Nava Bharat Ventures Ltd has reported a profit of ₹160.13 crore for the third quarter ended December 31, 2020, up 168 per cent as against ₹60.31 crore for the corresponding quarter last year, on a consolidated basis. The company logged in a revenue of ₹660.13 crore as against ₹509.94 crore, up 29.5 per cent. It registered a profit of ₹391.26 crore for the first nine months, up 13.2 per cent over ₹345.64 crore; the revenue was however lower at ₹1,859.84 crore, down 4.6 per cent as against ₹1,949.62 crore.

The revenue from operations for the quarter improved significantly vis-a-vis last year. The serro alloy business has driven the growth with better cost management and sustained realisations, especially in the exports aside, from providing value addition in the power business. The coal mining operations, too, contributed decently to the profitability.

To improve its power assets productivity, the company continues to pursue multiple options to restart its idle merchant power capacities of 210 MW, including the 150 MW unit.

The company continues to pursue multiple options to utilize the surplus power capacity including that of IPPs and has certain legal and regulatory challenges which it hopes to address in the coming months.

During Q3 & 9M FY21, the company arm MCL serviced interest on loans in full and sought moratorium from lenders regarding debt service commencing from March 2020 and for restructuring the balance loans with revised cash flow projections based on a prospective power tariff with ZESCO. MCL expects the engagement with lenders for these debt service reliefs to conclude in FY 2022.

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