating myself are we planning to sell the extra quantity from Posco’s contract in domestic market?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes, in domestic market, there is not so much of demand but so much of quantity we cannot sale here in domestic market, has go to export market. So we are exploring the other long-term customers as well as spot customers in China. And already we have tied up some tonnage and the rate book also be tied up. So overall tonnage, sales tonnage, we are not worried about that even if Posco is not taking in this quarter.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Understood, sir. And sir on the future outlook for Q3 or for the ferro chrome market in general. Now we have seen our EBITDA margins have come down significantly. Do you think ferro chrome NHR is going to go down again or — I’m sorry, sir, if you have answered this question already because I joined a bit late? So do you feel the ferro chrome prices can go down again? Is there some space for them to correct or now they have bottomed out and they will go up in the coming time?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

See it all depends on the cost currently, the cost is not coming down, I don’t think the ferro chrome price can come down because in Q2, whatever we have seen, if we are not — we are coming to this kind of margin, then almost 70%, 80% of the world capacity will get closed, okay they cannot make. So that has led to again some spike in the prices, ferro chrome prices. So going forward also Q3 and Q4, we are seeing further increase if the cost is not coming down.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

So you are saying, sir, we are better than 80% of the production, at least 80% of the…<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes. Obviously, yes.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yes, that’s all — those are all the questions I had.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Thank you, Yash.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Joe Shah from 7seas. Please go ahead.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Happy new year to all of you. Deepak, I have one question about the Q3 export realization guidance, now we have seen total domestic market export prices going up to INR1,05,000 in last Q3 — Q2 realization was 1,02,000 so those improvement in the trade and so as we discussed, the trade is in the coke and the core on the coke side going down. So Q3 do we expect better performance? Deepak?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Better performance on which front? On the production cost front, are you talking about or about the price front?<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Yeah price.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes, price will be according to the market at the point-in-sale. And which is going up, as you have mentioned now it is 105.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Right.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yeah.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

So our realization natural, our realization for Q3 could be better than Q2, right? Export realization.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

No, no, no. So overall realization because our major is export and the international price in tonnes of sales per pound is lower than — it will be lower than the last quarter.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

I see.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

So that’s why it can’t be higher than that.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Sure. Okay and what about EBITDA? Because our coke is going down, coke ended low last year. So EBITDA for Q3 would be better?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

No. Joe, we have already answered this question to previous analyst that in the Q3, we expect a better yield than Q2, because the costs are coming down. And so coke prices eased up a little bit, although overall average Q3 real prices will be lower than in Q2, but the cost will also come down.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Q3 should be better than Q2. That’s what I have already told in the previous quarter, I have already answered that.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. So Deepak, what is the analysis of Chinese demand? I guess, Chinese demand now going up.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Chinese demand is going up at a moment, but there are two zero COVID policy, resurgence happens. Even in pocket it will affect. So that is the only main hurdle, otherwise, daily stress is coming back.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Right.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

So things are moving up. So, unless like again COVID resurgence without that, I don’t see any other issues risk and affect.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

UG2 price for China total come to $45 so that will put pressure on Chinese ferrochrome. So we can expect some better prices for ferrochrome price in China?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Absolutely, but that has happened because of the transit strike, which is already over.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

So maybe it will remain at this level, may not go further up. But naturally, cost being high for everybody, prices need to remain or go up slightly from what level, where it is at the moment.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Right, right. Okay. So frame about the UCL, my question is, is there any total transparency about compensation calculation or there are some weak in that?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

There is no transparency at all about that. Yeah. We don’t know how they’re going to do it. So they have appointed some value or were going to do the valuation, we come to know about the numbers once they their report. But there’s no transparency. I don’t know what method they are following. We give the valuation only after getting the report.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

So this value would be appreciated by whom by the government MCA?<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

And has already appointed the valuation will be doing by the valuation work.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. Because I got to come before some market that new LOT space of INR125 crores to MCA, you obviously be able to accepting the payment. Our expectation is much higher than the INR173 crore.<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Yes.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

I worry whether it gave no transfer in case, again we get and come and go on and on. It cannot be settled fast.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, no. INR176 crores was a tentative valuation given by at the the bip-side. So that’s what they might have paid. And they have already return their tax, which is subject to final valuation by valuer.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So anything over and above whatever value is arriving at the number that will be further paid by their allottee.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

New allottee.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

And about interest payment — they circulate interest payment on the leased land, there absolutely clarity, right? That is they —<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Sorry, I didn’t get you. Can you repeat it again?<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Interest payment on leased land, which would do you’ve a major component of our compensation.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

There is clarity about — I think, Delhi High Court order something like they clears about that, that interest is payable on the leased land.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes, interest will be payable on the leased land also.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

So there is no ambiguity in this?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, ambiguity in that, because INR176 crores, whatever you are talking about, in fact, contains the interest on leased land also.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. To our expect this to be about INR375 crores to INR400 crores, compensation?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Whatever we have invested, we should be getting back that money. We are expecting that the entire back.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

So that will be clear by March ’23.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Should be, should be.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. As we told that it will take three to four months time.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So, we should be expecting that money by end of this year.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. Perfect. And also this Kalinga land, there’s also — the orders which would be able to start by December ’22, Kalinga land?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Kalinga lease land already — lease we have already signed. Now the possession work is going on.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Right?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So by end of December, we should be getting the possession and thereafter, we start boundary construction.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Right. But by December, we would be getting the land purchasing, right?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes.<\/p>\n

Joe Shah<\/strong>\u00a0—\u00a07seas — Analyst<\/em><\/p>\n

Okay. Thank you. Thank you and no more query.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Dhaval Shah from Annual Wealth Management. Please go ahead.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Hello.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Hello. Yeah, Dhaval.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Sir, Dhaval, your voice is pretty low. Could you come closer to the mic or go off the speaker phone?<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Yes, sure. Now is it better?<\/p>\n

Operator<\/strong><\/p>\n

Yes. This a much better.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Yes, sir. Just wanted to get a blended coal cost for the quarter and the previous quarter?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Landed coal cost?<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Blended — Blended coal cost.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Blended coal cost. Binoy, you have that number?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

In this quarter, Q2, washery reject came at INR2,447 and spot has come at INR7,800 and linkage INR2,900. It is a weighted average rolling rate.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So, what is the blended cost? What is the blended cost he is asking for?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Blended cost will be around INR5,200.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

And what was that for last quarter?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

In Q1?<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Yes, Q1.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Q1 was much — a little bit higher than Q2, because spot option price was high. It was around INR5,500 crores, INR5,600 blended cost.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay. And what would be the spot as it currently — not for Q3 or — but current what the prices are for the same?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Sorry, I couldn’t get you actually. Spot e-auction coal price?<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

All of them, the washery reject, I think it should be same amount.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Dhaval, your voice is breaking up again. If you could go off the speaker phone, it would be better for the call.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay. Is it better now?<\/p>\n

Operator<\/strong><\/p>\n

It’s still pretty low for all of us.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay. I’m actually not on the speaker.<\/p>\n

Operator<\/strong><\/p>\n

Okay. You need to come much more closer to the mic or to the handset.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Less possible I’m closer.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

All right. Go ahead.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay. Yes, I’m asking, sir, the current prices — currently — the price is currently for washeries and e-auction and the spot prices.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

It will be remain more or less at par with the Q2, the auction price will a little bit come down. But otherwise, it will be at par with Q2.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

So blended, we should get INR5,000 — it is around INR5,000…<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes, yes.<\/p>\n

Dhaval Shah<\/strong>\u00a0—\u00a0Annual Wealth Management — Analyst<\/em><\/p>\n

Okay. Okay. Yes, that’s it.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Okay. Right, Dhaval. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have the next question from the line of Saket Kapoor from Kapoor & Company. Please go ahead.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, with respect to this compensation amount, the nominated authority must have zeroed in some numbers at the time of their submission of report, so have they come up with any numbers or the entire thing is still not close?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, no. As I said, Saket, there – we have mentioned a number of INR176 crore on the website. There is the tentative value and they have second. And in that INR176 crores, there are a lot of things which we need to take a bit within once we get the final report. INR176 crores whatever they have indicated, they have also mentioned that this is tentative value and the final number will be arrived after getting the valuation report from the maneuver.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

So we are able to get that number.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, as the previous participant, the coal costs were was — the blended coal cost was lower by INR300 crores, INR400 crores Q-on-Q. So out of the total raw material cost component, there is an increase of INR20 crores from June to September. So which component explained this increase if the coal costs were lower, sir?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

I’ve already explained that one. It was on two accounts, it was lower. One is that the coal cost that has gone up from INR20,000 to INR22,000, and coal cost has gone up from INR23,000 to INR25,000.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Sir, coal costs, I’m just missing the number. So we mentioned the blended cost at INR5,200 vis-a-vis 5,600 from June to September?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Okay.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

As compared to the previous participant, Dhaval sir, you mentioned that for June, it was 56, for September 52, the blended cost for coal.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Just — I’m answering this one. We have thee power plants, 50 megawatts, 30 and 120. We are using 70-30, obviously we get 70 and 30 in 30 megawatt and 120 megawatts. But in 50 megawatts, 30, and 120. We are using 70-30, 70 and 30 in 30-megawatt and 120 megawatts. But in 50-megawatt, we are using only NCL coal. That is the reason why the coal cost is going up. When we are running 50-megawatt at that time, we are using only NCL coal, that NCL coal nothing but spot reduction and linkage. And spot reduction price is high, so coal cost is becoming high.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay, sir. And on the linkage term, sir, when is the renewal does, I think the five-year contract or something–?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Now, we have linkage quantity of 3,93,000 and it is — we’ve done the agreement in November 2021, and it will be valid for five years.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. Offtake in 3,93,000 annual?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

We will be looking forward for more of linkage as and when the situation arises or as and then the offer comes?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes. We will be looking for more linkage.<\/p>\n

Saket Kapoor<\/strong>\u00a0—\u00a0Kapoor & Companies — Analyst<\/em><\/p>\n

Okay. And any roadmap the government has given for the non-power producer or other than the electricity consumption player that they will be coming up with more linkage scores. I think there would be capacity for — from Coal India is also being ramped up. So, any projection they have given going ahead for that? Or would you throw some light on that?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

They have not mentioned anything regarding captive power plant, linkage to — linkage e-auction. But actually now, we are getting only 75% of our allocation from MCL. Now, they have reduced our allocation quantity from 100% to 75%. And by road, they are giving, but by rail, they are not giving because of IP, they are diverting their rates to IP. That is the reason — even if we have more coal through linkage e-auction, but we are not getting. Hello?<\/p>\n

Operator<\/strong><\/p>\n

Mr. Yash Chandra, can you hear us?<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yes. Hello, am I audible?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

So sorry for that. Sir, just a few more questions on the coal part, which we are talking like right now we’re explaining. Are we going back to get 100%? Or is this changed temporarily from 100% to 75% per linkage?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

This 75% began from January 2022, now it is also continuing up to 75% of our allocation quantity, but when they will change that also unpredictable.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Understood, sir. Sir, second question I had on the — are we evaluating — on the business development part, are we evaluating ferromagnet — other ferro-alloy, silica, anything? Or we are going to expand only in chrome sir?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

It all depends on getting the mines, Yash. If you get some more mines, maybe mines, then definitely, we can look for submitting our — really chance into ferromanganese. We are looking for some mines, but nothing available in the market at the moment.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

But we are open for outside India also in that care, but not only —<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, yes. But it has to be integrated play, if you get mine then only we’ll think about putting a furnaces.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Understood, sir. Sir, very clear. And again, on the coal part — coming back to the coal part, you are saying that the 71% quantity we have done. So are we getting any rebate for — because MCL is not able to give us 100% of the coal?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

No, no, no rebate. No rebate. No rebate from MCL side.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

If you’re getting coal, if you’re getting gold, that is good enough, that is<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Yes, that is the main. Understood, sir. Understood. Very clear. And like-to-like on Posco, also sir, since they are moved the force majeure. Is there any rebate or anything in the coming quarter in the start off-take again, any reduction in discount or anything?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

No, no, no. Looking at based on the benchmark.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Okay. Okay. So no rebate on that front?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

No, no, no.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Understood, sir. Just one last query, sir, I’m sorry, I again missed the coal number. There are some connectivity issues, I’m facing the coal cost, which Deepak sir and you telling in different points of coal. If you could repeat that, that will be very helpful.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Binoy, can you repeat that coal cost again?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Which one?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Coal cost part term blended —<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

You gave 5,200 per ton for Q2 and 5000 per ton for Q1 but you have a break-up also, sir, so that part I was asking for?<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Now — now we are getting washery at weighted average rolling rate — and we are — that is coming around 2,400, 2,500. And linkage, it is coming around 2,900 because we are mainly — we are receiving linkage coal by road. That is the reason why we are getting at a higher rate. And spot e-auction that is coming around 8,000.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Understood, sir. Understood. All this for Q2?<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Yes, for Q2. Yeah.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Yeah, for Q2.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Thank you very much, sir. Those are all the questions I had.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Okay. Thank you, Yash.<\/p>\n

Yash Chandan<\/strong>\u00a0—\u00a0— Analyst<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. That was the last question, sir. On behalf of Indian Metals & Ferro Alloys Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n

Prem Khandelwal<\/strong>\u00a0—\u00a0Chief GCS, CFO & Company Secretary<\/em><\/p>\n

Thank you. Thank you very much.<\/p>\n

Bijayananda Mohapatra<\/strong>\u00a0—\u00a0Chief Operating Officer<\/em><\/p>\n

Thank you. Thank you<\/p>\n

D K Mohanty<\/strong>\u00a0—\u00a0Head – Ferro Alloys Business Unit<\/em><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

INDIAN METALS & FERRO ALLOYS LIMITED (NSE: IMFA) Q2 FY23 Earnings Concall dated Oct. 28, 2022 Corporate Participants: Mamta Samat\u00a0—\u00a0Investor Relation Prem Khandelwal\u00a0—\u00a0Chief GCS, CFO & Company Secretary D K Mohanty\u00a0—\u00a0Head – Ferro Alloys Business Unit Bijayananda Mohapatra\u00a0—\u00a0Chief Operating Officer Analysts: Shubham Agarwal\u00a0—\u00a0Aequitas — Analyst Saket Kapoor\u00a0—\u00a0Kapoor & Companies — Analyst Yash Chandan\u00a0—\u00a0— Analyst Joe […]<\/p>\n","protected":false},"author":1905,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[8890,9148],"class_list":["post-136474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-basic-materials","tag-steel"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":156390,"url":"https:\/\/alphastreet.com\/india\/indian-metals-456-rise-in-profits\/","url_meta":{"origin":136474,"position":0},"title":"Indian Metals & Ferro Alloys Ltd Q2FY24; 456% rise in Profits","author":"Hardik Bhandare","date":"November 17, 2023","format":false,"excerpt":"Indian Metals and Ferro Alloys Limited (IMFA) is a leading, fully integrated producer of Ferro Chrome in India which is primarily used in the production of stainless steel. It was set up in 1961. Financial Results: Indian Metals & Ferro Alloys Ltd reported Revenues for Q2FY24 of \u20b9693.00 Crores up\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-238.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":149053,"url":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-covering-the-entire-value-chain\/","url_meta":{"origin":136474,"position":1},"title":"Indian Metals & Ferro Alloys: Covering the Entire Value Chain","author":"Karan_Singh","date":"July 11, 2023","format":false,"excerpt":"\u201cWith a market valuation of over INR1,500 crores, the company operates in the metal and mining industry business space. With 190 MVAs installed in its capacity and 204.5 megawatt captive power generating capacity, that includes 4.55 Mw solar power, and enormous chrome ore mining tracks, IMFA is India's foremost fully\u2026","rel":"","context":"In "Industrials"","block_context":{"text":"Industrials","link":"https:\/\/alphastreet.com\/india\/category\/industrials\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-524529958.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-524529958.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-524529958.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":149916,"url":"https:\/\/alphastreet.com\/india\/indian-metals-17-fall-in-profits\/","url_meta":{"origin":136474,"position":2},"title":"Indian Metals & Ferro Alloys Ltd Q1 FY24; 17% fall in Profits","author":"Hardik Bhandare","date":"July 26, 2023","format":false,"excerpt":"Indian Metals and Ferro Alloys Limited (IMFA) is a leading, fully integrated producer of Ferro Chrome in India which is primarily used in the production of stainless steel. It was set up in 1961. Financial Results: Indian Metals & Ferro Alloys Ltd reported Revenues for Q1FY24 of \u20b9702.00 Crores down\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-227.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":139861,"url":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":136474,"position":3},"title":"INDIAN METALS & FERRO ALLOYS LIMITED (IMFA) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 2, 2023","format":false,"excerpt":"INDIAN METALS & FERRO ALLOYS LIMITED (NSE:IMFA) Q3 FY23 Earnings Concall dated Feb. 01, 2023. Corporate Participants: Mamta Samat\u00a0--\u00a0Investor Relations, Perfect Relations Private Limited Prem Khandelwal\u00a0--\u00a0Chief Financial Officer and Company Secretary Deepak Mohanty\u00a0--\u00a0Head, Ferro Alloys Business Unit Binoy Agarwalla\u00a0--\u00a0Head, Power Business Unit Bijayananda Mohapatra\u00a0--\u00a0Chief Operating Officer Analysts: Bhavesh Chauhan\u00a0--\u00a0IDBI Capital\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":148316,"url":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":136474,"position":4},"title":"INDIAN METALS & FERRO ALLOYS LIMITED (IMFA) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 31, 2023","format":false,"excerpt":"INDIAN METALS & FERRO ALLOYS LIMITED (NSE: IMFA) Q4 FY23 Earnings Concall dated May. 31, 2023 Corporate Participants: Aryan Rana -- Moderator Prem Khandelwal -- Chief Financial Officer & Company Secretary Deepak Mohanty -- Head of Ferro Alloys Business Unit Bijayananda Mohapatra -- Chief Operating Officer Binoy Agarwalla -- Head\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":147243,"url":"https:\/\/alphastreet.com\/india\/shyam-metalics-energy-ltd-q4fy23-results-out-revenue-grows-by-18\/","url_meta":{"origin":136474,"position":5},"title":"Shyam Metalics & Energy Ltd Q4FY23 results out, revenue grows by 18%","author":"Chirag Gupta","date":"May 24, 2023","format":false,"excerpt":"Shyam Metalics is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is one of the largest producers of ferro alloys in terms of installed capacity in India and has the ability to sell intermediate and final products\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/136474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1905"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=136474"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/136474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=136474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=136474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=136474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}