SJVN registers Rs 1676.75 Cr record profits, disappoints on dividend

Shimla: Public sector power company SJVN reported a profit increase of Rs 562.12 crore over the previous year that increased from Rs 1114.63 crore in 2013-14 to Rs 1676.75 crore in 2014-15.

Ramesh Narain Mishra, Chairman and Managing Director of CMD at a conference call after holding of its annual general meeting (AGM) yesterday stated that increase in revenues and profits was mainly on account of sale of energy generated by newly commenced Rampur Power Project and Khirvire Wind Project.

RN Mishra - CMD of SJVN
RN Mishra – CMD of SJVN

A onetime arrear billing for previous years after CERC approved a tariff plan was also a reason for the quantum jump in revenues and profits, he said.

Total revenues which stood at Rs 1873.58 crore in 2013-14 had increased to Rs 2817.53 in 2014-15.

Retaining much of the profits (Rs 1152.69 crore) within the company, SJVN against an dividend out pay of Rs 405.39 crore in 2013-14 declared a total dividend of Rs 434.35 crore for 2014-15. The board approved a per share dividend payout of Re 1.05 against Re 0.98 last financial.

The earnings per share (EPS) were Rs 4.05 against Rs 2.69 in the last fiscal.

SJVN Top Managment
SJVN Top Managment

The management also announced that work on construction at the 600 MW Kholongchu project in Bhutan had started with Gyaltshab, Jigme Dorji Wangchuk, younger brother of His Majesty King of Bhutan having launched the first blast at a ground breaking ceremony last week on 18th September.

Pre-construction activity for 1320 MW Buxar thermal plant in Bihar have been approved and an amount of Rs 436.68 crore stands sanctioned. Land acquisition process was in an advanced stage, said Mishra.

SJVN continues to struggle with starting work on projects after its last one the 412 MW Rampur project was fully commissioned on last year.

The 900 MW Arun III project in Nepal is awaiting clearance by Nepal environment ministry.

The run of the river 601 MW Luhri project in Himachal Pradesh has been scrapped because of fierce resistance by locals and instead a redrawn three stage dam project of 701 MW is under consideration.

The 60 MW Naitwar Mori and 51 MW Jakhol Sankri projects in Uttarakhand have been stalled by a Supreme Court stay on environment and forest clearances for them.

The 180 MW Doimukh project in Aurnachal Pradesh is awaiting clearance by ministry of forest and environment.

The 570 MW Wangchhu project’s revised detailed project report (DPR) in Bhutan is yet to accorded approval by the Bhutanese government.

SJVN, a Rs 7000 crore authorized capital company’s net worth has reached Rs 10,203.04 crore mark. The central government with an investment of Rs 2666.61 crore holds 64.46 % equity and the Himachal Pradesh government with an investment of Rs 1055.02 crore has 25.51 % equity in the joint venture company and the remaining 10.03 % equity by way of disinvestment rests with the public.

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