Indian Metals & Ferro Alloys share price jumped over 5 percent, hitting new 52-week high on BSE after the company reported robust June quarter earnings.
The company on July 24 posted a four-fold jump in its consolidated profit after tax (PAT) to Rs 99.09 crore during the June quarter, mainly on account of higher income.
The company had posted Rs 24.82-crore PAT during the April-June period of financial year 2020-21, IMFA said in a regulatory filing .
During the quarter under review, the company said its total income rose to Rs 541.91 crore from Rs 422.29 crore a year ago.
Its total expenses were at Rs 405.29 crore as against Rs 383.93 crore in April-June quarter of the preceding fiscal.
The stock was trading at Rs 769.40, up Rs 38.40, or 5.25 percent. It has touched a 52-week high of Rs 795. It has touched an intraday high of Rs 795.00 and an intraday low of Rs 760.
The scrip witnessed spurt in volume by more than 3.51 times and was trading with volumes of 41,474 shares, compared to its five day average of 14,651 shares, an increase of 183.09 percent.
"The Q1 performance has been exceptional, driven by steady operations and upswing in prices globally. Our strategy of entering into long-term contracts which are repriced every quarter assures offtake and leads to more stability, even as the benefit of price movement is reflected with a slight lag; however, some tonnage is set aside for spot sales and monthly contracts so as to capture upside in prices," said Subhrakant Panda, Managing Director of the company.
The company produced 58,640 tonnes ferro chrome during the said quarter as against 60,342 tonnes the company had produced in the year ago quarter.While the company sold 59,506 tonnes ferro chrome in April-June of the ongoing fiscal compared to 59,743 tonnes in April-June a year ago.