New Delhi: Nava Bharat Ventures Ltd, which is into the business of power, mining and ferro alloys, on Wednesday reported a 32 per cent drop in consolidated net profit at Rs 29.20 crore for the quarter ended June 30, due to lower sales.
The company had posted a net profit from ordinary activities after tax of Rs 42.98 crore for the corresponding period of the previous fiscal year, Nava Bharat Ventures Ltd said in a filing to the BSE.
Net sales of the company during April-June quarter declined to Rs 313.72 crore from Rs 345.96 crore in the corresponding quarter of the previous fiscal year.
The company further said that the board has approved sale of 100 per cent of the shares of Nava Bharat Lao Energy Pte Ltd and thereby its 70 per cent shareholding in Namphak Power Co Ltd (NPCL) by Nava Bharat (Singapore) Pte Ltd (NBS).
NBS, a wholly-owned subsidiary of the company, has entered into a 'sale and purchase' agreement to sell 100 per cent equity stake in Nava Bharat Lao Energy Pte Ltd (NBLE - wholly-owned subsidiary of NBS) and thereby its 70 per cent equity stake in Namphak Power Co Ltd which has been developing a 150 MW hydro power project in Lao PDR in two traches.
"The first tranche of sale for majority equity stake of NBLE has been concluded by NBS and the second tranche for the balance stake would be concluded subject to certain conditions in due course," the filing said.
The transaction upon consummation, is profitable following that NBLE and there by NPCL will cease to be subsidiaries of NBS/Nava Bharat Ventures Ltd, the filing added.