Nava Bharat Ventures expects arbitration award to solve receivables issue
Nava Bharat Ventures posted its Q4FY21 earnings. GRK Prasad, ED of Nava Bharat Ventures discussed the performance in an interview with CNBC-TV18. He admitted that in a market hit by coronavirus second wave, receivables have taken a hit.
Nava Bharat Ventures posted its Q4FY21 earnings. GRK Prasad, ED of Nava Bharat Ventures discussed the performance in an interview with CNBC-TV18. He admitted that in a market hit by coronavirus second wave, receivables have taken a hit.
“Receivables have been a concern for us. We went through a dispute resolution process with the local utility. Currently, the matter is in the international arbitration in London and we hope that arbitration award will close this receivables issue with a firm payment plan from the utility,” he said.
“The award is expected to come in the second half of this year,” he added.
In terms of fourth-quarter numbers, he said, demand was robust in Q4, especially in March. This robustness continued through April as well. The company looks forward to a slightly better outlook for rates this year.
On ferroalloy segment demand, he explained, “In FY21 our manganese alloy segment – the export was about 35 percent and domestic was 65 percent. At this point both export, as well as domestic prices, are very strong and we hope the situation would continue for the next couple of quarters at least.”
Consolidated debt for the company stands at around Rs 3,000 crore. “Standalone debt is about Rs 170 crore as of March 31, 2021, and we expect that to be brought down by about 20 percent,” he explained.
For the full interview, watch the accompanying video.
(Edited by : Abhishek Jha)
First Published: Jun 18, 2021 3:04 PM IST
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