Indian Metals and Ferro Alloys (533047) Q1 24/25 earnings summary

Executive summary

• Fully integrated ferrochrome operations span chrome ore mining, power generation and smelting; installed capacity is 190 MVA of furnaces and 204.55 MVA of captive power, including 4.55 MW solar.

• Q1 FY25 consolidated revenue was ₹662.28 crore and profit attributable to owners was ₹113.06 crore; plans advanced to amalgamate wholly owned Utkal Coal Limited.

Financial highlights

• Consolidated revenue from operations was ₹662.28 crore versus ₹701.73 crore in Q1 FY24; PBT was ₹156.66 crore versus ₹149.44 crore.

• Consolidated profit attributable to owners was ₹113.06 crore versus ₹110.39 crore in Q1 FY24; consolidated EPS was ₹20.95 versus ₹20.46.

• Q1 turnover fell 5% QoQ on lower production and sales volumes, while PAT rose 42% QoQ, supported by ₹2,000 higher realization and approximately ₹2,000 lower costs.

• Net sales realization was ₹103,755 in Q1 versus ₹101,771 in Q4; Q1 blended long-term and spot sales.

• Standalone PBT was ₹160.38 crore versus ₹148.76 crore in Q1 FY24; standalone EPS was ₹21.78 versus ₹20.39.

Outlook and guidance

• Q2 ferrochrome sales targeted at 67,000 tonnes versus 63,000 tonnes in Q1; management expected higher absolute profitability with prices broadly steady or slightly lower.

• FY ferrochrome volume guidance was 250,000–260,000 tonnes; Q2 EBITDA cost was expected at ₹77,000–78,000 per tonne.

• First Kalinganagar expansion unit targeted for June 2026, with the second within three months; timing slipped due to land acquisition, relocation and election-related delays.

• Global stainless steel production was expected to rise ~6% this year, potentially supporting better realizations in H2.