The Hindu Business Line : Nava Bharat profit zooms 196% on power sector, ferro alloys biz

Hyderabad, May 17 Boosted by the robust performance of the power and ferro alloys business, Nava Bharat Ventures recorded a total income of Rs 348 crore with a profit of Rs 129.4 crore for the fourth-quarter ended March 31, 2008 against total income of Rs 190.70 crore and profit of Rs 43.7 crore for the corresponding quarter last year. Income was up 82.5 per cent and profit was up 196 per cent for the period.

For the financial year ended March 31, 2008, the company recorded total income of Rs 937.54 crore with a profit of Rs 314 crore against total income of Rs 582.28 crore and profit of Rs 140.48 crore for the previous fiscal. The board of directors has recommended a dividend of 300 per cent on the equity shares of Rs 2 each for 2007-08.

The Managing Director of Nava Bharat Ventures, Mr D. Ashok, in a statement said that the company’s merchant power business has helped boost the overall company performance. Alongside, the company’s ferro alloys business too had a spectacular year on the back of unprecedented demand from steel.

Referring to the sugar business, he said the average realisation was about Rs 13,000 a tonne sold in financial year 2008 against Rs 16,000 in the previous year.

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Nava Bharat profit zooms 196% on power sector, ferro alloys biz

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