SJVN’s Profit Up 10% YoY to ₹4.45 billion in Q2 FY23

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SJVN Limited, a joint venture between the Government of India and the Government of Himachal Pradesh, posted a profit of ₹4.45 billion (~$55.22 million) in the second quarter (Q2) of the financial year (FY) 2023, an increase of 10% against ₹4.05 billion (~$50.26 million) during the same quarter last year.

However, the numbers decreased by 27% sequentially.

The company posted a total income of ₹9.16 billion (~$113.66 million), a decrease of 1% year-over-year (YoY). The numbers declined by 14.5% quarter-over-quarter (QoQ).

The company stated that sales from hydropower accounted for ₹8.58 billion (~$106.48 million) during the quarter, a drop of 0.23% YoY. The company generated 4,277 MU of hydropower during the quarter, decreasing by 1.61% YoY. The numbers increased by 60% sequentially.

Sales from renewable energy (wind and solar) accounted for ₹207.5 million (~$2.58 million) in Q2, a decline of 8% YoY. The company generated 49.04 MU of wind energy in Q2, a decrease of 12% YoY. The numbers dropped by 11.84% QoQ. During the quarter, 1.48 MU of solar energy was generated, a 17% YoY decrease. The numbers declined by 32% QoQ.

1H FY 2023

The company reported a profit of ₹10.55 billion (~$130.93 million) in 1H FY23, a spike of 41% compared to ₹7.47 billion (~$92.71 million) during the corresponding period last year.

SJVN’s total income increased by 22% YoY to ₹19.88 billion (~$247.61 million).

Sales from hydropower accounted for ₹18.41 billion (~$228.47 million) during 1H, increasing by 22% Yoy. Sales from renewable energy (wind and solar) grew by 8% YoY to ₹422.7 million (~$5.25 million).

The company generated 6,955 MU of hydropower in 1H FY23, increasing by 3% YoY. It generated 104.67 MU of wind energy, increasing by 5% YoY and 3.8 MU of solar energy, decreasing by 6% compared to the same period last year.

The company stated that it had incorporated a wholly-owned subsidiary SJVN Green Energy to expand the renewable energy business. The holding company has approved the transfer of 15 renewable energy projects to SJVN Green Energy.

SJVN Green Energy and two other companies were recently declared winners in the Rewa Ultra Mega auction for the 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh.

Last month, the company signed a memorandum of understanding with the Assam Power Distribution Company to invest ₹60 billion ($728.32 million) for developing 1,000 MW of floating solar projects. The projects are expected to generate 2,192 MU in the first year after commissioning and scale up to 50,425 MU of cumulative energy over the next 25 years.

Earlier, the Ministry of New and Renewable Energy (MNRE) had approved SJVN’s proposal to develop a 400 MW solar park in the Kinnaur district of Himachal Pradesh under Mode 8, i.e., Ultra Mega Renewable Energy Power Parks of its Solar Park Program.