Q3 FY’22: SJVN registers 19% growth in net profit of Rs 232.67 crore

New Delhi: SJVN Limited has recorded a net profit of Rs 232.67 crores during the third quarter (Q3) of the current financial year (FY2021-22) which is 19 percent more than the corresponding quarter of the previous fiscal year. This information has been given by SJVN Limited's Chairman & Managing Director (CMD) Nand Lal Sharma Thursday. 

Speaking after the Board Meeting of the company in Shimla, Sharma stated that during the third quarter, SJVN has earned Rs 550.92 crores revenue from operations. This is 11.29 percent more than the previous year. SJVN has also recorded other incomes amounting to Rs 56.95 crores which saw a substantial increase of 55.94 percent as compared to the same period of last financial year.

The CMD said that in Q3 of FY21-22, SJVN has recorded the highest ever power generation of 1,480 million units for the period surpassing 1,280 MU generation in the corresponding period of the previous financial year. He lauded the collective efforts and hard work of the employees. "These positive growth percentiles are the result of optimum utilization of our operating units, relentless quest to better power generation records, adopting best financial practices and strategic focus on capacity addition in the portfolio of the company."

Sharma also shared that SJVN has been granted Category "1" License for inter-state trading in electricity for whole of India by CERC. Now, SJVN aims to be a one-stop source for any generator and consumer wanting to trade power in the country.

Further, he said that SJVN has been accorded approval by the Ministry of Finance for creating a subsidiary company for the development of renewable energy projects. This will facilitate in the development of renewable energy including battery energy storage systems, Wave, Biomass, Small Hydro and Green Hydrogen Projects.

In another major development, PIB has recommended the investment proposal of 382 MW Sunni Dam Hydro Electric Project, Himachal Pradesh at the estimated cost of Rs 2,614.51 crores. Recently, SJVN has submitted to the Government of Rajasthan a letter of intention (LoI) for developing 10,000 MW solar power projects in the state during the LoI signing ceremony of Govt. of Rajasthan on February 8 at Jaipur.

 In line with the commitment of the government 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. The addition of various hydro and renewable energy projects in the kitty of SJVN has resulted in upscaling of Shared Vision to achieve an installed capacity of 25,000 MW by 2030 & 50,000 MW by 2040.

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