Nava Bharat Ventures Posts Two-Fold Jump In Q4 Profit

New Delhi: Nava Bharat Ventures on Monday posted a more than two-fold jump in standalone net profit at Rs 57.64 crore for the quarter ended March 31, 2016, on the back of higher sales.

The company had posted a net profit after taxes, minority interest and share of profit of associates of Rs 24.39 crore for the corresponding period a year ago, it said in a filing to the BSE.

Total income from operations increased to Rs 302.20 in the quarter under review, as against Rs 279.73 crore in the corresponding quarter of 2014-15, the company said.

For the year ended March 31, 2016, its standalone net profit dropped to Rs 111.21 crore from Rs 142.46 crore in the previous fiscal year.

Total income too declined to Rs 989.27 crore in 2015-16 from Rs 1,152.93 crore in the previous year.

In a separate filing, the company said its board has decided to deliberate on the issue of bonus shares to the shareholders, in a separate meeting to be convened later.

In another filing, the company said that V S N Raju, an associate member of the Institute of Company Secretaries of India, has been appointed as company secretary with effect from June 1, 2016, by the board, in the place of the existing company secretary, in view of his retirement on superannuation.

"VSN Raju has also been designated as the Chief Investor Relations and Compliance Officer of the Company," the filing said.

Nava Bharat Ventures is a diversified organisation with interests in power generation, ferro alloys, mining and agri-business.