November 19, 2012

IFGL Refractories - profits declining

IFGL Refractories Ltd. (IFGL), an Indian Multinational Refractory Company, is a manufacturer of Specialized Refractories and requisite Operating Systems for the Steel Industry and offers its customers Total Refractory Solution for flow control in Steel Teeming and Continuous Casting of Steel.
IFGL Refractories reported a 47 per cent drop in net profit at Rs 2.10 crore for the second quarter of the 2012-13 fiscal and attributed the performance to deteriorating health of global steel industry especially in the Euro zone and Latin America. The company had a net profit of Rs 3.94 crore in the corresponding period of the last fiscal.
"Performance of the steel industry during the quarter worsened as compared to the corresponding quarter particularly in the Euro zone and Latin America. Since more that 50 per cent of the company's total income... is from exports and although rupee depreciated, there has been an overall increase in costs including inputs, outward freight and other selling expenses, resulting in reduced profit before tax," IFGL said.
Here this may be recalled that for the six months ending September 30, 2012, IFGL showed a decrease in net profit to Rs 7.61 crore from Rs 8.74 crore.
The IFGL Group now has three strategically located units for manufacturing Continuous Casting Refractories. El Ceramics (EIC), located in Cincinnati, Ohio (USA), caters to the US, Canada, and Mexico. IFGL's Rourkela (Orissa, India) unit mainly catering to the domestic customers and also to the steel plants located in South East Asia. In October last year, IFGL started a new state-of-the-art facility at Kandla Special Economic Zone in Gujarat to manufacture Continuous Casting Refractories.
IFGL acquired Monocon Group in September, 2005, with production facilities in the Brazil, China, UK, USA and Taiwan. In September, 2010 IFGL acquired EI Ceramics LLC and CUSC International Limited (CUSC), both Cincinnati, Ohio based companies engaged in manufacture of Isostatically Pressed Continuous Casting Refractories. Since its inception in 1984, IFGL Refractories has gradually transcended to become an Indian Multinational Refractory Company with manufacturing facilities in Brazil, China, Czech Republic, Germany, India, UK and USA.
(Source: The Economic Times)

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