{"id":176168,"date":"2026-01-22T14:00:21","date_gmt":"2026-01-22T19:00:21","guid":{"rendered":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q2-2025-earnings-call-transcript\/"},"modified":"2026-01-22T14:00:21","modified_gmt":"2026-01-22T19:00:21","slug":"indian-metals-ferro-alloys-limited-imfa-q2-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q2-2025-earnings-call-transcript\/","title":{"rendered":"INDIAN METALS & FERRO ALLOYS LIMITED (IMFA) Q2 2025 Earnings Call Transcript"},"content":{"rendered":"

INDIAN METALS & FERRO ALLOYS LIMITED (NSE: IMFA) Q2 2025 Earnings Call dated Nov. 08, 2024<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Prem Khandelwal<\/strong> \u2014 Chief Financial Officer and Company Secretary<\/em><\/p>\n

Sandeep Narade<\/strong> \u2014 Head Mines Business Unit<\/em><\/p>\n

Suresh Babu<\/strong> \u2014 Head of Ferro Alloys Business Unit<\/em><\/p>\n

Binoy Agarwalla<\/strong> \u2014 Head of Power Business Unit<\/em><\/p>\n

Bijayananda Mohapatra<\/strong> \u2014 Chief Operating Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Aryan Rana<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Dhviti Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Joe Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanjeev Goswami<\/strong> \u2014 Analyst<\/em><\/p>\n

Saket Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Sid Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Kaushal Kedia<\/strong> \u2014 Analyst<\/em><\/p>\n

Akhilesh P<\/strong> \u2014 Analyst<\/em><\/p>\n

Pavan Kaware<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Aryan Rana<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you, Farah. Good evening, and thank you for joining this conference call with Indian Metals and Ferro Alloys Limited to review our financial results for the second quarter of fiscal year 2025 ending September 30, 2024. IMFA, it has been a remarkable year with about 80% increase in market valuation in the past one year and over 700% the last five years, recently got the reaffirmation of our credit ratings by ICRA.<\/p>\n

Our long-term facility rating remains at AA- with a stable outlook, while our short-term rating continues at A1+. This endorsement reflects IMFA’s robust financial performance with sustained profitability, strong cash flows and current debt coverage indicators projected to remain strong in the near-term. The improved financial profile is largely a result of effective debt reduction since FY ’22 and the company is favorably placed for growth in the ferrochrome sector.<\/p>\n

As a fully integrated manufacturer of quality ferrochrome and a dealer in the industry, IMFA benefits from a highly competitive cost structure driven by self-reliance and chrome ore and power production. We remain one of India’s top telecom exporters with a diverse operational portfolio, encompassing chrome ore mining, electricity production and ferro alloys smelting. Our financial results are available on our website, and the stock exchanges for further reference.<\/p>\n

Please note that today’s discussion may contain forward-looking statements that involve with uncertainties and other factors. These statements should be considered in light of our businesses, which could impact future performance or results.<\/p>\n

Joining us today are key members of our management team, Mr. Prem Khandelwal, Chief Financial Officer and Company Secretary; Mr. Bijayananda Mohapatra, Chief Operating Officer; Mr. Saunak Gupta, Deputy Chief Financial Officer, Mr. Binoy Agarwalla, our Head of Power Business Unit; Mr. Sandeep Narade, Head Mines Business Unit; Mr. Suresh Babu, Head of Ferro Alloys Business Unit, and Mr. M Venkatesh, Head Sales and Marketing, Ferro Alloys Business Unit. We will start the brief overview of our Q2 FY ’25 results, after which we will open the floor for questions.<\/p>\n

With that, I will now hand over the call to Mr. Prem Khandelwal ji, our CFO. Over to you, sir. Thank you.<\/p>\n

Prem Khandelwal<\/strong> \u2014 Chief Financial Officer and Company Secretary<\/em><\/p>\n

Thank you, Aryan, and good afternoon, everyone. Thank you for joining us on today’s earnings call for Q2 FY ’25. We are pleased to report results that exceeded our expectations for this quarter, reflecting the hard work and commitment of our team and our strategic focus on operational efficiency. Our profits came in stronger than anticipated, bolstered by solid performance across our key segments. This positive outcome reinforces our confidence in the strength and resilience of our business model, even as we navigate a dynamic market environment.<\/p>\n

Looking ahead, we expect the upcoming quarters to continue this trend. We anticipate stability in demand and pricing, which should allow us to maintain a steady performance. We remain committed to driving sustainable growth supported by our investments in technology and efficiency improvements.<\/p>\n

We are grateful for the continued support of our stakeholders, and we are eager to build on this momentum. Thank you once again for your trust and partnership, and we look forward to your questions now.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much, sir. We will now begin with the question-and-answer session [Operator Instructions] The first question is from the line of Sid Mehta [Phonetic] from H&I. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Can you hear me?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. I have a question if you can clarify my understanding of the operations going forward. If I see, read it correctly based on the CNBC interview I saw today, it seems that in the future, in the year FY 2025-2026, there will be probably the quantity of production will be more or less what we have going right now, but there may be an improvement in the price as well as there is currently a reduction in the cost of coking coal and that should both aspects together should be expected to increase our profitability going forward. So is this one correct outlook that I’m having?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No. For the next quarter, I don’t think Andy [Phonetic] has indicated that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, I mean for the next 15, 18 months, 15 months going forward.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, no, that would be — I don’t think he has indicated that because in our business, predicting more than two quarters is very difficult. So, what he has mentioned in the interview that next two quarters looks like that we are going to maintain these kind of margins. Beyond that, it is very difficult to predict anything. So, we need to see where the markets are at that point of time and demand and supply situation will determine the price.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. All right. So in FY 2025-2026, we will be setting up the expansion facilities. And after the FY 2025-2026 year after that, we would start seeing pretty much — you would start seeing some result of the expansion, right? So, the quantity of production would increase only at that time. Today, we are producing everything we can, and we are selling everything we can.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, yes, that’s right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So our any improvement in the next year, next FY would come from — mainly from price increases, if any, if they take place, right?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And maybe foreign exchange improvements also?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Maybe some cost reduction. It all depends on where the market is at that point of time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Once we pass over this scenario, if I’m understanding it correctly, we will get an expansion of roughly 40%. So if our capacity would go from, say, about 2-point something lakh tonnes to another probably 1 lakh tonnes added into that.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And say, two, three years after that, we would look to probably spend another 2 lakh tonnes, if I’m understanding correctly?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Another 1 lakh tonne.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Another one lakh tonne only. Okay, the second expansion also would be this underground mining and all that?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That would also be only one factor.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, that will start from here in FY 2028 or 2029.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I see. Okay. Would you like to add anything to this outlook as I’m seeing?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, I think it’s pretty much you are on — this thing. I mean, whatever — the next year, as you said, next year, we cannot predict anything. For next two quarters, yes, that we can predict, but it is more or less likely to be like this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Now in terms of the global situation, our position today is such that we can sell everything that we are making, we are one of the lowest cost producers. If Africa maybe — if the situation improves or if the world goes slightly into recession a little bit here and there, I don’t see that it should affect us, right, very much?<\/p>\n

Because right now at $0.90, $0.95, we’re already among the sort of pretty low price at the moment.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

You see we are at such a level as far as cost curve is concerned, if prices come down at an unsustainable level, and most of the facility would be shut down worldwide. So almost 70%, 80% capacity will shut down. But even at that level, we will be making some money.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. So right now, you don’t foresee any such — so such a bad scenario seems unlikely that people will drive the price down so low that…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, very unlikely, very unlikely. And if it happens, then we see the kind of jump back, we have seen earlier also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Correct. Very good point. A very good point. Yes. One last question. What is your view on what are the options available to us to discuss the money that will come to us?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No. The money we are — as you may be knowing that the expenses — a lot of expenses have been lined up almost we have to spend almost INR2,000 crores in the next six, seven years. So, apart from the dividend, I don’t see any further disbursement.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no further windfall disbursements or anything?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No. As of now, we are not anticipating any such kind of thing. We will be needing money for expansion, lots of expansion.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Absolutely. No, it’s a correct thing also. Okay, thank you,so much.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

[Operator Instructions] The next question is from the line of Dhviti from Molecule Ventures. Please go ahead.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

Hi, sir.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, Dhviti.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

Hello. Yes. Congratulation with set of numbers, sir.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

So I had a question that given the new capacities will be on stream in 2 years, and we already have our mining capacity approval, so do we plan to expand to any inorganic growth like acquisition of some spending capacity just to achieve the volume growth in FY ’25, ’26.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

We are open to that, Dhviti, and we are, in fact, looking for those kind of opportunity in the market also, but nothing lucrative available at the moment. So if something comes up, definitely, we’ll look for that.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

Okay. And sir, if you could help me with the cost of production Q2 FY ’25.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Q2 ’25, just a moment, let we see. The cost of production was INR69,600.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

And EBITDA?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

EBITDA was INR176 crores, which is around 2.38%.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

And sir, for the past quarter and also if you could help me with the coal cost and coke cost.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

The power cost, variable cost was INR3.85. And the coke cost was INR16,545.<\/p>\n

Dhviti Shah<\/strong><\/p>\n

That’s all from my side, sir. Thank you<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you, Dhviti<\/p>\n

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

Thank you [Operator Instructions] The next question is from the line of Joe Shah from Seven Seas. Please go ahead.<\/p>\n

Joe Shah<\/strong><\/p>\n

Good evening to you. thank you very much for the very good numbers, Thank you very much. And after a long time today, shareholders of IMFA had a broad smile. Thank you very much. gross Yes. Now Prem, regarding this major stakes, we know that Supreme Court has rejected a review petition filed by Union of India. All the legals roads are closed now. And now this hanging major stakes is a big tension for us, and we are also not able to utilize the compensation which we have received for UC. So now I think only option left is some parliamentary action, which is not a small job. But I remember our Vice Chairman during Manmohan Singh’s time, he was coordinating with all the Central India states for minerals matters, who is a brilliant person we know, and he is elected member of Parliament from Orissa and very active in parliament. So I think this matter should be taken up by him, not just for the benefit of IMFA, but for the benefit of entire mining industry. And because it’s very important that this matter is sorted out amicably in the interest of the industry, which Indian Government of India also believe that this is very unjust ruling by Supreme Court. So now do you have any idea of what is happening in parliament for this matter?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, I have no idea about that situation is like. But I believe this matter has been taken up by all the mining companies with the government. And in fact, FMI has also given their representation that this levy should not be allowed. So beyond that, I have no idea. And our MD has also taken up the matter with the ministry. So all the companies are jointly taking the action. So hopefully, there should be some amicable solution to this. But beyond that, I won’t be able to comment anything on this.<\/p>\n

Joe Shah<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

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

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

The next question is from the line of Sanjeev Goswami from Fractal Capital Investments. Please go ahead.<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Yes. Thanks a lot for the opportunity. Sir, I have three [Technical Issues] the ferrochrome production has actually increased by more than 10%. So is it that we buy chrome ore from outside also from other — just like Odisha Mining Corporation or did we have enough inventory of chrome ore?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sanjeev, you got cut off in between. Can you repeat your question again?<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Hello?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes. Can you hear me now?<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Yes. I was saying your production of chrome ore actually declined by almost 50%, while ferrochrome production has gone up by more than 10%. So do we really buy chrome ore from other mining companies like Odisha Mining Corporation or we had enough inventory of chrome ore initially?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sandeep, would you answer that?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yes, we are having the inventory and if you compare to the last year, it sounds to be a drop, but this year, the monsoon was quite long and there was a rainfall almost all the days. So that was the main reason. And last year, the monsoon was delayed, so we could make up the production in H1. And you can see the difference of almost 1 lakh tonnes. So there is no direct impact of rates. So we are in line and in Q1, it was 100%. In Q2, about 18% less. But yes, we have the stock. We are having the inventory of ore. So no need to buy from others.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Okay. And generally we don’t buy chrome ore from outside because — we don’t buy it.<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Okay. The reason I’m asking is because if you look at FY 2021 to FY 2024, your ferrochrome production per chrome ore has come down from 0.5 to 0.39 FY 2024. So is it because the quality of the chrome ore coming out is better? Or what exactly explains that?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, no. Sanjeev, we didn’t get your question. You are talking about ferrochrome ore — consumption in terms of ferrochrome?<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

No, I don’t know from where you got the figure, but chrome ore in terms of ferrochrome, the chrome ore consumption is almost 2.3%, 2.3%, I am seeing all the year, 2.3% — 2.4% it is not coming down.<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Okay. So if you look at FY2021 to FY 2024, the chrome ore production increased from INR521,000 to INR670,000. That is increase of almost INR150,000. While the production of ferrochrome increased only by INR5,000.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

But that is not a comparison — because then we are holding inventory.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

FY 2024, we have been large inventory.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes. But consumption is same. It’s around 2.4 tonnes — per tonne of ferrochrome.<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Its not changing.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, yes.<\/p>\n

Sanjeev Goswami<\/strong><\/p>\n

Okay. Perfect. Thanks a lot.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

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

Saket Kapoor<\/strong><\/p>\n

[Foreign Speech] Thank you for the opportunity. Sir, we have spent around INR41 crores for the first half, the purchase of property, plant and equipment. So how much of this is to be our new furnace project? And when are we going to start — spending in a major way the capex for the new project?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Suresh?<\/p>\n

Suresh Babu<\/strong><\/p>\n

Yes, hello. We have started our boundary work from the last month and the boundary work will be completed by the end of this December. So are we expecting to start the furnace by 2026 July.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And we have placed the orders for the equipment?<\/p>\n

Suresh Babu<\/strong><\/p>\n

Major packages we have ordered like power plant and other electrode systems of the furnace and furnace alloy packages we have already made alloy and ordered, some of them were ordered.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And then will we draw money — when will you be paying them for that? In which quarter we’ll be drawing cash for the sale?<\/p>\n

Suresh Babu<\/strong><\/p>\n

The payment will begin from the Q2 beginning of the next year. Some of them in the Q1 and major will be come in Q2 of the 2025.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And how much have been entrusted with? What will be spending on this in terms of plant equipment?<\/p>\n

Suresh Babu<\/strong><\/p>\n

Plant equipment for furnace packages, it will be around INR181 crores and power plant is around INR95 crores. And other, we have paid till date around INR63 crores.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. Sir, what is our cash balance?<\/p>\n

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

Mr. Kapoor, can we ask you to return to the question queue?<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Only one question I have, ma’am. And cash balance, sir, if you could give me in terms of our investment in liquid funds and what is the cash on books.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

The total cash and bank balance as on date is INR869 crores.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And our working capital requirement is?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Working crores is INR240 crores.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. So that minus INR600 crores net cash we are carried as of now.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

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

Saket Kapoor<\/strong><\/p>\n

Okay. Thank you, sir, and all the best to the team.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Sid Mehta from H&I. Please go ahead.<\/p>\n

Sid Mehta<\/strong><\/p>\n

Yes. My question relates to our expansion going into ethanol production. I’m just curious, not a criticism or anything that about what is the reason that while we are making chrome ore, we decided to get into a different field altogether? And right now from my understanding, the sales route on that would be around INR300 crores, which is a fairly small amount for us as a company.<\/p>\n

So, doing some different business, getting into a whole different area but getting a small amount of revenue. So I’m just curious what was the reason, I’m not criticizing or anything, I’m just curious about this? And will this INR300 crores one day become INR3,000 crores also? Or it will remain INR300 crores, INR400 crores like that?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Binoy, would you answer that?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Yes. Actually, we have diverted this new project as a diversity question, and we have land at Therubali, so utilizing that on this one. And initially, we were going for 120 KLD. Afterwards, we’ll go on increasing the capacity single plant performance.<\/p>\n

Sid Mehta<\/strong><\/p>\n

So if we go for maximum capacity in the future, given our land, roughly, what would we expect the sales in today’s prices to be? In theoretically, what would be the maximum sale?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Maximum, sir, 120 KLD means around INR300 crores. So as you add on another 120, you will reach to another INR300 crores like that. Sales-wise, we will expand, not [Indecipherable].<\/p>\n

Sid Mehta<\/strong><\/p>\n

Total, how much KLD we can put?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

That will be difficult to say anything at the moment because it depends — we are just experimenting now with 120 KLD and if we successful and if we get extra land there, then we’ll expand further.<\/p>\n

Sid Mehta<\/strong><\/p>\n

Okay. So it will go 2,000…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

1,000 [Indecipherable] no doubt.<\/p>\n

Sid Mehta<\/strong><\/p>\n

Okay. So in the future, we can go for INR300 crore, INR500 crore, INR1,000 crore, like that?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, because you see the ferrochrome production in that area, logically there is disadvantage is around INR600 per tonne. So it doesn’t make any sense in expanding ferrochrome in that area.<\/p>\n

Sid Mehta<\/strong><\/p>\n

I see.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

So we have enough infrastructure available there, a lot of land available, railway side we have available and that is a full agriculture belt, so maize, rice, everything available in plentily there. That was the reason for expanding in ethanol and we are seeing located business. And if it is successful, then we expand further.<\/p>\n

Sid Mehta<\/strong><\/p>\n

Yes. It is likely to be successful, because are there any other people doing the same business they’re taking ethanol out of maize in that area and selling it?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, that area, I think nobody else is there. So that’s why we have started. We are the pioneer there.<\/p>\n

Sid Mehta<\/strong><\/p>\n

Okay. All right. Let’s hope it all works out. I’m glad that some new initiative is there. And by God’s grace, let’s say one day you can go from 120 to maybe 1,200 also.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Let’s hope so. Thank you.<\/p>\n

Sid Mehta<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Kaushal Kedia, an individual investor. Please go ahead.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Hi sir. Congratulations on a good set of numbers. Sir, I want to ask you in one of the annual reports, you mentioned that you have proven capacity in the results at 21 million tonnes. And in some earlier interview, I think someone had mentioned that it can increase also, you’ve not done of course, survey of the area. Is there any — do you want to — I want to know what is the kind of reserve that you have in the mines?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sandeep, would you answer that?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Can you please repeat the question? It was voice was not clear.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

What is the mining reserves that we have, proven reserves.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Number as of now, I’m not having with me right now. But yes, we’re having enough results for our lease period from both the mines.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

So we are comfortable for the next 20, 25 years.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yes, yes.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

So it’s upwards of 521 million tonnes then?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yes, roughly.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. Sir, and can you just repeat what was the EBITDA cost per tonne?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

EBITDA cost per tonne is around just INR77,500.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. Sir, I mean is this — the new furnace that we are setting up, where will we take the power from?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Yes. Actually, we are — we have to setting up the power plant in Kalinganagar and whatever our thermal capacities now is now catered in the year. So for future, we are taking tie-up with the renewable energy is a hybrid, solar plus wind. So with that gridpower, we will go for that one.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

So this capex that we are doing, it includes setting up of how many megawatts of power plant?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Small power brand, utilizing the furnace here, it will be around 9 megawatts that is the beneficial to — that’s using the heat from the CO gas, that’s real thermal power plant.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. Understood. So this balance will be dependent on the grade.<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Not in grid, we’re getting tie up with a captive hybrid power plant in the world.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

What does that mean, captive hybrid power plant?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

That means somebody setting up of solar plus wind energy, we are other stakeholders as per hour custodies.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

So we will be investing in that as an equity shareholder?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Yes, yes.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. So a third-party setting it up, and we will be investing in that.<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

Yes.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. And what is how much of that investment? INR95 crores?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

INR100 crore, INR120 crores.<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

INR120 crores.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

So that is included in this capex, you have included in this capex. So that is a separate investment now?<\/p>\n

Binoy Agarwalla<\/strong><\/p>\n

No, no, that isn’t separate CapEx. It is not included in the furnace — Kalinganagar.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

Okay. And sir, to set up 1 lakh tonne of furnace, what is the cost, is it INR500 crores or INR1,000, I am confused because I’m listening to the last…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, it’s around INR650 crores, Kaushal. For furnace, it is INR650 crores. And for mining, it is around INR1,000 crores.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

And this mining needs to go to 1.1 million tonnes?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes. 1.2 million tonnes.<\/p>\n

Kaushal Kedia<\/strong><\/p>\n

1.2 million tonnes. Okay, sir. Thank you. Thank you, sir.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Joe Shah from Seven Seas. Please go ahead.<\/p>\n

Joe Shah<\/strong><\/p>\n

Regarding our investment maintenance of about INR85 crores in Kalinganagar, there is further producing power from the grid, right?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

No, that is — sorry.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

The Kalinganagar power plant is around 9 megawatts that power generation will be done from the furnace of gas.<\/p>\n

Joe Shah<\/strong><\/p>\n

I see. So we’ll be producing 9 megawatt of power from this furnace gas.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yeah.<\/p>\n

Joe Shah<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Now one more thing. Prem, this Sukinda underground mining, which we are going to start then we are starting with the project underground. I mean it is a very challenging project in the ground mining. And what is the time line and how much investment would be needed?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sandeep?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yes. The timeline is next 5 to 6 years outlast the improved production and investment will be about INR1,000 crores.<\/p>\n

Joe Shah<\/strong><\/p>\n

Okay. And when will be starting with underground project?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

We have already started some work.<\/p>\n

Joe Shah<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. [Operator Instructions] The next question is from the line of Akhilesh P, who is an individual investor. Please go ahead.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Yeah. Hello. Am I audible?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yeah, Akhilesh.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Yeah. Sir, congratulations sir…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

Akhilesh P<\/strong><\/p>\n

…and your whole team for a great set of numbers. Good execution as usual. Sir, I have two questions. So one is on the Supreme Court verdict, which we had a few months back, but the state government can also levy royalty? Have you had any discussions with your state government in Odisha, is there any idea you’re getting about how it will proceed going ahead?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No. The act has been struck down in Odisha High Court and the state government has gone to Supreme Court against that. So that is pending since so many years now. So unless the act is reenacted, nothing is payable as of now.<\/p>\n

Akhilesh P<\/strong><\/p>\n

So you have no contingent liability on our royalty?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, no, no. There is no demand, there is no contingent liability. So that’s how we are not showing anything in our books. And even Tata Steel also which had quantified earlier, this quarter, they have also withdrawn that note, because there is no demand, there is no act as on date.<\/p>\n

Akhilesh P<\/strong><\/p>\n

So as on date royalty is still decided by the center?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes. IBM not center, IBM.<\/p>\n

Akhilesh P<\/strong><\/p>\n

IBM, yeah.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Royalty which is fixed, royalty 80%, 15% and IBM declares the price on which we pay royalty.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Okay. And that is status quo, nothing has changed since before<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Nothing has changed yet.<\/p>\n

Akhilesh P<\/strong><\/p>\n

And unlike Tata Steel, we didn’t even have any contingent liability or demand in the past. So that was<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

I doubt even, Tata steel had any demand. I don’t know how they are so neat. Because the act was struck down, so obviously, there is no demand.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Okay. Don’t worry, lot of investors at there.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Now they have modified the note for this quarter, yes, they have now modified the note.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Okay. And sir, second question is can you refresh us on this ethanol project what is our total CapEx? So when is the payback period, our expected EBITDA in the constant transfer get any pressures on these?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Bijayananda?<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

Sonal, [Phonetic] can take that. Hello, Sonal,?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sonal,, are you there?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. So on the ethanol project, our capex is approximately INR140 crores. And we expect to get this around in six years’ time, the payback period.<\/p>\n

Akhilesh P<\/strong><\/p>\n

And what can be the projected EBITDA at full utilization?<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

To the full utilization, we expect it should be somewhere around 14%, 15% EBITDA will be there in that.<\/p>\n

Akhilesh P<\/strong><\/p>\n

Okay sir.<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Pavan Kaware from NMV Securities. Please go ahead.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Hello. Am I auditable?<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

Yeah, Pavan.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Hello and congratulation for your good numbers. Sir my question is on capex in quarter four of FY 2024, you have given a capex number of INR1,500 crores. Is there an improvement in that number?<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

Improvement you mean say that some?<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Increase audit. Increase obviously you said INR2,000 crores in today.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, no, INR2,000 crores is because there are several capex items are there, like we have furnace capacity, then mining, then ethanol, than ARI power. All put together, it is around INR2,000 crores.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So you can give me a breakup of this INR2,000 crores?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Estimated around INR654 furnace, INR1,000 crores for mining, INR140 crores as Mr. Sonal, said, for ethanol and roughly INR120 crores for ARI power.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So what is the expected capex for this year different next two years?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Sonal, do you have that number?<\/p>\n

Bijayananda Mohapatra<\/strong><\/p>\n

Yeah. So this year, we expect to be around — if I go by the order release will be around INR600 crores EBITDA, CapEx. Next two years, we are in the finalization stage. So we will be actually semi it out.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So out of the INR600 crores for this year, what was the executed capex step in half year.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

So as of now, what Suresh mentioned, especially the Kalinganagar project. So there, we have around — if I say executed around INR60 crores and a portion with the ethanol has started. So there we have some.<\/p>\n

And the rest of them would be the routine CapEx, which we have spent around INR50 crores.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. Yeah. Continue sir.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

That’s the thing as of now. So what we mentioned is, basically, we mentioned this on the business of order release. So the overall order released is in that tune annually 600. But as of now, we have released in the tune of about INR300 crores, INR350 crores.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So out of this 600, is it include maintenance CapEx?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, yes, routine capex is included.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

What is your routine CapEx, sir?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

It is around INR70 crores to INR80 crores.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

INR70 crores to INR80 crores yearly?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

Thank you.<\/p>\n

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

The next question is from the line of Mohit Madiwale [Phonetic] from Envision Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Thank you for taking my question. So I just wanted to understand that, has there been any reclassification of costs in the cost of material consumed line item?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, this — from this quarter onwards, we are showing power and full separately. So if you see our results, there is a line item of power and full expense of INR101 crore.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. So this was earlier being….<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, but the auditors have advised that this is not part of raw material. This is a separate line item. So we have segregated this and that’s the 2 items are paying now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Fair enough. And I just wanted to confirm a few things in terms of the capacities that we have and all of that. So on our ferrochrome production capacity, we are currently at 284,000 tonnes, right?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And what would be the utilization for this quarter?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

I didn’t get you, utilization for this quarter, we are running at full capacity now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

So on average, we are producing around 55,000 tonnes every quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And I also wanted to check on the ethanol plant just in terms of when the revenues are expected. Just a little bit on that as well.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

We are expecting it to be operational by the end of December 25, okay? So first quarter of FY ’26, I mean first — last quarter of FY ’26, we should be seeing that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sorry, last quarter of FY?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

FY December ’25, we’re expecting it to be operational. So January to March quarter ’26, we should be seeing the win out of that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Understood. Right. That’s all from my side. Thank you.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

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

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

Thank you [Operator Instructions] The next question is from the line of Joe Shah from Seven Seas. Please go ahead sir.<\/p>\n

Joe Shah<\/strong><\/p>\n

So Prem, this is a rather futuristic statement. Now we are there a lot of interest in discussing about ethanol. Now there is a very interesting product, which is called sustainable aviation and fuel, SAF, which is produced using ethanol, as the feedstock to process like alcohol to get Jet 50J. Now India is taking expedites from U.S., Europe, about the SAF blend and SAF blend is getting mandated for aviation? So we should consider this SAF production in future, once we are established in ethanol. So ethanol, we do mainly for the vehicles on the road. Now this is for the aviation fuel, is India supposed to become the global hub of this SAF because of our location? So this is number one.<\/p>\n

Number two is this is an interesting point of CBAM is a carbon border adjustment item tax, it is coming into effect in Europe in 2026 because now everyone is becoming aware of carbon tax, carbon emission and they want to control it. So Europe is going to maybe tax on this or the carbon emission and that will make a freight very expensive. So freight of chrome ore from South Africa to China will become more expensive.<\/p>\n

And China, U.S., Japan, Korea, they’re also going to — they’re also considering this kind of carbon tax. So that will put us in benefit in a way because we are already, we are — as a power generating confirm, there will be renewable energy and our underground mining is also producing less of a pollution, so these are our benefits. So maybe time will come when forest import wood kind import of for us more beneficial than doing all the processing and getting from other places. So this is another. CBAM is a very interesting point, which we should keep in mind.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Joe Shah<\/strong><\/p>\n

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

Prem Khandelwal<\/strong><\/p>\n

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

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

Thank you. [Operator Instructions] The next question is from the line of Pavan Kaware [Phonetic] from NMP Securities. Please go ahead.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Sir, my question was on our capex plans on our mining and chrome capacity expansions. So what is the expected time when we can see the full capacity expansion in mining and chrome production both…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Mining will be in stages. Sandeep, could you give the date?<\/p>\n

Sandeep Narade<\/strong><\/p>\n

Yes. So we are expanding the Sukinda Mine for the production capacity of — in the first phase, 6 lakh tonnes per annum. Right now, we are producing 3 lakh tonnes. So from that, we’ll move to 6 lakh tonnes. So that will come in FY ’31.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Pawan, you got it?<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Yes, yes. This is about the mining. And what about this 1.2 lakh tonnes expansion?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

No, no. That is the mining, Sandeep is talking about. Pawan. 1.2 million tonnes. Ultimately we reached 1.2 million tonne to 1 million tonne. From both the mines together, it will be 1.2 million tonnes.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

And this will be expected in FY ’31…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. And what about the ferrochrome capacity increasing by 1 lakh tonnes…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

That will come in second quarter of FY ’26.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So it will be counted in financial year ’27?<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes, yes.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. So our current capacity of mining is 6.51 lakh?.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

6.51.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Yes, 6.51 lakh. So will it be possible to produce this much tonnes of ferrochrome because for this 3.84 lakh, we will be requiring nearly 880000, 8.8 lakhs.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Just a minute. These are our production. Our capacity is now 9 lakhs already. Mahagiri’s underground is 6 lakhs and Sukinda’s 3 lakhs. So as on date, our capacity is 9 lakh…<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay. Capacity is 9 lakh…<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

Yes.<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Okay.<\/p>\n

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

Are you done with your question?<\/p>\n

Pavan Kaware<\/strong><\/p>\n

Yes.<\/p>\n

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

[Operator Instructions] As there are no further questions, I would now like to hand the conference over to Mr. Abhishek Savant for closing comments.<\/p>\n

Aryan Rana<\/strong><\/p>\n

Thank you, Farah. Our Q2 performance has been solid, driven by consistent growth, higher revenue and improved margin, thanks to our fully integrated model and debt-free balance sheet. While the global stainless steel demand is under pressure due to economic slowdown, China’s recent economic indicators show promise with their October PMI marking the first growth in six months, along with stability in the real estate prices. This is encouraging for the ferrochrome market, especially as many global regions face uncertainties. Rising power cost in South Africa may also drive China to seek alternative ferrochrome sources, potentially benefiting our industry. As we move forward, we are focused on our expansion plans, which are progressing on schedule. Thank you all for joining, and we look forward to a continued positive momentum. On behalf of the Board of Directors and management, we thank you all for your participation in this call today. Have a good day.<\/p>\n

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

Thank you very much, everyone. On behalf of Indian Metals and Ferro Alloys Limited and Veritas Reputation, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.<\/p>\n

Prem Khandelwal<\/strong><\/p>\n

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

INDIAN METALS & FERRO ALLOYS LIMITED (NSE: IMFA) Q2 2025 Earnings Call dated Nov. 08, 2024 Corporate Participants: Prem Khandelwal \u2014 Chief Financial Officer and Company Secretary Sandeep Narade \u2014 Head Mines Business Unit Suresh Babu \u2014 Head of Ferro Alloys Business Unit Binoy Agarwalla \u2014 Head of Power Business Unit Bijayananda Mohapatra \u2014 Chief […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"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":[6349],"tags":[10169,9175,9104,9092,14492,12189,10089],"class_list":["post-176168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-imfa","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":156390,"url":"https:\/\/alphastreet.com\/india\/indian-metals-456-rise-in-profits\/","url_meta":{"origin":176168,"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":176168,"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":176168,"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":176168,"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":176168,"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":136474,"url":"https:\/\/alphastreet.com\/india\/indian-metals-ferro-alloys-limited-imfa-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":176168,"position":5},"title":"INDIAN METALS & FERRO ALLOYS LIMITED (IMFA) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"October 28, 2022","format":false,"excerpt":"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 - 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