SJVN Ltd. Reports Marginal Rise in Q2 FY25 Net Profit

SJVN Ltd. reported a marginal rise in Q2 net profit to INR 441 crore. The hydro power sector reported strong growth. Power trading grew, though renewable energy revenue declined. SJVN targets renewable expansion despite ongoing regulatory delays in Uttarakhand projects.

November 05, 2024. By EI News Network

SJVN Ltd., a public sector enterprise jointly owned by the Government of India and the Government of Himachal Pradesh, has announced its financial results for the second quarter of the fiscal year 2024-25, ending September 30, 2024.

The company reported a slight increase in its consolidated net profit, reaching INR 441 crore, compared to INR 439.6 crore during the same period last year. SJVN reported a rise in total income to INR 1,108.43 crore for Q2 FY2024-25, up from INR 951.62 crore in the same quarter last year. However, the company’s expenses also increased significantly to INR 528.88 crore, up from INR 398.22 crore a year ago.

SJVN reported significant revenue growth from hydro power generation, generating INR 95,336 lakh in the second quarter, which marks a considerable increase from INR 83,309 lakh reported in the same quarter of the previous year. For the half-year period, hydro power revenue reached INR174,851 lakh, up from INR 147,125 lakh last year, indicating the company's strong operational performance in this segment.

However, the company experienced a slight decrease in revenue from renewable energy sources, totaling INR 2,042 lakh for the quarter and INR 3,610 lakh for the half-year, reflecting challenges in wind and solar segments.

SJVN's power trading operations also showed robust growth, with revenues amounting to INR 1,846 lakh in the quarter and INR 3,785 lakh for the half-year, compared to INR 1,221 lakh and INR 1,793 lakh for the same periods last year.

In the Annual General Meeting held on September 19, 2024, shareholders approved a final dividend of INR 0.65 per share for the financial year 2024-25, complementing the interim dividend of INR 1.15 per share distributed earlier in the fiscal year.

Other income for the quarter was reported at INR 8,243 lakh, primarily from interest on bank deposits, showing stability compared to INR 8,195 lakh in the previous year.

However, SJVN is currently facing challenges with the Devasari Hydro Electric Project in Uttarakhand, where survey and investigation activities have been halted due to a directive from the Ministry of Power. As of September 30, 2024, the project has incurred costs totaling INR 25,024 lakh, up from INR 24,786 lakh as of March 31, 2024. The management is in discussions with the Ministry of Power and the Government of Uttarakhand to seek approvals for resuming project activities.

Tags:

Government of Himachal Pradesh

Devasari Hydro Electric Project

Uttarakhand

Government of Uttarakhand

Hydro Electric Projects

SJVN net profit