Nava Bharat Ventures (NBVL) reported slightly weaker than expected results for Q1FY19. Sales/EBITDA were slightly lower than our estimates by 6.3%/5.6%, respectively. While Zambian utility company reported satisfactory operational performance, its receivables have been delayed. On a positive note, domestic Ferro Alloy segment EBIT increased 177% YoY to Rs173mn. Also, standalone Power EBIT increased 21% YoY to Rs255 mn. Net profit jumped nearly 4.5x YoY to Rs854 mn....