SJVN Posts 31% Profit Rise in June Quarter

State-owned hydropower company SJVN reported a 31% increase in consolidated net profit for the June quarter, reaching Rs 357.09 crore, primarily due to higher income. The company also saw an increase in total income and expenses, and received approvals for revenue monetisation and stake dilution plans.

State-owned hydropower company SJVN on Tuesday posted a significant 31% rise in consolidated net profit, reaching Rs 357.09 crore during the June quarter, driven by higher income.

According to an exchange filing, SJVN had reported a net profit of Rs 271.75 crore in the April-June period of the previous financial year. The company boosted its total income to Rs 958.47 crore this quarter compared to Rs 744.39 crore in the same period last year.

SJVN's expenses totaled Rs 476.39 crore, up from Rs 362.60 crore in the first quarter of the last fiscal. The company's board of directors granted in-principle approval for the monetisation of partial future revenue from the Nathpa Jhakri Hydro Power Station. Additionally, the board approved a proposal to dilute its stake in the wholly-owned subsidiary, SJVN Green Energy Ltd, subject to regulatory approvals. Sushil Sharma, who holds additional charge as Chairperson and Managing Director, was designated as the Key Managerial Personnel of SJVN following an order from the Ministry of Power.