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The Board of Directors of Nava Bharat Ventures Limited on Thursday decided to restructure its Odisha unit of business segregating ferro chrome operations and power generation.
The move comes in the backdrop of impact of poor demand for ferro chrome and regulatory restrictions on sale of power.
The company has decided to explore segregation of the ferro alloy and power operations by constituting separate special purpose vehicles and inducting strategic investors with captive mines. It has initiated the process of identifying strategic partners.
The company has posted a lower net profit of Rs 53.62 crore for the fourth quarter ended March 31, 2013 as against Rs 72.34 crore on a standalone basis for the corresponding period last year.
The income from operations for the current quarter was up at Rs 292.61 crore (Rs 244.27 crore).
The company closed the financial year ended March 31, 2013 with a net profit of Rs 238.31 crore (Rs 180.80 crore) on a turnover of Rs 1124.19 crore (Rs 969.96 crore).
On a consolidated basis the company posted a lower net profit of Rs 190.36 crore on a turnover of Rs 1142.18 crore as against a net profit of Rs 284.12 crore and a income of Rs 995.85 crore for the year ago period.
The Board recommended a dividend of Rs 5 per share (250 per cent) of the face value of Rs 2 each. The stock closed flat at Rs 176.60 on the BSE today.
rishikumar.vundi@thehindu.co.in
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