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Our Bureau

Hyderabad , Oct. 27

Nava Bharat Ventures Ltd (NBVL), formerly known as Nava Bharat Ferro Alloys Ltd, has reported a growth of 31.5 per cent in turnover, 90.16 per cent in gross profit and 150.28 per cent in net profit for the second quarter of current fiscal ended September.

As per the unaudited financial results, the company achieved a turnover of Rs 142.05 crore (Rs 108.01 crore), gross profit of Rs 36.55 crore (Rs 19.22 crore) and a net profit of Rs 26.13 crore (Rs 10.44 crore). This translates into an EPS of Rs 3.91 (Rs 1.56) on an equity of Rs 13.35 crore.

In a press release here, the company has attributed the growth to the business strategy adopted in maximising revenues from the power business segment. The revenues from power segment improved to Rs 54.47 crore (Rs 34.02 crore).

The ferro alloys segment performance has also improved to Rs 97.4 crore (Rs 72.53 crore). The company said it envisages sustained demand from the manganese alloys, while the chromium alloys appear a little subdued. It considers the limitation of lack of captive ore as main impediment for sustained profits in this segment.

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