SJVN Limited, a joint venture between the Government of India and the Government of Himachal Pradesh, has registered a net profit of ₹3.39 billion (~$45.63 million) in the first quarter (Q1) of the financial year (FY) 2021-22.

The company’s net profit increased 12.77% in Q1 from ₹3.01 billion (~$40.52 million) in the June quarter of FY 2020-21.

It earned a profit before tax of ₹4.45 billion (~$59.89 million) in Q1, an increase of 15.86% over the corresponding quarter in the previous year.

The company’s net worth at the end of June 2021 increased to ₹131.01 billion (~$1.76 billion) compared to ₹123.33 billion (~$1.66 billion) at the end of June 2020, an increase of 6%.

SJVN registered a net profit of ₹16.33 billion (~$219.81 million) in FY 2020-21, an increase of 4.8% from ₹15.57 billion (~$219.57 million) in FY 2019-20. The company registered its highest-ever profit before tax of ₹21.69 billion (~$291.95 million) in FY 2020-21, and the earnings per share increased from ₹3.96 (~$0.053) per share to ₹4.16 (~$0.056) in FY 2020-21.

In FY 2020-21, the company generated 9,224 million units (MU) of energy from five power-generating stations.

In FY 2020-21 and Q1 2021-22, SJVN added 2,525 MW generation capacity to its portfolio. The company is also making its presence felt in the solar sector. The company has been issuing tenders to expand its base in the renewable sector and executing hydro, thermal, wind, and solar projects in India, Nepal, and Bhutan.

Recently, SJVN bagged 1,000 MW of grid-connected solar power project auctioned by the Indian Renewable Development Agency (IREDA). The company aims to achieve 5,000 MW of installed capacity by 2023 and 12,000 MW by 2030.

In April this year, SJVN invited expressions of interest from independent power producers, power generating companies, developers, state electricity boards, and lenders for offering their hydro, solar, and wind projects in India for acquisition.

Earlier, SJVN had floated a tender seeking services from firms to arrange for land, connectivity, open access, and power purchase agreements for 1 GW of grid-connected solar projects in the country under the open access program.