Nava Bharat Ventures Q4 net down 16.13%

Nava Bharat Ventures Limited net profit declined by 16.13 per cent to Rs 108.54 crore for the fourth quarter ended March 31, 2009, compared with Rs 129.42 crore during the corresponding quarter last year.

The revenues for the quarter fell by 12.14 per cent to Rs 303.36 crore from Rs 345.31 crore last year.

For the full year ended March 31, 20009, its net profit increased by 62.84 per cent to Rs 520.57 crore as compared with Rs 319.68 crore. The revenues of the company, with interests in ferro alloys, powers and sugar, increased by 43.43 per cent to Rs 1,350.05 crore, compared with Rs 941.24 crore last year.

 

According to company chairman D Ashok, the board of directors has recommended a dividend of Rs 8 per share on an equity share of Rs 2 each for the financial year 2008-09.

He said that 352 foreign currency convertible bonds aggregating to Rs 139.95 crore were pending for conversion into equity shares. Also, 3,96,500 employee stock options were pending for conversion into equity shares.

Pursuant to the buy-back offer it made, the company bought back 1.93 million equity shares of Rs 2 each for Rs 23.26 crore and extinguished equal number of equity shares. After this, the paid up capital has come down to 7.59 million equity shares of Rs 2 each, according to a release.