IDBI Capital's research report onNava Bharat Ventures
Nava Bharat Ventures (NBVL) reported EBTIDA of Rs447 mn which was in line with our estimate. Although NBVL’s Power segment EBIT fell 67.8% YoY to Rs235 mn (in-line with our expectation), Ferro Alloys segment EBIT rose 359.4% YoY to Rs65 mn. Zambian power plant (300 MW) likely to hit 85% PLFs from Q3FY18. NBVL is currently evaluating to set up an integrated sugar complex in Zambia. We cut our FY18 sales and profitability estimates to account for slower-than expected ramp-up at Zambian power plant and to consider the INR appreciation against the USD; maintain BUY with a TP of Rs159.
OutlookFurther, the company is looking to sell its 120 MW power plants in Odisha which could be a key catalyst for the stock. We maintain our BUY rating with a TP of Rs159.
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