Nava Bharat Ventures Slumps After Net Profit Declines 31% in First Quarter

Nava Bharat Ventures Ltd.’s net profit for the first quarter of the financial year 2016-17 fell 31 percent to Rs 29.2 crore compared to the same period last year. The figure was below the Bloomberg consensus estimate of Rs 36.4 crore.

Net sales fell 9.3 percent on a year-on-year basis to Rs 313.7 crore, missing analyst estimates.

Earnings before interest, tax, depreciation and amortisation rose 2.8 percent year-on-year to Rs 68.04 crore. EBITDA margin expanded to 21.6 percent from 19.12 percent in the same quarter last year.

Shares closed 6 percent lower at Rs 239.35 a piece on the Bombay Stock Exchange.