SJVN targets revenue at over Rs 2000 Cr in 2011-12

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Shimla: Having reported a profit of Rs 912.13 after tax for 2010-11, public sector SJVN targets a revenue of over Rs 2000 crore for the current year as it has had a good run of power generation at Nathpa-Jhakri plant – the largest hydropower plant in the country.

Company head RP Singh told reporters after holding its AGM that a dividend of of Rs 330.93 Cr or Re 0.80 per share had been declared for 2010-11.

The dividend pay out would include Rs 84.42 Crore to Himachal government which holds 25.51 % equity in the central public sector undertaking.

Though revenues for 2010-11 were Rs 1955.82 Cr, which was higher than Rs 1908.74 Cr in 2009-10 but profits were lower than the previous years Rs 972.74 Cr because of higher provisions for tax, he said.

In 2009-10, a tax refund of Rs 108 Cr had reduced the tax burden on the balance sheet and it was only Rs 44.73 Cr whereas for 2010-11 the tax provision was Rs 244.07 Cr, said Singh CMD of SJVN.

He disclosed that generation in the April-June 2011 quarter was 2650 million units (MU) which was higher than the corresponding quarter of last year when it was 2424 MU.

He said that the company was headed for a record generation in the current year and the top line was likely to touch Rs 2035 Cr mark.

Work on 412 MW Rampur was progressing and 14 Kms of the head race tunnel stood excavated. The excavation work would be completed by March and the plant is expected to go on stream in 2013, he added.

Detailed agreement for implementation of Arun III project (900 MW) in Nepal was under negotiation with the government of Nepal and major civil works are expected to be awarded by June 2012, he added.

SJVN was also conducting the revised scheme for constructing the 600 MW Kholongchu hydro electric project in Bhutan, a project entrusted by the Bhutanese government, he said.

Central government has a share holding of 64.46 % in SJVN, with the Himachal government holding 25.51 % and the public holds 10.03% share in the company that came out with an IPO in May 2010.

The management claimed that it had sufficient reserves and sound plans for executing several projects in hand.

Editor-Reporter with Hill Post, Ravinder Makhaik as a journalist has for over two decades worked for India’s leading newspapers and television networks.

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