Government-owned power producer SJVN posted a profit of ₹2.87 billion (~$34.7 million) for the third quarter (Q3) of the financial year (FY) 2022-23, an increase of 22% year-over-year (YoY).

The company reported a total income of ₹7.11 billion ($85.9 million), an increase of 16.3% YoY.

The company saw lower power generation and sales in the October-December quarter, but revenue was buoyed on account of interest income against the transfer of equity in its joint venture Kholongchhu Hydro Energy Limited (KHEL).

SJVN received ₹3.55 billion (~42.9 million) against the transfer of its equity for its JV. Out of this, ₹1.13 billion (~$13.6 million) was included in the company’s other income for the third quarter.

Chairman and Managing Director of SJVN, Nand Lal Sharma said, “These positive growth percentiles are result of optimum utilization of our operating units, relentless quest to excellence, adopting best financial practices and strategic focus on capacity addition in the portfolio of the company.”

The quarter’s gross energy generated from hydro, wind, and solar projects amounted to 1394.9 million units (MU), a dip of 5.76% YoY.

Sales, inclusive of proceeds from renewable energy (wind and solar power) generation, amounted to ₹60 million (~$725,264) for the quarter, a decrease of 37.6% on a YoY basis from ₹96.2 million (~$1.1 million)

During the quarter, the company also raised a loan of ₹10 billion (~$120 million) from the Bank of Baroda against securitization of future revenue from three beneficiaries of Nathpa Jhakri Hydro Power Station for a period of 15 years.

9M FY 2023

The company reported a net profit of ₹13.42 billion (~$ 162 million), an increase of 36.65% YoY for the first nine months of the financial year 2023.

SJVN accounted for a total income of ₹27 billion (~$ 326 million), a growth of 20.4 % YoY.

Sales amounted to ₹23.84 billion (~288.3 million) from the company’s hydropower projects for 9M, a YoY dip of 16.5% compared to ₹ 20.45 billion (~247 million) in 9M 2022.

Sales included revenue from renewable energy (wind and solar power) amounting to ₹482.7 million (~$5.8 million) for the nine months.

The gross energy generated by the company accounted for 8458.44 MU, recording a YoY increase of 1.66%.

The company said that in line with the government’s commitment to achieving 500 GW of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its business model and given a thrust to its renewable energy portfolio.

The company aims to achieve an installed capacity from non-fossil fuel sources of 25 GW by 2030 and 50 GW by 2040.

In November 2022, SJVN posted a profit of ₹4.45 billion (~$55.22 million) in the second quarter of FY 2023, an increase of 10% against ₹4.05 billion (~$50.26 million) during the same quarter last year.

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