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					</table><p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Limited</a>, a joint venture between the Government of India and the Government of Himachal Pradesh, has registered a net profit of ₹2.7 billion (~$32.5 million) during the first quarter (Q1) of the financial year (FY) 2023-24, a year-over-year (YoY) decrease of 55.5% from₹6.08 billion (~$73.1 million).</p>
<p>The company registered a revenue of ₹7.38 billion (~$88.8 million), a YoY decrease of 31% from ₹ 10.71 billion (~$128.9 million).</p>
<p>Net profit margin (i.e., profit for the period/revenue from operations) stood at 40.66% as compared to 60.40% achieved during Q1 2022.</p>
<p>The company said the Q1 results were not as promising due to inadequate water availability in the Sutlej River, where two of its major hydropower projects are located.</p>
<p>The scarcity was due to various factors, including significantly lower river discharge during the first quarter compared to the previous year—reaching as low as 50% at one point.</p>
<p>The arrival of the monsoon is expected to boost water levels, but the initial months of April, May, and June were marked by unusually limited winter snowfall in the hills.</p>
<p>Consequently, the usual springtime snowmelt and river discharge were reduced due to the mild summer conditions in the hilly areas. This resulted in a decreased river discharge of around 25% to 30% compared to the previous year, ultimately leading to reduced power generation during Q1.</p>
<p>Chairman and Managing Director of SJVN NL Sharma said SJVN&#8217;s total power generation was 2,061 million units, in contrast to 2,735 million units earlier, showing a reduction of around 674 million units or a 25% drop.</p>
<p>Wind projects generated 53.09 million units, and solar projects generated 2.37 million units out of the total.</p>
<p>Revenue generated from renewable energy sources, including wind and solar power, reached ₹194.5 million (~$2.3 million) during the quarter, compared to ₹215.2 million (~$2.5 million) in the same quarter of the previous year.</p>
<p>This decrease consecutively also impacted power sales, leading to a 25% decline in generation-related revenue, resulting in a decrease of ₹710 million (~$8.5 million), Sharma said.</p>
<p>The company&#8217;s total expenses for the quarter stood at ₹3.58 billion (~$43 million), a YoY decrease of 14.7 % compared to ₹4.2 billion (~$50.5 million).</p>
<p>SJVN possesses a total operational capacity of around 2.1 GW. This capacity is distributed among two hydroelectric projects, two wind energy projects, and four additional solar projects.</p>
<p>It has 16 ongoing projects under construction, collectively expected to have a capacity of roughly 4.5 GW.</p>
<p>In July, SJVN Green Energy, a wholly owned subsidiary of SJVN, <a href="https://www.mercomindia.com/sjvn-bags-%E2%82%B970-billion-contract-1-2-gw-solar-projects" target="_blank" rel="noopener">received</a> a letter of intent from the Punjab State Power Corporation (PSPCL) to develop 1,200 MW solar power projects.</p>
<p>In the same month, the Ministry of Power <a href="https://www.mercomindia.com/ministry-approves-sjvns-transmission-lines-1-gw-project" target="_blank" rel="noopener">approved</a> SJVN’s request to set up overhead transmission lines for its 1,000 MW solar power project in Bikaner, Rajasthan.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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SJVN’s Q1 Net Profit Falls 55.5% YoY as Hydropower Projects Underperform

<p>Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, has announced its financial report for the first quarter (Q1) of the financial year (FY) 2020, ending June 30, 2019.</p>
<p>In the quarter, the company’s total revenue stood at ₹6.61 billion (~$ 92.1 million), an increase of 40% year on year. The company announced a revenue of ₹5.54 billion (~$ 77.26 million) from power generation for Q1 of FY 2020, an increase of 17% year-over-year (YoY).</p>
<p>The earning before interest taxes depreciation and amortization (EBITDA) for Q1 of FY 2020 was ₹4.96 billion (~$69.18 million), an increase of 13% due to the rise in its operating capacity. The EBITDA margin from power sale was 90% for the same period. The depreciation stood at ₹48 billion ($ 34.60 million), higher by 9% YoY because of projects capitalized in the fourth quarter of FY 2019.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-15187" src="https://mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png" alt="Consolidated Financial Services" width="770" height="560" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services.png 770w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-300x218.png 300w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-768x559.png 768w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-650x473.png 650w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-624x454.png 624w, https://cms.mercomindia.com/wp-content/uploads/2019/08/Consolidated-Financial-Services-600x436.png 600w" sizes="(max-width: 770px) 100vw, 770px" /></a></p>
<h6 style="text-align: center;">Source: Adani</h6>
<p>The total portfolio of AGEL is 5,290 MW at present, out of which 2,220 MW of renewable energy capacity is operational. The company’s capacity utilization factor (CUF) is 25.31% for solar projects, which is near P50 performance, the highest level of targeted performance. The average tariff for solar projects is ₹5.10 (~$ 0.07)/kWh. Wind projects have a CUF of 35.85% with the average tariff of ₹3.94 (~$ 0.054)/kWh.</p>
<p>The company won bids for 130 MW of wind and 600 MW of hybrid projects in Q1 FY 2020. In June, Adani Renewable Energy Park (Gujarat) Limited, a wholly-owned subsidiary of <a href="https://mercomindia.com/adani-lowest-tariff-seci-hybrid-auction/" target="_blank" rel="noopener noreferrer">AGEL</a>, won a 600 MW of <a href="https://mercomindia.com/adani-green-solar-wind-hybrid-seci/" target="_blank" rel="noopener noreferrer">solar-wind hybrid power projects</a> in an auction conducted by the Solar Energy Corporation of India (SECI).</p>
<p>Commenting on the results, Ashish Garg, the CFO of the company, said, “The operational portfolio is performing close to P50 levels, implying that we are very close to the targeted performance. This will result in a lower payback period of about six years for the operational portfolio. The company is moderately geared at less than 5.5 times on net debt to EBIDTA basis. Going forward, as we are adding more capacity to our development portfolio, cash release from existing operational project will be utilized as growth capital, to add more capacity thus creating enhanced shareholder’s returns.”</p>
<p><a href="https://mercomindia.com/adani-greens-revenue-up-39-in-fy19/" target="_blank" rel="noopener noreferrer">In May 2019</a>, Adani Green announced its operational and financial performance for the financial year (FY) 2019 and the fourth quarter ending March 31, 2019. The financial statement shows that for FY 2019, its revenue stood at ₹20.58 billion ($295 million) from the earlier ₹14.8 billion ($212 million), up 39% YoY.</p>
<p><a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">Then in June 2019</a>, the company had announced it would raise $500 million through green bonds.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ramya/" class="vcard author" rel="author"><span class="fn">Ramya Ranganath</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Ramya1.png" width="92" height="94" data-default="https://mercomindia.com/wp-content/plugins/simple-author-box/assets/img/default.png" /></p>
<p>Ramya Ranganath is an Associate Editor and Writer for Mercom Communications India. Before joining Mercom, Ramya worked as a Senior Editor at a digital media supply chain solutions company. Throughout her career, she has developed end-to-end content for various companies in a wide range of domains, including renewables. Ramya holds a bachelor’s degree in Mechanical Engineering from M.S. Ramaiah Institute of Technology and is passionate about environmental issues and permaculture.</p>
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Adani Green Records 40% Revenue Increase As New Renewable Projects Begin Generation

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