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Nava Bharat Ventures Limited has posted a lower net profit of Rs 29.51 crore for the third quarter ended December 31, 2014 as against Rs 49.40 crore for the corresponding quarter last year on a standalone basis.
The total income from operations for the third quarter was also lower at Rs 278.01 crore as against Rs 286.26 crore for the corresponding period last year.
While ferro alloys segment fared well this quarter with business of Rs 154.37 crore ( Rs 150.62 crore), the power and sugar business registered lower numbers. The power sector logged sales of Rs 157.16 crore (Rs 160.76 crore) and sugar business Rs 27.77 crore ( Rs 40.45 crore).
For the nine months ended December 31, 2014, the company registered lower net profit of Rs 118.07 crore and income of Rs 873.20 crore as against a net profit of Rs 146.82 crore and income of Rs 786.15 crore for the corresponding period last year.
The company also informed the exchanges about an arbitration case between Mantri Technology Parks and Brahmani Infratech, a subsidiary of Nava Bharat Ventures Limited, and steps initiated thereof for legal advice.
The company shares ended at Rs 186.10, up 2.7 per cent or Rs 5 on the BSE.
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