Nava Limited, a leading diversified conglomerate with expertise in metals, energy, mining, healthcare and commercial agriculture, announces robust financial results for the quarter and half-year ending 30th Sep 2023.
In a testament to Nava’s resilience and strategic vision, Operational Revenue and Profit After Tax (PAT) soared by an impressive 24% and 8%, respectively, compared to the corresponding quarter. Improved operations at NBEIL and MCL played a pivotal role in sustaining the growth.
Amidst a challenging landscape, the Power business in Odisha showcased remarkable resilience, maintaining high operational parameters despite tariff-softening.
MCL’s power plant operated at an impressive PLF of 83.4% coupled with routine planned maintenance of both Units. Revenue from mining operations continues to be robust and steady.
Nava Limited achieved a significant milestone of long-term debt-free by prepaying Rs. 82.6 crore during the quarter and in the first week of Oct 2023, solidifying its financial stability.
Maamba Collieries Limited (MCL) reached a notable accomplishment by repaying regular debt and prepaying two loan instalments totaling to INR 735.1 Crore (US$ 88.5 Mn) during the quarter. With an aim to become completely debt-free in the coming months, MCL’s impressive financial performance underscores its commitment to financial prudence.
MCL’s realization of INR 1918.6 Crore (US$ 231.0 Mn) from ZESCO as per the Arbitration Award since December 2022 contributes to a promising outlook.
The Energy segment witnessed a remarkable 21.0% revenue growth compared to the corresponding quarter, fueled by operational excellence in the 150 MW power plants in Odisha and Telangana. This achievement highlights Nava’s commitment to sustainable growth and innovation.
Talking of the results, the CEO of Nava Limited, Ashwin Devineni said, “Our journey at Nava Limited is marked not only by financial growth but also by a significant reduction of long-term debt. Clearing of debt along with sustainable growth positions us for greater success and value creation for our stakeholders.”
Despite challenges in the Metals division, Nava Limited sustained its financial performance with a total revenue of INR 961.8 crore and a PAT of 193.2 crore on a consolidated basis. The maintenance activities at the FAP plant in Odisha is progressing well and is likely to become operational by December 2023.
CONSOLIDATED PERFORMANCE ANALYSIS – Q2 FY2024
| Particulars (in INR Crore) | Sep 2023 | Sep 2022 | YoY | H1 FY 2024 | H1 FY 2023 | YoY |
| Total Revenue# | 962 | 880 | 9.3 % | 2,018 | 1,994 | 1.2 % |
| EBITDA# | 399 | 410 | (2.6 %) | 971 | 961 | 1.0 % |
| EBITDA Margin % | 41.5 % | 46.5 % | (506) bps | 48.1 % | 48.2 % | (10) bps |
| PBT | 226 | 227 | (0.8 %) | 640 | 614 | 4.2 % |
| PAT | 193 | 178 | 9.3 % | 536 | 517 | 3.6 % |
| Exchange rate USD = INR 82.44 as on 30th Sep 2023 and INR 78.55 as on 30th Sep 2022 #Revenue and EBITDA exclude discontinued operations; EBITDA includes other income | ||||||
DEBT POSITION AS ON 30THSEP 2023 (INR CRORE):
The debt position reveals that the majority of the consolidated debt is associated with Zambian Operations which does not have any recourse to Nava Limited or its other subsidiaries. Compared to Sep 2022, the consolidated long-term debt has come down significantly by 70% to INR 1059.1 crore from INR 3503.3 crore.
| Particulars | Long-term Debt | |
| 30.09.2023 | 30.09.2022 | |
| Standalone | 63.9* | 115.1 |
| Consolidated | 1059.1* | 3503.3 |
| *In the first week of Oct 2023, NAVA has prepaid INR 63.9 Cr on their outstanding term loan thus reducing the consolidated debt to INR 995.2 Cr. | ||
Nava Limited remains unwavering in its commitment to growth, innovation, and financial prudence. The successful clearance of long-term debt reflects the company’s resilience and strategic vision, setting the stage for sustained success in the years ahead.
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