Nava Bharat net down 13%

Fall in power generation owing to maintenance outages and grid curtailment, among others affected profitability

Hyderabad-based Nava Bharat Ventures Limited reported a 13.5 per cent drop in net profit at Rs 49.4 crore for the quarter ended December 2013, compared with Rs 57.15 crore in the same quarter previous year. Income from operations, however, increased 7.7 per cent to Rs 286.28 crore from Rs 265.73 crore.

During the first three quarters of the current financial year, its net profit stood at Rs 146.8 crore on an income of Rs 786.2 crore compared with Rs 184.7 crore and Rs 831.4 crore respectively in the corresponding period last year.

It said fall in power generation owing to maintenance outages and grid curtailment, lack of conversion for ferro chrome for about four months, subdued realisations of manganese alloys and reduced other income affected profitability.

The company, which operates a 150-Mw power plant in Odisha, stated it was looking for reasonable improvement in merchant power realisations in the coming months to start commercial operations of its 64 Mw unit in the state.