State-owned SJVN (formerly Satluj Jal Vidyut Nigam) has announced a significant increase in its consolidated profit for the March quarter, driven by exceptional gains. According to a BSE filing, the company’s consolidated net profit surged to Rs 61.08 crore during the quarter, marking a more than two-fold increase from Rs 17.21 crore reported in the same period last year.
The exceptional gains, amounting to Rs 103.84 crore, contributed significantly to the impressive financial performance of the company during the quarter. Despite this remarkable profit surge, SJVN witnessed a slight dip in total income, which stood at Rs 573.23 crore compared to Rs 582.78 crore in the corresponding quarter of the previous year.
For the fiscal year 2023-24, SJVN reported a consolidated net profit of Rs 911.44 crore, compared to Rs 1,359.30 crore in the previous fiscal. However, the total income for the fiscal increased to Rs 2,876.96 crore from Rs 3,282.50 crore in the preceding year.
In line with its commitment to enhancing shareholder value, the board of directors of SJVN approved a final dividend of Rs 0.65 per equity share for the fiscal year 2023-24. This final dividend, subject to approval by shareholders in the forthcoming annual general meeting, is in addition to the interim dividend of Rs 1.15 per equity share declared in February 2024. The final dividend will be disbursed within the statutory period.
Furthermore, SJVN’s board sanctioned the signing of a 50:50 joint venture agreement with Indian Oil Corporation Ltd (IOCL) to establish a joint venture company. This entity will focus on developing green round-the-clock and renewable projects, alongside other projects leveraging new technologies. However, the formation of the joint venture company is contingent upon approvals from the Ministry of Power, NITI Aayog, and the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance.
SJVN, headquartered in Shimla, is a publicly-listed company with a distinctive shareholders’ pattern. The Government of India holds a majority stake of 55 per cent, followed by the Himachal Pradesh government with 26.85 per cent, while the remaining 18.15 per cent is owned by the public.
The company’s robust financial performance and strategic initiatives underscore its commitment to sustainable growth and value creation for stakeholders. With a focus on renewable energy projects and innovative technologies, SJVN remains well-positioned to capitalize on emerging opportunities in the evolving energy landscape.
