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Nava Limited
Earnings Call Analysis
Q1-2025 Analysis
Nava Limited
Nava Limited has reported a remarkable quarter, showcasing its resilience and ability to navigate through challenges. In Q1 FY '25, the company posted its highest ever quarterly income of INR 1,284 crores, which signifies a robust growth of 16.7% compared to the previous year. This impressive performance underlines the effectiveness of their strategic focus on operational efficiency and cost optimization. Profit before tax also reached an all-time high of INR 530.8 crores, reflecting a significant growth of 27.6% year-on-year.
The Energy division has been a key driver in this success. Notably, the Mamba Energy Limited power plant achieved 100% plant availability, crucially boosting both revenue and profitability. Additionally, the company has initiated construction of an extra 300-megawatt power plant in Zambia, which is expected to bolster their foothold in the energy sector.
Nava’s Metals division showed substantial recovery, reporting a profit before tax of INR 23.2 crores, a commendable improvement from a previous loss of INR 1.6 crores. This turnaround was fueled by better realization rates and product diversification strategies. The mining segment, particularly gold sales, also contributed positively to overall financial health.
In efforts to enhance shareholder value, Nava Bharat Singapore Private Limited has started distributing dividends to Nava Limited. The total received of USD 19.5 million since April 2024 reinforces their commitment to returning value to shareholders. Furthermore, the company announced an interim dividend of INR 4 per share, translating to a total payout of approximately INR 60 crores.
Nava's Agri business is making strides, with the successful completion of over 90,000 avocado trees planted through Nava Avocado Limited. This project aligns with their commitment to sustainable agriculture, setting the stage for long-term growth in this sector. Revenue expectations from avocado products are modest for the upcoming financial year, estimated to be around $3 million to $4 million, with larger revenues anticipated from FY '27-28 onward.
As a result of their positive cash flow generation, Nava Limited reported free cash flow of INR 500 crores during the quarter. With a net cash position following the completion of debt repayments, management has highlighted plans to utilize these funds strategically. Future initiatives may include increased dividends and other corporate actions aimed at boosting shareholder value alongside necessary investments to fund planned expansions.
Despite a promising first quarter, management remains cautious about the second quarter, noting a tapering of profit margins in the ferro alloys segment due to fluctuating prices. Additionally, the company's tax benefits from Phase 1 will transition to standard rates in the upcoming financial year, signaling changes in expense management. As they prepare for these shifts, ensuring sustained growth while maintaining margins will be essential.
Nava's ambitious expansion plans include exploring new avenues like lithium assets and continuing developments in existing projects like the Ivory Coast manganese exploration. The management is looking to balance growth opportunities while managing existing debt and maintaining shareholder interests.
Looking forward, management refrained from providing specific revenue growth targets but emphasized their commitment to maintaining operational efficiency while also focusing on extracting value from arbitration negotiations worth approximately $224 million. Their commitment to expand sustainably while rewarding shareholders remains evident as they balance current operational successes with strategic expansions.
In conclusion, Nava Limited's strong performance in Q1 FY '25 showcases their ability to adapt and thrive in the current market environment. With a diversified portfolio, plans for future expansion, and a commitment to enhancing shareholder value, the company appears well-positioned to tackle upcoming challenges.
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Ladies and gentlemen, good day, and welcome to the Nava Limited Q1 FY '25 Earnings Conference Call and hosted by ICICI Securities Limited. [Operator Instructions]. Please note that this conference is being recorded.
And I hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir.
Thank you, Niha. On behalf of ICICI Securities, we welcome you to Q1 FY '25 Earnings Call of Nava Limited. Today, we have with us Mr. Ashwin Devineni, CEO; Mr. Nikhil Devineni, Senior Vice President; Mr. Sultan Baig, CFO; and Mr. VSN Raju, Company Secretary.
Without much delay, I will now hand over the call to the management for opening remarks, which will be followed by Q&A. Thank you, and over to you, sir.
Good afternoon, everyone. I'm pleased to welcome you all to Nava Limited conference call. Today, we are here to discuss the financial results for the quarter ended 30 June 2024. I am delighted to report that Nava Limited has retained its growth momentum with robust performance across all our business divisions.
This quarter, we achieved our highest ever quarterly income of INR [ 1,284 ] crores, marking a 16.7% increase year-on-year. Our profit before tax has also reached a record INR 530.8 crores, reflecting a 27.6% growth compared to the same period last year. These numbers are a testament to our strategic focus on operational efficiency and cost optimization, enabling us to navigate market volatility effectively.
Our Energy division, both in India and Zambia has shown remarkable results. The Mamba Energy Limited power plant operated at [indiscernible] [ 100% ] plant availability, contributing significantly to our consolidated revenue and profitability. We have also commenced the construction of an additional 300-megawatt power plant in Zambia, which will further strengthen our position in the energy sector.
In the Metals division, we reported a profit before tax of INR 23.2 crores compared to a loss of INR 1.6 crores last year, driven by higher realization and successful product diversification to [ recent ] report. Our mining division sustained a robust gold sales contributing to our overall positive financial performance.
Furthermore, I'm pleased to announce that Nava Bharat Singapore Private Limited has started paying dividends to Nava Limited and Mamba Energy Limited has commenced discussing accumulative interest to the sponsors with USD 19.5 million received since April 2024.
These achievements highlight our commitment to enhancing shareholder value and generating reserves for future growth. Our Agri business has also made significant strides with Nava Avocado Limited successfully completing the plantation division link with over 90,000 trees and preparing for the next phase of planting. This aligns with our bit of sustainable agriculture and environmental stewardship.
In summary, our diversified portfolio and robust business model has enabled us to deliver strong financial results and position ourselves for sustained growth. I want to thank all of you for your continued support and confidence in Nava Limited.
Let us now open the floor for any questions you may have. Thank you.
[Operator Instructions]. The first question is from the line of Nidil Shah from ICICI Securities Limited.
My first question would be on the Mamba Limited, the 300-megawatt and do we have a PPA in place for that? And what are the terms of the PPA there?
Yes. So we do have a deal that has been time and also been approved by the Energy Regulation Board the PPA terms that is a 20-year PPA and the offtake starts a post COD, which is going to be 2 years from now.
Okay. Okay. So past 2 years from now. Okay. And my second question is on the NBEIL. You gave the PBT numbers in the presentation. Could we have the revenue EBITDA and PAT numbers? And simultaneously, do we have any tie-ups for this plan for the balance 9 months of the quarter?
So for [ Nava ] Energy, the total revenue for the first quarter was at INR 201 crores and corporate before tax is INR 68.2 crores and profit of taxes, INR 44.4 crores. For the current quarter, the plant operation at 91-plus percent [ PLF ]. We have bilateral contracts. And overall, for the year, we ended to be over 70% PLF.
And my absolute last question would be is that the interest cost has come significantly down this quarter. What is the reason for that? And is it something that we will see over the full year or just one-off?
The debt has been completely repaid both at Nava, Mamba Colleries, Mumbai Energy and also at Nava Energy. That's why there is no interest cost.
All right. All right. Are you planning to bring back that anywhere else? Or this is what we broadly assume the situation to be for the next 1 or 2 years?
I could not get you.
So broadly being the plan for the next 1 or 2 years, sir?
Certainly, yes. But Mumbai plans for the Phase 2 of 300 [ mono ] expansion, there will be retention for the books.
I think just to explain on a consolidated level, we're not going to be debt-free because we are taking on. We [ have no debt ].
The next question is from the line of Sandeep Mathivanan from Money Grow Asset.
Okay. And congratulations on good set of numbers. I just have 1 question. So the gross margins have increased from 65% to 70% year-over-year. Is this primarily due to a decrease in coal prices given where the RF costs have come down? Or are there any verifications in other RF costs contributing to the improvement that you would like to hand?
So it's a combination of 2 factors, operating at high PLF and also reduction in the coal prices.
The next question is from the line of Ashi Kankan from Asthika Associates.
Good afternoon, Devineni. I am very delighted to see the performance of the company in the first quarter. And I just had 2 questions. One is that what is the percentage of PPAP, and as you have mentioned in the presentation in the PPA, which you've already entered into the tariff is [ $0.095 ]. So what is the present tariff applicable in the present contract.
Currently, the Phase 1 is a tariff of $0.103 and then [indiscernible].
So the content strategic being negotiated in lesser than the presenter -- it is 9.7 -- [ $0.095 ] as compared to [ $0.103 ].
Yes.
And this is the first year whether there will increase in every year to the cost of production or what is the second year, third year, what is the provision in the present PPA which is...
This is linked to U.S. PPA inflation is indexed every year.
Okay. Okay. And sir, my one question was this thing that what is the expected revenue from Avocado products in the next financial year. I have read that in the next financial year, the production will be there of Avocado. So what is the expected revenue from this product in the next financial year?
So next financial year, revenue will be small, about $3 million or $4 million, but I think, the revenue will be from '27, '28 onwards.
'27, '28 onwards.
The next question is from the line of Viraj Mahadevia from Money Grow.
Hello. Congratulations to the promoter group and the management team of excellent results. A question, what was the free cash flow in Q1 and any noncore asset sales planned by the company, such as the Hyderabad land parcel to sugar plant planned in Samarco.
You want to talk on the free cash flow?
No. So I think in terms of the land parcels, definitely, valuations have increased especially we have the Samarco land, and then we also have the [indiscernible] I think the valuations are definitely increasing. There's a lot of investors looking at setting up shop within EV now. So I think, looking at opportunities. There's no urgency for us to sell. I think it's a good call that we also held on to the land parcels basically enjoying the fruit of the valuations going up. So we're always evaluating opportunities and win the right opportunity strike will move.
Understood. I'm sorry, the free cash flow, Ashwin, in Q1.
The free cash flow at the group level will be about INR 500 crores.
INR 500 crores in Q1. Fantastic. So my next question is, Ashwin, I think I brought this up a few times before. Obviously, a remarkable job by yourselves and the team in makes debt-free and now net cash, both with incremental arbitration awards coming through as well as the organic cash flow generation. But given that scenario on net cash, what are the planned use of proceeds, I've seen that you declared an interim dividend of INR 4, but that's only INR 60 crores. So how do you plan to really reward shareholders for this cash pile building up?
Yes. So I think we've started by rewarding. I mean, at the end of the day, we just started receiving the funds. We were getting all value we were getting the in Zambia, we were clearing up all our debt for Phase 1 which has enabled us to become debt-free and essentially embark on Phase 2.
As we kind of start getting Mamba as declaring more dividends and paying off its shareholder loan, we will definitely look at other corporate actions that benefit shareholders and increase the company value. And also, we are pretty embarking in terms of expansion of Mamba, the avocado project, the Ivory Coast project. And we have other things that we are currently exploring. So we're definitely going to leave a significant chunk out for growth capital. Yes, that's basically how we plan on creating the cash that comes in.
No, I appreciate I mean, just correct me if I'm wrong, but Avocado plus the equity contribution on the second 300-megawatt plant plus Ivory would probably not be more than $100 million, $150 million, which is about INR 1,000 crores. The company is generating INR 500 crores of free cash flow per quarter, plus you have an incremental INR [ 1,200 ] crores to come in from arbitration. Now the government is obviously in the recent buyback rules allowed a relaxation until the first of October. So that's 1 avenue. Two is obviously dividends, keen to see either of the 2 or both come through for shareholders.
No. So I see, in terms of our payments and so on, there's still some due. We hope when it comes, we can take certain aggressive corporate decisions. with regard to increasing shareholding value.
But we are essentially going as [indiscernible]. It's not a rate, nothing is guaranteed there. So we're really trying to ensure that this will be on time pays the areas. And I think once we get the cash, we will definitely second quarter at actions. Yes, so in terms of the expansion, if you look at the equity portion of the Avocado and the Mamba, you're looking at about $120 million. And we are looking at other opportunities, too. You need to understand that we are in certain sectors that could be phased out and say, 20 years, 30 years from now. So we do need to kind of grow out of it. So definitely, we would want to save some cash or other verticals that we want to get into.
Understood. All the very best on the growth and the shareholder value enhancement.
[Operator Instructions]. The next question is from the line of Govind Delan, Individual Investor.
Congratulations to the whole team now offer this great set of numbers. All cylinders are firing, sir. So as a shareholder, I'm very happy. So I got 2, 3 questions. First thing is that last call result in May, you are told that corporate action will happen very soon, sooner than later, that is the worst what we use here. So it is 3 months over. So what is this very soon, sooner than later something you can define, sir?
Yes. So we -- I mean, we did say 3 months later, we did take the corporate action by declaring an interim dividend. So I think we just started receiving cash from our [ different ] subsidiary. And as soon as we have the applied interim dividend like promise.
An overall bigger picture is really very small. We target car production something big, as shareholder, we will be receiving. So it is a very small, I guess. So the debt what you hinted last call, to be something small this quarter or something more is in pipeline.
Sir, you see, you have to -- we take decisions based on what we have. We've just started receiving money. So we've taken a contraction. Now we are working hard to get the remainder of the areas, paid and everything. And once that company will take larger corporate actions. So it is very hard for us to predesign of actions that we take and we don't have the money sitting with us.
Yes, I got it, sir. Then my second question is regarding this tax rate about second phase. So will be getting similar holiday, what we got for Phase 1 for second phase also tax holiday.
Yes.
Hello?
Yes, we will be getting tax holiday at similar to the Phase 1 and Phase 2 as well.
So Phase 1, first 5 years is that what we have gone for a [indiscernible] similar pattern, we'll get our phase to what?
Yes.
Okay. Then last question is, sir, regarding this view, how much the resource at April, May, June, this 3 months are -- how much we have received arbitration areas?
In the current quarter, we see $15 million [indiscernible] $29 million.
How much is as on today?
$224 million, $224 million.
Now we have to result, I think, $25 million every month going far this other's too low of $25 million. My understanding is right, sir?
No. So this is -- it's a very fanatic situation. You need to also understand that right now, [indiscernible] going to power prices. A lot of the revenues at the state utility to would have -- are not there because of their hydros working at suboptimal plant load factors. So we are in a constant discussion. They are paying us a written amount every month, but it's a very dynamic thing which is happening during discussions. We are trying to work with them rather than being unreasonable. I don't think we can comment any numbers right now. But on a month-on-month basis, we are seeing a certain amount, and that's based on local agreements that we are having with basis.
I got it, sir. So just further to this question here. So this equity contributions are phased second, what we are putting this money will come from our areas, sir, these are some our response will be putting equity contribution?
Yes. I think the good thing here is the way we structure the project finance has been equity rare, unlike what it was for the initial Phase 1 project. which means our equity comes at the end. And we made it very clear that the equity would be from our side, effects to be paid from the area payment. So what that essentially means is there won't really be a contribution from the [indiscernible].
Just [indiscernible] of INR 100 crores equity, INR 65 crores we have to put there. So this INR 65 crores, we are not shipping from our side. It will come from earlier, that amount will be putting -- I understand you right, sir?
Well, that is our plan. We plan on -- as Mamba gets money and as a declared dividend to Nava Singapore. Nava Singapore will use that cash to fund its equity portion.
Yes, last if you can permit...
It seems like we have lost our participant. We'll take a question from the line of Nidesh Shah from ICICI Securities Limited. Please go ahead.
I basically wanted to ask that what is your [ fee ] guidance for the full year? And how are you going to plan it across the quarter.
Your line is very unclear. Can you come again, please?
Am I audible now?
There's a lot of disturbance at your end.
Yes. So I wanted to know what is the CapEx expenditure that we're looking at for the full year? And how are you going to plan it across the various quarters? And yes, that is basically the first question.
Yes. So in terms of the Indian operations with today currently as an -- there's no large CapEx plans. I think most of the planned M&A from our overseas operations, which include our the Mamba Energy expansion on the Avocado side since we are now looking at putting together a pack house and also our exploration activities at Ivory Coast and also the lithium assets that we have recently acquired exploration licenses. We plan on starting the exploration activity there, too.
Also, the ferro alloys we saw this quarter that the profit has jumped quite a lot. Your EBIT margins from, as compared to Y-o-Y. So is this something that we see is a normalized rate of EBIT from the ferro alloys segment? Or is there still this period where this is the growth of this segment, and we will see margins maturing further?
Unfortunately, no, because these prices, which you're seeing in quarter 1 have tapered down in quarter 2. But having said that, I think we are also taking some mitigative measures particularly with respect to diversification of different products. So that is helping us retain margin.
And similarly, even for the existing the bulk product that we produce, which is [indiscernible] we have a long-term agreement with overseas customers. So that is faring much better than, say, what the domestic market is offered. So these things are helping us the situation that we're facing today, but it's very different from what we had in quarter 1.
[Operator Instructions]. The next question is from the line of Ruchi Phakat from Ival Management LLP.
Sorry if I missed on this point. So I just wanted to understand on the scope. So currently, for this year, how much amount are we expecting from them? In terms of the arbitration.
Yes. So like we said, the outstanding amount is $224 million, okay? They are right now being this about on a monthly basis, about $5 million towards the arbitration. We have to start paying larger amounts to tune of about $25 million per month.
Now unfortunately, given the current situation there, their revenues have also kind of come down because of the bad rains and the fact that they're not able to generate and sell as much power as the earlier and such. We currently are in discussions with them. They are very determined to kind of clear the entire $224 million. In fact, we are working on other initiatives such as taking loans to really clear this. But this is our discussion. So we can't commit to any payment plan in terms of how much they will be clearing every month, but we've been paying us $5 million on a monthly basis towards the [indiscernible].
Okay. Understood. And sir, what is the status on the magnetite exploration that you were supposed to start?
So we have been undertaking exploration activities. We do feel that there is high-grade magnetite there. So the activities are currently ongoing. Like any exploration activities, these are time consuming and we'll only get the results later.
Okay. And sir, just one question is regarding the unallocated the other segment that we report. So this quarter, the EBITDA has come at around INR 70 crores. So just wanted to understand what the others consist of?
Yes. These are technical services. These are technical services and also in terms of other income [indiscernible] yes. So technical services, which includes services that the company provides and also operation and maintenance services that we compete.
Okay. The operations and maintenance that happens at Zambia?
Yes.
[Operator Instructions], The next follow-up question is from the line of Viraj Mahadevia from Money Grow Asset Limited.
When is the Zambia Phase 1 tax concession valid until?
I'm sorry, can you repeat that?
When is the Zambia Phase 1 tax concession valid until?
Current financial year, the last financial year for the first 5 years of tax holiday than the next 5 years will come in from first April [ '25 ].
Phase 2.
Understood. So after the current financial year FY '25 there will no longer be a tax concession. And what will be the tax rate going forward there?
30% corporate tax, rate of 30%.
30%. Understood.
The next question is from the line of Govindlal, Individual Investor.
Clarification on previous perspective asking. So this year, we are existing first 5-years tax concession. So next year, I don't think it is full tax 30%. For the next few years, it will be 15%. After that, it will be 20%, 30% like that, I think -- so my understanding is correct?
Yes, absolutely.
Just your answer to previous participant that it will be 30%. That's different.
Yes.
So how much it will be from next year as from year 2?
Last 2 years, it will be [ 75% ] exempt or the next 3 years, it will be 50%.
Yes. That's I wanted to have a clarification. Then last 1 more question, sir. This quarter 1 was very phenomenal. So the Zambia, okay, that is a regular business. This Indian operations power all that [indiscernible] that first quarter will be something or something like [indiscernible] how it is 4 quarters is distributed on power [indiscernible] any color can you give us?
Generally, for our -- during the first quarter, there will be demand power generally high especially from the Northern states. That's why our energy sector continue generally does better the first quarter. And the demand for power sector registered in the Q2, but again picks up in Q3 onwards.
Then last 1 question. How much are we still write back, sir, every quarter, something we have...
Arbitration as of today is $224 million.
No, no, no, [indiscernible] last there. So we are -- how much more is the credit loss to be here?
It was $31.9 million.
Still $31.9 million to be [indiscernible].
Yes.
[Operator Instructions]. The next question is from the line of Vijay, an Individual Investor.
Yes. I missed the part about Ivory Coast exploration. It was last time, it was said that this exploration had not given encouraging results, and we have given it up. Now what is the next that is happening in a Ivory Coast?
So we're actively pursuing other options. Ivory Coast at the end of the day, does have a decent manganese potential. So we are looking at other options and as and when we get them, we'll disclose it to you.
So as of now, we do not have any opening in Ivory Coast as far as manganese ore is concerned?
No, we do. Essentially, the way it works with these concessions is you can have multiple concessions. One is not very fruitful. But there are other concessions that we are exploring in Ivory Coast. So it's not like we've given up on Ivory Coast. It's just that you find the most economical concession and the exploration activity is still continuing.
Coming back to the [indiscernible] operation in India, every time somebody asked about the monetization of land parcels it is required that there is no opening for usage of that money for the moment and the price is going up. So we are holding on to it. So what are we doing about expanding our cellular capacity or the power generation capacity in India when we have the source of money for funding it.
Well, I think if you look at the last year, the ferro alloys division the capacity that we have existing proved hard to turn profitable and that's mainly on account of your input costs are essentially the same as the competitor.
Unless you backward integrate and have access to your own new raw material, in this case, it's manganese ore. So we're pursuing that very actively. I think once that does take place, then a call for expansion could be [indiscernible] this juncture, when there is already an oversupply in the market, it doesn't mean sets to expand.
[Operator Instructions]. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
In conclusion, I want to express my gratitude for our dedicated team for everything, and I hope we've answered all your questions. We remain focused on our long-term goals, future diversification and global expansion. We look forward to also delivering sustained growth and largely to all our shareholders and stakeholders. Thank you very much.
Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.