Nava Bharat Ventures Limited has posted a steep drop in its profit for the fourth quarter ended March 31, 2017 at Rs 46.6 crore, down 56.6 per cent as against Rs 107.5 crore for the corresponding quarter last year on a consolidated basis.

The revenue of Rs 388 crore was down 12.8 per cent for the fourth quarter as against Rs 445 crore for the corresponding period last year.

For the financial year ended March 31, 2017, the company posted a profit of Rs 107.1 crore (down 63.9 per cent) and revenue of Rs 1380.9 crore as against a profit of Rs 296.5 crore and revenue of Rs 1612.5 crore for the previous financial year.

The Board recommended a dividend of Re 1 (50 per cent) per equity share.

During the fourth quarter, the power business remained quite subdued and the power dispatch to Telangana and Andhra Pradesh was severely impacted by grid curtailments. It was further impeded by low power exchange prices.

The power plants had to reduce generation levels as the Discoms did not take the minimum guaranteed power. The captive power consumption in the production of manganese alloys and chrome alloys mitigated the situation to some extent.

The ferro alloys business registered revenue of Rs 189.8 crore in Q4, contributing to 49 per cent of the consolidated revenue. For the financial year 2017, ferro alloys contributed 631.4 crore, 46 per cent of business.

And the sugar business contributed 12 per cent of revenue with Rs 167.5 crore.

While the power plant in Zambia commenced operations, Nava Bharat (Singapore) during the year sold its 70 per cent equity stake in 150 mw hydro power plant in Laos in favour of Chakleun Sekong Group, the company informed in a statement.

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