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SJVN clocks highest ever profit before tax in 2020-21

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By Our Staff Reporter

Shimla, 29 Sep: Chairman and Managing Director Nand Lal Sharma highlighted the achievements of SJVN in FY 2020-21 and spelt out the prospects of the company in his address to the shareholders during the 33rdAnnual General Meeting held at Corporate Office, Shimla, today. The shareholders virtually participated in the AGM at which the audited financial results for the year 2020-21 along with other resolutions were adopted.
In his address, Sharma stated that, while 2020-21 marked its place in history as one of the COVID-19 pandemic that unleashed an unprecedented global humanitarian and economic crisis, the Management and the employees of SJVN rose to the occasion to achieve an outstanding operational performance by generating 9224 million units of electricity from 5 power stations. The design energy of these power stations is 8700 million units. To combat the COVID-19 impact, SJVN spent Rs 52.87 crore on Corporate Social Responsibility (CSR) initiatives in 2020-21 and Dalal Street Investment Journal declared SJVN as the ‘Most Efficient and Profitable Mini Ratna of the Year 2020’ in the PSU Award category.
Speaking about the Financial Performance, Sharma added that SJVN clocked its highest ever Profit Before Tax (PAT) of Rs 2168.67 crore in FY 2020-21. The company’s Net Profit increased to Rs 1633.04 crore in 2020-21 from Rs 1557.43 crore in 2019-20 and the Earnings Per Share (EPS) increased from Rs 3.96 per share in 2019-20 to Rs 4.16 per share in 2020-21. SJVN has declared a dividend of Rs 2.20 per share for 2020-21 of which an interim dividend of Rs 1.80 has already been paid in February 2021.
In the first quarter of FY 2021-22, SJVN’s Standalone Profit Before Tax was Rs 445.07 Crore registering an increase of 15.86% over the corresponding quarter of the previous year. The Standalone Net Profit increased by 12.77% to Rs 339.54 Crore from Rs 301.08 Crore over the June quarter of 2020-21. SJVN net worth at end of June 2021 has jumped to Rs 13100.97 Crore compared to Rs 12332.85 Crore at June 2020.
About the prospects of the company, Sharma said SJVN’s project portfolio continues to expand and has crossed 11,000 MWs. In FY 2020-21 and in the first quarter of 2021-22 the company has added new projects of 2525 MW generation capacity to its portfolio. SJVN has been allotted 679 MW Lower Arun hydroelectric project in Bhojpur district of Nepal by the Government of Nepal; the 104 MW Tandi Project, 130 MW Rashil Project and the 267 MW Sach Khas hydroelectric project on Chenab Basis, by the Himachal Pradesh government. On 24 September ‘21, SJVN bagged 1000 MW of Grid connected Solar PV Power Project floated by Indian Renewable Energy Development Agency Limited (IREDA).
SJVN has raised Rs 1000 crores at 6.1% through bonds and is in the process of raising USD 500 million through External Commercial Borrowings (ECB) at 1.78%.
The company is executing Projects in Hydro, Thermal, Solar and Wind sector in India, Nepal & Bhutan.