Nava Bharat Ventures today posted 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 in the year-ago period, Nava Bharat Ventures said in a filing to BSE.
Total income from operations of the company increased to Rs 302.20 in the quarter under review, from Rs 279.73 crore in the corresponding quarter of 2014-15, the company said.
For the year ended on March 31, 2016, its standalone net profit dropped to Rs 111.21 crore from Rs 142.46 crore in the previous fiscal.
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 VSN Raju, an associate member of the Institute of Company Secretaries of India, has been appointed as the Company Secretary of the company w.e.f. 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.