Nava Bharat Ventures tanks 15% on weak June quarter results

The major overhaul of one unit of the power plant which started in Jan 2021 is taking longer with a deformation observed in turbine's diaphragms and carrier, repairs to which was not possible.

Shares of Nava Bharat Ventures tanked 15 per cent to Rs 107.20 on the BSE in the intra-day trade after the company reported a sharp 60 per cent year on year (YoY) drop in consolidated profit after tax (PAT) of Rs 38.45 crore for the quarter ended June 2021 (Q1FY22). It had posted a profit of Rs 95.43 crore in a year ago quarter.

Revenue for the quarter was down 6.9 per cent YoY at Rs 557.93 crore, while Ebitda (earnings before interest, taxes, depreciation, and amortization) declined 26.2 per cent YoY at Rs 231.69 crore for the quarter.