SJVN profits drop, board increases dividend payout

Shimla: Cash rich public sector power producer SJVN board has recommended an increased dividend for 2012-13 at its meeting held in Delhi, today.

Against a per share dividend payout of Re 0.94 for 2011-12, the board has recommended a payout of Re 0.96 per share, a company spokesman stated.

Whereas the company had an dividend outgo of Rs 388.84 Cr in the last financial year this year it would be Rs 397.12 Cr, he added.

However during the year 2012-13 SJVN’s Profit After Tax of Rs 1052.30 crore was lower than last year’s net profit of  Rs 1068.68 crore. SJVN

SJVN which operates one of the largest hydroelectric station the 1500 MW capacity Nathpa Jhakri plant on River Satluj attributed the 6777 million units of electricity in 2012-13, which was lower than the previous year, due to discharge of water in the Himalayan river being substantially lower in comparison to the previous year.

For capacity addition, SJVN is scheduled to commission a 47.6 MW wind energy farm in Maharashtra and the 412 MW Rampur hydroelectric plant in Himachal Pradesh in the current financial year.

Making a foray into thermal energy, the company is also going ahead with commencing works at the 1320 MW Buxar Thermal Power Plant in Bihar, for which an agreement has been signed.

For setting up the plant, more than 500 acres of land acquisition has already been completed and the major works will be commenced shortly.

Incorporated in the year 1988, SJVN is a joint venture of the union government (64.47%) and government of Himachal Pradesh (25.50%). After divesting 10.3  percent equity in May 2010, the public sector company also has more than 1 lakh retail shareholders.

As dividend share the union government is to get Rs  256.02 crore, and the Himachal Pradesh government will get Rs 101.27 crore while retail shareholders will get Rs 39.83 crore as per the board recommendation.

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