Nava Bharat down 15%

Right from the morning, Nava Bharat Ventures is the top loser on the BSE, opening lower by over 9.5% at Rs.113.75, going down further to an intraday low at Rs.107.20, a fall of over 15%. Its 20% LC for the day is at Rs.100.65.

The stock price slipped after the company reported a 60% (YoY) drop in consolidated net profit at Rs.38 crore on a 7% fall in revenue at Rs.558 crore.

Its EBITDA was down 26% at Rs.232 crore while margins slipped from 49.8% to 37.9%.

Financial performance of the quarter, relative to previous periods, was marked by buoyant ferro alloy operations and resurgent coal mining on the positive side while continued outage under major overhaul of one power unit in Zambia coupled with weakening merchant power market in India impacted it on the negative side.

The company said that unforeseen outage in one of the manganese smelters, accentuated by industrial oxygen shortage during the second wave of the pandemic resulting in lower production limited the gains from ferro alloy operations though average realisations jumped by 8.3% for Q1 (QoQ).