Nava Q1 earnings: The company said both export and domestic markets for manganese alloys witnessed firm momentum during the quarter
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A strong June quarter earning by Nava, a smallcap metal and energy company, reflected on its share price on August 11 as it zoomed about 6 percent.
The stock traded at Rs 204.20, up 5.64 percent as of 9.40 am.
Nava’s net profits spiked 286 percent year-on-year while revenue increased 77 percent thanks to higher production and higher realisation for ferroalloys, coupled with robust energy operations. Ebitda margin also increased by 1245 basis points to 39.1 percent.
The company said both export and domestic markets for manganese alloys witnessed firm momentum during the quarter. Ferrochrome continued its stable performance and provided stability in the overall earnings, it added.
“The energy division has witnessed a remarkable improvement. On the Zambian front, the company has taken a strategic initiative and reached an agreement for a revised prospective tariff, which will ensure cash flow continuity and allow the Zambian company to sell its surplus energy in the open market,” the company said.
Metal and mining sector has been under focus recently due to price action due to moderation in demand while government action in terms of higher taxes on export has also hit some companies.
Hyderabad-based Nava, however, benefitted from its diversified business, especially power.
“After robust FY22 performance, we have delivered overall good first quarter results for FY23, thanks mainly to the strong demand momentum for energy and metals,” said Ashwin Devineni, the CEO of Nava.
“The company is also actively pursuing options to monetise its urban land parcel in Hyderabad post all legal resolutions. We believe that we’re on a good foundation for the long term, and, along with our new Identity NAVA (earlier Nava Bharat Ventures) , we see a new dawn of continued value creation rising ahead of us.”
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