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Friday, November 6, 2009

Nava Bharat Ventures Ltd:Future growth prospects and outlook,buy/sell/hold,recomendation and analysis

Scripscan:Nava Bharat Ventures Ltd

Story:Nava Bharat Ventures Limited, together with its subsidiaries, engages in the manufacture, trading, and export of natural minerals, coke, ferro alloys, ores, and alloys in India and internationally. The company’s Power division operates coal based thermal power plants and biomass power plants in Andhra Pradesh and Orissa. As of May 30, 2009, it had total installed power generation capacity of 237 Megawatts. The company’s Ferro Alloys division manufactures manganese, silicon, and chromium alloys that are used in the manufacture of steel in India and internationally. Its Infrastructure division engages in the development of a special economic zone in Hyderabad, India; and a mixed-use project comprising residential and commercial complexes in Secunderabad. The company’s Sugar division produces and sells sugar and its by-products, such as rectified spirit and extra neutral alcohol in Samalkot. This division markets its sugar under the brand name of Deccan in India. Further, Nava Bharat Ventures Limited invests in mineral resource assets, including thermal coal, manganese, and chromite ores. The company was formerly known as Nava Bharat Ferro Alloys Limited and changed its name to Nava Bharat Ventures Limited in July 2006. Nava Bharat Ventures Limited was founded in 1972 and is headquartered in Hyderabad, India.Nava Bharat Ventures' Net Sales were down by 39.5% YoY to Rs 2.4 billion in 2QFY10 (in line with our expectations) on account of a reduction in revenue from ferro alloy division. NBVL reported EBITDA margin of 53.2% in 2QFY10 against 41.1% in the corresponding quarter. Net profit for the quarter at Rs 1.2 billion was above our expectation as the company availed MAT credit entitlement to the tune of Rs 130 million. We have revised the tax rate from 18% earlier to 8% in FY10 estimates resulting in improved PAT.We believe that NBVL's focus on the power business will lead to strong growth in the revenue of the company going forward. We have revised our EPS estimates to INR 61.5 (vs. INR 49.3) and INR 57.9 (vs. INR 60.6) for FY10E and FY11E respectively. The stock currently trades at 5.9x FY11E earnings. We maintain our price target at INR 396/share,"Hold". We will revise our rating when more clarity regarding the Zambian coal mines emerges by Dec 2009.

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