Friday, Jun 9 2023 | Time 22:27 Hrs(IST)
Business Economy

Nava FY23 consolidated net profit jumps 113 pc to Rs Rs 1,221.7 cr

Hyderabad, May 25 (UNI) Nava Limited, a diversified conglomerate with interests in metals, energy, mining, and emerging new businesses, on Thursday reported a 113.1 per cent jump in consolidated net profit to Rs 1,221.7 crores for the year ended March 31,2023 as against Rs 573.3 crores in the previous year.
Consolidated revenues for the year stood at Rs 3,928 crore against Rs 3,645.4 crore in FY22, registering 7.8 per cent growth Y-o-Y, Hyderabad-based company said in a statement here.
The Board of Directors considered that the improved cash flow position at MCL merited a higher dividend pay-out for FY 2023 and recommended a dividend of 300 percent (Rs. 6 Per equity share).
Nava now produces Manganese Alloys at both Telangana and Odisha Works and hopes to gain on volumes, aided by firm contracts for raw material and sales.
Consolidated financial performance for FY 2023 is marked by a well-rounded performance of the Zambian subsidiary with Indian power and ferroalloy businesses supplementing it.
In Q4, the Manganese Alloy business faced challenges as it trailed the performance of the steel industry. However, the Company is determined to seize opportunities for growth by capitalizing on higher production volumes from both Telangana and Odisha, aiming to secure a larger market share in the future.
The high cost of coal has been a significant factor affecting the revenue generated from merchant sales and impacting the performance metrics of the power plants. Nonetheless, the plants have been able to maintain a certain balance through captive consumption, mitigating the overall impact of the
cost challenges.
Commenting on the results, Company CEO, Ashwin Devineni, said “Nava’s strong performance during FY2023 and improved performance during Q4 reflects resilience in our operations amid volatility in the metals business. We are pleased with the repayment of five overdue loan instalments by MCL ( Maamba Collieries Limited) in the past few months and expect to pay the remaining two overdue instalments in 1 month”.
With the stabilization of Silico Manganese production at Odisha works and the efforts being put in to reduce the cost of production, the margins from Ferro Alloys division shall increase going forward, Ashwin said.
Looking ahead, we remain confident in our ability to capitalize on emerging opportunities and overcome challenges in the industry. We are committed to delivering long-term value to our shareholders while providing innovative solutions and exceptional service to our customers, he added.
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