SJVN has recorded a revenue of ₹9.53 billion (~$114.4 million) during the second quarter (Q2) of the financial year (FY) 2023-24, a year-over-year (YoY) increase of 3% from ₹9.21 billion (~$110.6 million).

Revenue from the sale of hydropower stood at ₹8.33 billion (~$100 million) compared to ₹8.58 billion (~$103 million) during the corresponding quarter last year.

Solar and wind contributed ₹237.5 million (~$2.8 million) towards the revenue during the quarter.

The profit for the quarter was ₹4.41 billion (~$52.8 million), a marginal YoY decrease of 2% from ₹4.45 billion (~$53.4 million).

The company saw an added expense of ₹121.6 million (~$1.5 million) during the quarter.

The Himachal Pradesh government introduced a water cess on electricity generation, impacting two operational projects totaling 1,912MW in the state. The government issued a water cess bill amounting to ₹2.14 billion (~$25.7 million).

However, the Ministry of Power has categorically deemed this imposition illegal and unconstitutional. In response, it advised states against imposing any taxes or duties that contravene constitutional provisions, urging the withdrawal of such measures.

SJVN generated 4,142 million units (MU) of hydropower during the quarter compared to 4,277 MU a year ago. The company halted operations for its hydropower projects in Himachal Pradesh due to the flooding caused by torrential rains in July, leading to a marginal drop in generation.

The company generated 1.85 MU of solar and 59.05 MU of wind during the period.

First half (1H) 2024

SJVN reported revenue of ₹16.96 billion (~$203.7 million) during 1H FY 2024, a YoY decrease of 15% compared to ₹19.88 billion (~$238.8 million).

The profit for the April-September period was ₹7.11 billion (~$85.4 million), a YoY decrease of 33% from ₹10.55 billion (~$126.7 million).

In September, the government announced its plan to divest up to 4.92% of its stake in the state-owned power company SJVN through an Offer for Sale (OFS). The floor price for this stake was set at ₹69 (~$0.83)/share. This OFS involves the government’s sale of a base offer comprising 2.46% of the company’s equity, with an additional 2.46% retained as an oversubscription option.

SJVN registered a net profit of ₹2.7 billion (~$32.5 million) during the first quarter of the financial year 2023-24, a year-over-year decrease of 55.5% from₹6.08 billion (~$73.1 million).

In April, The Ministry of New and Renewable Energy designated SJVN as the implementing agency responsible for floating tenders for renewable energy projects. It will also act as the intermediary procurer of power. SJVN will work with other agencies, such as SECI, NTPC, and NHPC, to float tenders and open bids to avoid concurrent bids.