Nava Bharat Ventures Ltd has posted a huge jump in profit at ₹212.46 crore for the fourth quarter ended March 31, 2018, against a profit of ₹40.83 crore for the corresponding quarter on a consolidated basis.

Turnover for the fourth quarter was up at ₹913.58 crore (₹398.97 crore).

The company consolidated income and profit received a boost with the onset of commercial operations of the 300-MW power plant from Maamba Collieries Ltd, its step down subsidiary in Zambia.

The coal mining operations also made a quantum jump with captive consumption of coal.

The company posted a profit of ₹277.98 crore and turnover of ₹2417.17 crore for the financial year against a profit of ₹92.86 crore and turnover of ₹1456.11 crore for the previous financial year.

The board recommended a final dividend at the rate of 75 per cent, that is, ₹1.50 per share of ₹2 each for the financial year 2017-18.

The company achieved record production and sales of ferro alloys at 163,724 mt and 166,066 mt, respectively, for FY 2018.

Nava Bharat achieved record production of manganese alloys since its inception by utilising the available smelting capacity and emulated performance in production of high carbon ferro chrome under the conversion contract with Tata Steel. The power division performance was driven by captive consumption and marginally improved merchant power rates helped the power units post higher plant load factor over the previous year.

However, the second 60 MW plant in Odisha and 20 MW unit in Andhra Pradesh remained idle on account of grid connectivity issues and low merchant rates.

Sugar division operations were impacted by precipitous fall in prices in Q4.

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