Nava Bharat Ventures Ltd has registered a lower net profit of Rs 32.5 crore for the third quarter ended December 31 as against Rs 49.34 crore for the corresponding quarter last year.
The net was lower despite higher sales income — including inter-segment sales for the third quarter — of Rs 281.17 crore as against Rs 267.94 crore for the corresponding period last year.
According to a statement, revenues from the power business were Rs 113.20 crore. This was lower due to the spill-over effect of forced and planned maintenance outage and moderate realisation from merchant power sales.
The ferro alloys business delivered better performance, earning Rs 130 crore due to higher sales volumes and better margins from sale of silico-manganese alloys.
Power plants
Ferro chrome conversion commenced this quarter under contract from Tata Steel and contributed to business growth. Revenue from the sugar business was at Rs 32.8 crore.
Mr D. Ashok, Chairman of Nava Bharat, said that the merchant power business has seen some improvement and the construction of the 150-MW Paloncha plant was on track for commissioning in the latter part of the financial year.
The company has secured approval from the Ministry of Environment and Forests for its 64-MW power plant in Odisha and expects to commence generation shortly after grid synchronisation.
The Zambian coal mine project has made progress and is expected to begin production from April . The 300-MW mine mouth thermal plant has secured most clearances, and contracts are under finalisation, the company said.