Shimla: An increase of over 11 percent in electricity generation in the first quarter of 2013-14 has boosted SJVNs, the public sector company’s profits by as much as 8.87 percent over its last years corresponding period to touch Rs 343.24 Cr vis a vis Rs 315.27 that was reported in the first quarter of 2012-13.
Company spokesman said that the revenues from sale of electricity increased from 557.26 Cr to 597.29 Cr in the first quarter over its corresponding last year’s quarter. The profits after tax have resulted into first quarter earnings per share of Re 0.83.
Last year during the same period the power generating Public Sector Company had recorded an EPS of Rs 0.76 for the same period, he added. SJVN after holding a board meeting at Delhi declared its quarterly results on Tuesday.
The company’s profits have increased as a directive of Central Electricity Regulatory Commission (CERC), which has permitted run of the river power station a 16.5 % return on equity as against the earlier norm of 15.5 percent.
SJVN which operates the 1500 MW Nathpa Jhakri power plant is expecting to add to its generation capacities by commissioning of the 412 MW Rampur hydroelectric project in Himachal Pradesh and the 47.6 MW Khirvire Wind power project in Maharashtra later in the current financial year.
From the Jhakri plant, the company recorded a total generation of 2329.76 million units (MU) during the quarter which was more than the 2091.52 MU recorded during the corresponding period last year.
On 29 May, the plant touched a generation of 39.147 MU, the highest ever achieved at the country’s largest hydropower station.
Having signed an agreement with the Bihar government for executing the 1320 MW Buxar thermal power plant, SJVN has taken over the Buxar Bijlee Company Pvt Ltd. To meet coal needs for the plant, SJVN has also been allocated 486 million tons of coal reserves at the Deocha-Pachami coal block in West Bengal.
For executing the 900 MW Arun III project in Nepal, SJVN has also incorporated a subsidiary SJVN Arun-3 Power Development Company Private Limited in Nepal with an authorized capital of Rs. 1547 crores.
For the financial year SJVN has set out a target of generating 6930 MU of electricity.