Nava Bharat Ventures Limited, a Hyderabad-based technology solutions provider offering engineering and geographic information services, reported a 22.61 per cent decline in its net profit to Rs 105.53 crore for the first quarter ended June 30, 2010, as compared with Rs 136.37 crore in the corresponding quarter last year.
Revenues during the quarter stood at Rs 289.79 crore, as against Rs 356.78 crore, a decrease of 18.77 per cent.
The power business reported revenues of Rs 197.1 crore due to the allocation of power to the captive ferro alloys business, which contributed Rs 86.1 crore. Revenues from the sugar business stood at Rs 32.2 crore on account of stable volumes and improved levy realisations, a company release said.
Loss would have been Rs 1,090 cr had the airline used accepted accounting standards, says auditor