Nava Bharat Ventures registered 18 per cent growth in consolidated net profit at ₹191 crore for the quarter ended December 31, 2021, as compared with ₹162 crore same period last year.
Consolidated revenue from operations increased by 44 per cent at ₹950 crore during the period under review as compared with ₹660 crore same period last year.
The growth in revenue was backed by strong standalone operational performance and increased plant availability of its step down subsidiary Maamba Collieries Ltd (MCL) during Q3, the company said in a press statement.
Nava Bharat Ventures has business interest in ferro alloys, power generation, coal mining and healthcare. It is one of the leading ferro alloy producers in India with about 125,000 MT of manganese and about 75,000 MT of chrome alloy capacities.
“For Q3FY22 Nava Bharat has delivered strong top-line growth riding on its ferro alloys and standalone power business operations. On international operations front, Zambian power operations remained stable with continued improvement in merchant coal sales,” Ashwin Devineni, CEO, Nava Bharat said in a statement.
The company has been continuing its efforts to further strengthen its operations, especially via backward integration. It has received an exploration permit from the government of Cote d’Ivoire (Ivory Coast) for manganese ore in Q2FY22. Recently the company has completed its ₹1.5 billion buyback program for FY22 and it continues to explore more opportunities that can further enhance shareholder value, it said.
The company’s scrip closed at ₹127.80, up by 7.21 per cent on the BSE on Friday.