The Hindu Business Line : Nava Bharat Ferro reports 57 pc jump in Q3 net

NAVA Bharat Ferro Alloys Ltd has recorded a growth of 27.56 per cent in turnover and 56.96 per cent in net profit for the third quarter of current fiscal ended December 2004, despite higher provisions towards taxation.

As per the unaudited financial results taken on record by the Nava Bharat board here on Saturday, the company achieved a turnover of Rs 131.71 crore against Rs 103.25 crore in the corresponding quarter of previous fiscal and posted a net profit of Rs 22.87 crore (Rs 14.57 crore), yielding an EPS of Rs 17.13 (Rs 10.91) on an equity base of Rs 13.35 crore.

The company incurred an expenditure of Rs 89.05 crore (Rs 80.52 crore) and provided Rs 2.48 crore towards finance charges (Rs 2.92 crore); Rs 3.8 crore towards depreciation (Rs 2.78 crore); Rs 13 crore towards current taxation (Rs 2.44 crore); and Rs 50 lakh towards deferred taxation against no such provision in the corresponding quarter of previous fiscal.

For the nine-month period, the turnover was at Rs 435.59 crore (Rs 321.09 crore) and net profit at Rs 99.06 crore (Rs 36.36 crore), yielding an EPS of Rs 74.16 (Rs 27.22). During this period, the company incurred an expenditure of Rs 283.85 crore (Rs 263.03 crore), and provided Rs 8.37 crore towards finance charges (Rs 9.46 crore); Rs 10.8 crore towards depreciation (Rs 7.98 crore); Rs 30 crore towards current taxation (Rs 4.25 crore); and Rs 3.5 crore towards deferred taxation against no such provision in the corresponding period.

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