Hyderabad-based Nava Bharat Ventures Limited, which is into power generation, ferroalloys and sugar manufacturing, reported a 75.83 per cent jump in net profit to Rs 57.15 crore for the quarter ended December 2012 on the back of a huge upside in profit from power operations and almost flat increase in expenditure.
Total income grew 11.15 per cent to Rs 279.55 crore from Rs 251.51 crore in the corresponding previous quarter. The income from power generation rose to Rs 16,407 crore from Rs 113.34 crore in the year ago period while the same from ferroalloys came down to Rs 115.12 crore (Rs 130 crore).
However, the fall in revenues and profit from ferroalloys operations were compensated by the power segment that alone contributed Rs 54.29 crore in gross profit during the quarter. The company was able to maintain the expenditure at Rs 207.90 crore, just 1.16 per cent increase over Rs 205.53 crore in the year ago period.
These are standalone figures as the company had informed the BSE that Kinnera Power Company Limited (KPCL) ceased to be its subsidiary as it had reduced its stake in KPCL to 26 per cent. Earlier this month, the company also informed the stock exchange that the board had decided to return the government land given to Brahmani Infrastructure Limited for the development of an IT special economic zone.