People. Purpose. Progress.
Dear Shareholders,
Reflecting on the past year, I take great pride in how IMFAhas
navigated a challenging global landscape characterised by persistent inflation,
geopolitical tensions, economic uncertainty, and raw material price fluctuations. We
seized opportunities as they arose and carefully managed risk, thereby maintaining our
leadership position in the industry.
Leveraging India's Economic Growth
India's robust economic expansion, characterised by strong
government-led investments in infrastructure and housing, is driving increased adoption of
stainless steel across sectors such as automobile and construction. These developments
present tremendous growth opportunities for IMFA as we consolidate our position as the
country's leading fully integrated ferro alloys manufacturer. The ferro chrome industry,
integral to stainless steel production, is poised for growth amid rising domestic demand
and global market recovery.
Our Achievements Aligned with India's Progress
FY2023-24 has been a landmarkyearfor IMFA, showcasing our alignment
with India's growth story and strategic objectives set by the Board. We have demonstrated
exceptional operational excellence and resilience, reflecting our commitment to progress
and innovation.
We reached new heights in production this year, achieving record levels
in ferro chrome output. Our expansion plans are well underway, with additional production
capacity being developed to meet future demands. Key strategic initiatives, such as
leveraging surplus land for ethanol production, align with government policies and
demonstrate our adaptability without detracting from our core business.
These accomplishments are a testament to the Board's vision and
strategic direction, providing immense satisfaction that IMFA is on the right path. As we
continue to build on India's growth story, IMFA remains dedicated to excellence, nurturing
innovation, and creating lasting value for all stakeholders.
Strategic Measures for Sustainable Growth
Our strategic measures revolve around capacity expansion, captive ore
utilisation, and business derisking. Our integrated operations ensure efficiency and cost
optimisation across the production process, enhancing resilience amidst disruptions and
stabilising market fluctuations.
We prioritise environmental sustainability, integrating green energy
into expansion projects and adhering to environmental regulations. We are committed to
reducing our carbon footprint and, in this direction, plan to tie-up hybrid renewable
energy for our expansion project.
My sincere thanks to all our stakeholders for their enduring support as
we look to craft a future which is both prosperous and sustainable.
| Sincerely, |
| N R Mohanty Chairman |