SJVN registers 37.98% growth in net profit

New Delhi: SJVN Limited's Chairman and Managing Director (CMD) Nand Lal Sharma on Monday informed that SJVN has recorded profit after tax (PAT) of Rs 1349.48 crores for three quarters of current financial year which is 37.98 percent more than the corresponding period of previous fiscal.

Speaking after the board meeting of company, Sharma stated that for the third quarter (Q3) Profit After Tax increased by 25.06 percent, which is Rs 290.98 crores compared to Rs 232.67 Crores during corresponding period last year.

Sharma lauded collective efforts and hard work of the employees. "These positive growth percentiles are result of optimum utilization of our operating units, relentless quest to excellence, adopting best financial practices and strategic focus on capacity addition in the portfolio of the company."

Sharma informed that SJVN's net worth has jumped to Rs 14,261.09 crores at the end of Q3 of 2022-23 as compared to Rs 13,581.36 crores during last year. SJVN has also upped its Earning Per Share (EPS) registering an increase of 38.15 percent as compared to corresponding period of previous year. Similarly, company has accounted an increase of 11.37 percent in the Profit Before Tax (PBT). Displaying an excellent financial performance during first three quarters of current fiscal, the Company has earned total revenues of Rs 2,715.48 crore from operations during these three quarters.

Further, Sharma informed that on 3rd of January this yearPresident of India, Droupadi Murmu, laid the foundation stone of SJVN's 1000 MW Bikaner Solar Power Project. He further told that in a major development Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved investment of Rs 2614 crore for 382 MW Sunni Dam Hydro Electric Project in Himachal Pradesh.

In line with the commitment of Government of India to achieve 500 GW of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its Business Model and has given a major thrust to its Renewable Energy portfolio. Addition of various Hydro & Renewable Energy Projects in the kitty of SJVN has resulted in upscaling of Shared Vision to achieve installed capacity of 25,000 MW by 2030 & 50,000 MW by 2040.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)