Nava Bharat Ventures (NBVL) profitability was marred down by disappointing power segment yet again in Q3FY17. Nevertheless, Ferro Alloys segment surprised us positively with EBIT of Rs74 mn vs EBIT loss of Rs31mn in Q2FY17. NBVL's EBITDA increased 26.7% QoQ to Rs293mn primarily driven by improvement in profitability in both Ferro Alloys and Power segments. Net profit grew 299.1% QoQ to Rs250 mnmainly due to higher other income of Rs358mn (+377.3% QoQ) and exceptional income of Rs64mn. On the positive side, NBVL's Zambian power plants are progressing in line with our...