Nava Bharat Ventures net profit in Q4FY21 declines 14% yoy to Rs159.42cr; Stock slumps 3.5%

Consolidated revenue stood at Rs688.6cr in Q4FY21, a decline of 15% from Rs809.10cr from Q4FY20.

Jun 18, 2021 09:06 IST India Infoline News Service

Quarterly Results
Nava Bharat Ventures Ltd, a diversified organisation with interests in power generation, ferro alloys, and coal mining, announced its financial results for the fourth quarter and year ended March 31, 2021.

Consolidated revenue stood at Rs688.6cr in Q4FY21, a decline of 15% from Rs809.10cr from Q4FY20. Net Profit at Rs159.42cr in Q4FY21, a decline of 14% yoy from Rs185.11cr in Q4FY20.

The Q4 performance was marked by a resurgence in Manganese Alloys both in domestic and export markets and improved merchant power rates through IEX affording the Company to register better PLFs in captive power plants in Telangana and Odisha and higher spreads.

Spurt in IEX prices also prompted resumption of power generation in the 150 MW IPP under the subsidiary NBEIL, towards the fag end of Q4 aside from it being benefited by receipt of offtake compensation of earlier contract from the State power utilities in Telangana.

Shut down due to maintenance of one 150 MW unit at Maamba Collieries Limited, Zambia resulted in lower power generations. The Coal mining business in Zambia received boost with 80% growth in revenue from external sales.

The company completed a buyback of 15,548,172 equity shares, amounting to Rs134.1cr and buy-back tax of Rs25cr.

Standalone Revenues recorded an encouraging growth of 17.5% yoy. The Ferro Alloys segment delivered an exceptionally strong growth on the back of demand boost from the steel sector. Increased captive demand as well as new merchant supply contributed to growth in power of segment.

Ferro Alloys Revenue grew by 9.4% yoy led by healthy volume growth in exports of Silica Manganese (+17% yoy). The company's captive power operations continued to deliver consistent performance along with healthy profitability. Merchant outtake grew by 200% in the quarter especially from 90MW unit at Odisha.

EBITDA saw a rise of 66.0% from Rs67.82cr in Q4FY20 to Rs112.57cr in Q4FY21. Standalone Q4FY21, Net Profit grew substantially, improving by 54.8%, from Rs40.19cr in Q4FY20 to a Rs62.21cr. Standalone Debt stood significantly lower at Rs1,747 as on March 2021 (Rs296.9cr as on March 2020), as the company continued its deleveraging efforts.

At around 9.40 AM, Nava Bharat Ventures Ltd. was trading at Rs110.50 per piece down by Rs4.2 or 3.66% from its previous closing of Rs114.70 per piece on the BSE.

Related Story

Open Free Demat Account (Rs699)