Electric Utilities firm NAVA announced Q1FY23 Result : Registers robust Standalone PAT growth of 286% YoY and 37% QoQ The new Tariff arrangement with MCL paves the way for continuity in the monthly collection from July 2022 onwards The Company continued robust growth in its both standalone & consolidated operations during Q1FY23, backed by solid traction in metals and energy demand. Both export and domestic markets for manganese alloys witnessed firm momentum during the period. Ferrochrome continued its stable performance and provided stability in the overall earnings. The energy division has witnessed a remarkable improvement, backed by the IPPs in Odisha (60MW), NBEIL (150MW) and MCL (300MW}. On the Zambian front, the Company has taken a strategic initiative and reached an agreement for a revised prospective tariff, which will ensure cash flow continuity and allow the Zambian company to sell its surplus energy in the open market. Consolidated Revenue reported an increase of 82.1% YoY for Q1FY23, backed by solid standalone operations I better operating profile of Indian power subsidiary and well rounded performance in coal and energy by MCL, Zambia. Mr. Ashwin Devineni, the CEO of the Company, commented on the results, saying, "Our Company is flourishing on the strength of a strong foundation laid over years. After robust FY22 performance, we have delivered overall good first quarter results for FY23, thanks mainly to the strong demand momentum for energy and metals. The Company's Standalone operations have been the key pillars of growth and resilience. In our energy segment, we have delivered improved PLF and offtake despite witnessing strong headwinds. On the International Operations front, our Zambian operations regained normalcy after completing maintenance in FY22, and started reporting resilient performance in Q1FY23. Our revised arrangement with ZESCO is expected to bring in better cash flows and certainty to our operations over the long term. The Company is also actively pursuing options to monetise its urban land parcel in Hyderabad post all legal resolutions. We believe that we're on a good foundations for the long term, and, along with our new Identity NAVA Limited, we see a new dawn of continued value creation rising ahead of us." Result PDF
Electrical Utilities company Nava Bharat Ventures announced Q4FY22 results: Standalone: The profit before tax grew by 143% YoY for FY22. The Company reported a 123% increase in EBITDA YoY due to better efficiency in operations. EBITDA margins for Q4YF22 stood at 38.2% versus 29.0% in Q4FY21. For FY22, margins stood at 36.4% versus 26.9% in FY21. Mr. Ashwin Devineni, the CEO of the Company, commented on the results, saying, "It is particularly gratifying to be celebrating the Golden Jubilee when the future for our business looks so promising. Our FY22 performance is a testimony of our 50 years of continued efforts. The Company's Standalone operations have been the pillars of growth and sustainability. The Company's Standalone operations have been performing well with an all-around improvement. Company Ferro Alloys and Power divisions reported a strong performance despite a challenging macro environment in terms of geopolitical concerns, raw material inflation etc. On the International operations front, Zambian power operations remained stable with continued improvement in merchant coal sales. Management foresees a robust demand for energy in Southern Africa and plans on taking strategic decisions to capitalise on the opportunity. We are also happy to share that our monetisation plans of idle assets are progressing well especially concerning the urban land parcel in eastern Hyderabad. The legal hurdle regarding the land is behind us, the Company is exploring the best possible options to maximise the returns on it. The Company has declared a dividend of INR 6.00 per share, i.e. 300% for FY22, and further continues to explore more oppmtunities to enhance shareholder value further." Result PDF
Electric Utilities company Nava Bharat Ventures declares Q3FY22 result: Stellar Standalone performance reports 99% growth in Revenue, 238% growth in EBITDA and 222% growth in PAT for the quarter Standalone 9 months performance marked by 85% growth in revenues, 157% growth in EBIDTA and 174% growth in PAT Consolidated quarterly Financials improved YoY with 42% growth in revenues, 44% growth in EBIDTA and 18% growth in PAT. Record realisations for manganese alloys sustained the growth momentum with power division supplementing it with higher productivity. The profit before tax grew by 229% YoY for the quarter, despite an exceptional provision against a contingent liability, made on a prudential basis. Ferro Alloys Revenue grew by 81% YoY. Such Growth was led by both Volume and Realisation. Company's strategy of focussing on exports fetched better average realisations for its manganese alloys division. Its Ferro Chrome conversion operations continued to be stable affording due value add for captive power and delivered an improvement YoY. Power division reported 83% growth in Revenue. 60MW IPP of its 150MW in Odisha has since July 2021 been contributing significantly to standalone power business. Competitive marginal cost in Odisha helped the Company improve upon merchant power sales on an opportunistic basis. Captive consumption of power units (114MW) was consistent YoY, however improvement of merchant sales from these units also contributed to company's power segment. Company reported a 238% increase in EBITDA YoY due to better efficiency in operations. EBITDA margins for Q3YF22 stood at 40% versus 24% in Q3FY21. Such Increase was predominantly led by Ferro Alloys division. Result PDF
Highlights: 170% YoY growth in Profit After tax in Standalone Operations Buoyant ferro alloy business, riding on sustained demand from the domestic and overseas steel companies, delivered a stellar all- round performance in both manganese and chrome alloys, for Q2 and H1 FY 22 Power segment received significant boost with full operations from the 60MW IPP in Odisha in Q2 making a difference, duly supplemented by higher merchant sales through lEX from the captive power units. Profit before tax and exceptional item registered a growth of 59% YoY at INR 2428 mil, principally due to sustained operations in the domestic 150MW IPP unit and spurt in high grade coal operations in Zambia. Positive investment outlook following the change in Government of Zambia had resulted in sudden and significant hardening of local currency against USD and in turn a notional restatement of tax liabilities denominated in the local currency by MCL at the end of Q2 and H1. The forex change of INR 1888.55 mil adversely impacted the reported PAT which stood negative for Q2 and so was considered as an exceptional item. Result PDF