Chairman and Managing Director Shri Nand Lal Sharma highlighted the achievements of SJVN in FY 2020-21. He spelt out the prospects of the company in his address to the shareholders during 33rd Annual General Meeting of SJVN held at Corporate Office, Shimla today.
The shareholders virtually participated in the AGM where the audited financial results for the year 2020-21 along with other resolutions were adopted.
In his address, Sharma informed that where 2020-21 marked its place in history as one of COVID-19 pandemic which unleashed an unprecedented global humanitarian and economic crisis, the management and the employees of SJVN rose to the occasion to achieve an outstanding operational performance by generating 9,224 million units of electricity from 5 power stations. The design energy of these power stations is 8,700 million units.
To combat COVID-19 impact, SJVN spent Rs 52.87 crore on Corporate Social Responsibility (CSR) initiatives in 2020-21 and Dalal Street Investment Journal declared SJVN as the ‘Most Efficient and Profitable Mini Ratna of the Year 2020’ in the PSU Award category.
Financial performance
Speaking about the Financial Performance, Sharma said SJVN clocked its highest-ever Profit Before Tax (PAT) of Rs 2168.67 crore in FY 2020-21. The company’s net profit increased to Rs 1,633.04 crore in 2020-21 from Rs 1,557.43 crore in 2019-20 and the Earnings Per Share (EPS) increased from Rs 3.96 per share in 2019-20 to Rs 4.16 per share in 2020-21.
SJVN has declared a dividend of Rs 2.20 per share for 2020-21 of which an interim dividend of Rs 1.80 has already been paid in February 2021.
In the first quarter of FY 2021-22 SJVN’s standalone Profit Before Tax was Rs 445.07 crore registering an increase of 15.86 percent over the corresponding quarter of the previous year. The standalone Net Profit increased by 12.77 percent to Rs 339.54 crore from Rs 301.08 crore over the June quarter of 2020-21.
SJVN net worth at end of June 2021 has jumped to Rs 13100.97 Crore compared to Rs 12332.85 Crore at June 2020.
SJVNs project portfolio
Sharma said SJVNs project portfolio continues to expand and has crossed 11,000 MWs. In FY 2020-21 and in the first quarter of 2021-22 the company has added new projects of 2525 MW generation capacity to its portfolio.
SJVN has been allotted 679 MW Lower Arun hydroelectric project in Bhojpur district of Nepal by the Government of Nepal; the 104 MW Tandi Project, 130 MW Rashil Project and the 267 MW Sach Khas hydroelectric project on Chenab Basis, by the Himachal Pradesh government.
On September 24, SJVN bagged 1000 MW of Grid connected Solar PV Power Project floated by Indian Renewable Energy Development Agency Limited (IREDA).
"In our efforts to raise low cost funds for project financing, SJVN has raised Rs 1,000 crores at 6.1 percent through bonds and is in the process of raising $500 million through External Commercial Borrowings (ECB) at 1.78 percent," Sharma said.
The company is executing projects in Hydro, Thermal, Solar and Wind sector in India, Nepal & Bhutan.
It has chartered a blueprint of its journey and to accomplish the short-medium-long-term objectives SJVN has laid out a Shared Vision of achieving 5,000 MW installed capacity by 2023, 12,000 MW by 2030 and 25,000 MW by 2040.
