Nava Bharat Ventures Ltd, has registered a dip in net profit for the first quarter ended June 30, 2011, at Rs 51.51 crore (Rs 105.53 crore).
The company revenue stood at Rs 238.49 crore (Rs 289.79 crore).
The power business reported revenues of Rs 137.98 crore, including inter-segment sales. The performance was based on stable merchant power business, buy on lower volumes.
The contribution from ferro alloys was marginally higher at Rs 88.97 crore (Rs 86.10 crore) and the sugar business recorded sales of Rs 33.19 crore (Rs 32.24 crore).
For the fiscal ended March 31, 2011, the company registered income of Rs 1,092.62 crore with a net profit of Rs 306.29 crore.
The interest expenditure was lower at Rs 3.90 crore as against Rs 7.70 crore. The diluted EPS was Rs 6.24 for the first quarter of FY 2012.
Commenting about the company performance, Mr D. Ashok, Chairman of Nava Bharat, said in a statement that the first quarter was marked by contribution from power business, which has turned sensitive to the merchant power realisations. The company is, therefore, focussing on developing power and coal mining business.