Hyderabad-based Nava Bharat Ventures Q3 net up 18%

Hyderabad: Hyderabad-based Nava Bharat Ventures reported an 18 per cent year-on-year jump in its consolidated net profit at Rs 190.93 crore for the third quarter ended 31 December 2021, compared to Rs 161.79 crore in the corresponding quarter of the previous fiscal. The company’s consolidated revenues grew 41.6 per cent year-on-year at Rs 1,005.3 crore […]

Hyderabad: Hyderabad-based Nava Bharat Ventures reported an 18 per cent year-on-year jump in its consolidated net profit at Rs 190.93 crore for the third quarter ended 31 December 2021, compared to Rs 161.79 crore in the corresponding quarter of the previous fiscal.

The company’s consolidated revenues grew 41.6 per cent year-on-year at Rs 1,005.3 crore during Q3 FY22 compared to Rs 709.9 crore during the corresponding period of the previous fiscal, while the company saw 43.6 per cent growth in EBIDTA at Rs 463.58 crore.

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Ashwin Devineni, CEO, Nava Bharat Ventures said, “For Q3FY22 Nava Bharat has delivered strong top-line growth riding on its ferro alloys and standalone power business operations. On international operations front, Zambian power operations remained stable with continued improvement in merchant coal sales.”

“Nava Bharat has been continuing its efforts to further strengthen its operations especially via backward integration. Company had received exploration permit from the Government Cote d’Ivoire (Ivory Coast) for manganese ore in Q2FY22. Recently, the company has completed its Rs 1.5 bn buyback programme for FY22 and it continues to explore more opportunities which can further enhance shareholder value,” he added.

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