Hyderabad-based Nava Bharat Ventures Limited has reported a 47.28 per cent decline in stand alone net profit at Rs 24.40 crore as Ferro alloys and sugar operations slipped into losses on top of a fall in over all revenues.
The net profit for the company stood at Rs 46.28 crore in the corresponding quarter last year.
The company did not report consolidated results for the quarter. Total income for the company decreased 12.14 per cent to Rs 298.98 crore as compared with Rs 340.29 crore in the year ago period. Expenditure remained flat at Rs 267.61 crore as compared with Rs 269.40 crore in the year ago period.
For the full year, however, the company reported the consolidated results according to which the net profit down by 24.33 per cent at Rs 209.03 crore from Rs 276.33 crore in the previous year. Only the power segment operations remained in the profit zone for the company while the Ferro alloys and sugar segments slipped into losses during the quarter and for the entire year.
The board of directors of the company recommended a dividend at the rate of Rs 5 per share of face value of Rs 2 each for the year 2014-15.
