SJVN's profit after tax jumps 8.87% to Rs 343.24 cr in Q1

SHIMLA: State-run Sutlej Jal Vidyut Nigam (SJVN) has recorded nearly 9 per cent increase in profit after tax during the first quarter of 2013-14 on the back of over 11 per cent increase in electricity generation from its flagship 1500 MW Nathpa Jhakri hydro power station.

The net profit of the company increased to Rs 343.24 crore from Rs 315.27 crore earned during the corresponding quarter of last financial year, an SJVN official said.

While the company's total income increased 7.18 per cent from Rs 557.26 crore to Rs 597.29 crore, the PBT (Profit Before Tax) grew 10.29 per cent from Rs 379.58 crore to Rs 418.64 crore.

As a result, the company's Earnings Per Share (EPS) during the quarter has increased to Rs 0.83 from Rs 0.76.

The Central Electricity Regulatory Commission (CERC) has also revised the Return on Equity (RoE) in respect of the run of river generating stations with pondage from 15.5 per cent to 16.5 per cent. This has resulted in higher returns to the company which will also have positive impact on its financial results.

During the quarter April to June 2013, 1500 MW Nathpa Jhakri Hydro Power Station generated 2329.76 million units of electricity which was 11.4 per cent more than the 2091.52 MU achieved during the corresponding quarter of last year.

The country's largest hydro power unit also established a new milestone by achieving the highest daily generation of 39.147 million units on May 29, 2013 against the schedule generation of 36 million units.

During the quarter, the power station also surpassed a cumulative generation of 60,000 million units since its commissioning in October 2013.

Further, the Plant Availability Factor achieved during the quarter was 105.84 per cent and the project is scheduled to generate 6930 MU of electricity during 2013-14.

Consequent upon signing of a MoU with Bihar government, SJVN has already taken over the 1320 MW (2 x 660 MW) Buxar Bijlee Company Ltd (BBCPL).

It has also been allocated 486 MT coal reserves in the 2012 MT Deocha-Pachami Coal Block in West Bengal, by the Ministry of Coal, for this thermal project.

The company's 412 MW Rampur Hydro Electric Project in Himachal Pradesh is also nearing completion and is scheduled to be commissioned during the current financial year.

SJVN's 47.6 MW Khirvire Wind Power Project coming up in Maharashtra is also expected to start generating power during the current quarter of the financial year.