NAVA LIMITED

Vishal Chandak

EMKA Y GLOBAL FINANCIAL SERVICES LIMITED

400 million

respect to Maamba, we entered into arbitration on outstanding receivables, which are upwards of $400 million .. We have a tribunal that has been formed and this process is currently on going. Now, on the ta

60 megawatt

y assets for power business and improving the merchant sale? Ashwin Devineni: In Odisha we have 60 megawatt and in Paloncha we have about 150 megawatt that is currently idle. On the Paloncha side, yes, we

150 megawatt

the merchant sale? Ashwin Devineni: In Odisha we have 60 megawatt and in Paloncha we have about 150 megawatt that is currently idle. On the Paloncha side, yes, we are currently awaiting open access clearanc

Rs.2000

ata has been sharing the higher profits with the conversion partners so currently we are at about Rs.2000 per metric tonne margin with the Tata Steel. Devendra Pandey: So, should we expect that it would

5%

ng into a forex swap arrangement, which will bring our overall cost of debt on this loan to about 5%.We have been utilizing full capacity and there has been no disruptions in the capacity utilizatio

300 million

I million tonne and the national steel policy envisage that India steel production would rise to 300 million tonne in 2030. So this poses a huge demand situation for silico-manganese. Furthermore, I think t

400 million

dak: This is in respect to this arbitration that we have right now. Assuming that we do win this $400 million, what are receivables, which is due? How do we plan to monetize this or at least recover this? Do

40%

sh always varies. Generally, the ash content in Zambian coal is high, but we restrict it to below 40% ash. Vishal Chandak: That 40% is post washing or pre-washing? Ashwin Devineni: That is pre-

rs,

tory of the company, there has been no expansion in the ferro alloy plants for almost 15 to 20 years, so what are the company's plans to meet the expanding ferro alloy market, since India is going to

300 million

t are the company's plans to meet the expanding ferro alloy market, since India is going to touch 300 million tonnes of steel? Ashwin Devineni: I think with respect to the ferro alloy market and expanston,

“I had three questions, my first question is that we have observed a good growth in our silica manganese business so what could be the reason behind it and can we expect this trend to continue for the next year?”

“Ashwin pointed out, in quarter four we are completely overbooked in terms of our production and sales and we hope that this trend would continue given the forecast in terms of the growth in GOP and so on.”

“Once those are resolved I think we will be able to offtake power to end customers.”

“So, should we expect that it would generate steady cash flow in the future, or would it be lumpy?”

“Yes, our conversion agreement with Tata steel has been extended till March 2025, so we expect steady revenue and cash flows from Odisha Tata steel conversion for the next 4 years.”

“However, as I said before, in quarter four we are seeing a huge uptake in silica-manganese prices and if the trend continues going forward, which we hope, given all the indicators from the economy, silica-manganese prices also should yield good results.”

“My question is a follow-up on the ferro-alloy dispense section, what would be your sales projection for the fourth quarter and the full year given that we are seeing a sequential rise in sales in silicomanganese?”

“How do we plan to monetize this or at least recover this?”

“How do you plan to recover this money even if we win this arbitration?”

“As you rightly said, we opened up another pit called the Kanzinze pit, which is on the left hand side of the concession area and coal extraction from the pit has commenced with that we hope to see increase in sales quantities owing to the pit producing very high grade quality coal for sales.”

Ashwin Devineni

19

Moderator

7

Vijay P

7

Vishal Chandak

6

Sultan Baig

4

Mohit Kumar

3

Nikhil Devineni

3

Sameer Joshi

2

Samil Surendran

2

M Sriniva Rao

2

Vishal Chandak

Thank you very much Suraj and a very good morning to everyone and welcome to Q3 FY 2021 Earnings call for Nava Bharat Ventures. On behalf of the management, I welcome you all. I thank the management for giving us the opportunity to host this call. Without much ado, I hand over the floor to Mr. Ashwin Devineni for his opening remarks following which we will have the Q&A session. Over to you Sir! Page 1 of9

Ashwin Devineni

Hello everyone. This is Ashwin Devineni, CEO ofNava Bharat Ventures. A very good morning Nava Bharat Ventures Limited Februm:v 9, 2021 and a warm welcome to all the participants. The statement of the financial results both on the standalone and consolidated basis, and a press release detailing the operations of Nava Bharat Ventures Group for third quarter and 9 months ended December 31, 2020, have already been filed with the stock exchanges and posted on our website. I hope you had a look at them and trust that they provide adequate information on our performance for the quaJier and 9 months ended December 31, 2020. Given the above, we would now like to proceed with the question and answer session and request you all to seek clarifications as you may desire. Thank you very much. Moderat01·: Thank you very much Sir. The first question is from the line of Mohit Kumar from EM Capital. Please go ahead.

Mohit Kumar

Good mornmg Sir and congratulations on the good set of numbers. Sir, I had two questions, firstly where are we on the Maamba receivables and secondly what is the progress in terms tariff negotiation, can you please update on the same?

Ashwin Devineni

Mohit, with respect to Maamba, we entered into arbitration on outstanding receivables, which are upwards of $400 million .. We have a tribunal that has been formed and this process is currently on going. Now, on the tariff negotiation, which is essentially for the future, those discussions are also currently on the way between Maamba Collieries and the state utility ZESCO, so that is also progressing on a parallel track.

Ashwin Devineni

It is in the interest of both parties to conclude the negotiations as early as possible. Both the pa~iies are putting in their best efforts to discuss all matters and close it sooner rather than later. Unfotiunately with this whole COVID situation and the current situation in Zambia, which is pretty bad with the new South African strain, things have taken a toll in terms of timelines. We had to resoti to vitiual meeting, which is delaying the progress,

Mohit Kumar

Understood, Sir. Thank you and all the best. Moderator·: Thank you very much, Sir. The next question is from the line of Devendra Pandey from DP Financial Services Advisory. Please go ahead. Page 2 of9 NrWA Nava Bharat Ventures Limited Februwy 9, 2021