SJVN (SJVN) Q1 24/25 earnings summary

Executive summary

• Commissioned 90 MW Omkareshwar Floating Solar Project in August 2024, adding INR 64 crore annual revenue and raising total installed capacity to 2,466.5 MW.

• Raghanesda Solar Power Project (100 MW) declared COD in April 2024; Arun-3 Hydro Electric Project in Nepal achieved major construction milestone.

• Cabinet approved INR 5,792.36 crore investment for 669 MW Lower Arun Hydro Electric Project in Nepal.

• Darzo Lui 2,400 MW Pumped Storage Project allotted in Mizoram, first PSP in portfolio.

• Nathpa Jhakri Hydro Power Station recorded highest ever monthly generation in July 2024.

• Standalone net profit for Q1 FY25 rose to ₹32,715 lakh, up 21% year-over-year from ₹27,020 lakh, with consolidated net profit at ₹35,709 lakh, up 31% year-over-year from ₹27,175 lakh.

• Revenue from operations increased to ₹83,173 lakh (standalone) and ₹87,037 lakh (consolidated), reflecting strong growth in hydro and renewable energy sales.

• Gross energy generation from hydro power surged to 3,088 million units, up from 2,006 million units in the prior year quarter.

Financial highlights

• Q1 FY25 revenue from operations: INR 831.73 crore, up from INR 64.62 crore in Q1 FY24.

• Q1 FY25 profit after tax: INR 327.15 crore, up from INR 270.20 crore in Q1 FY24.

• SJVN Green Energy Q1 revenue: INR 41 crore; profit: INR 29 crore, aided by interest income.

• Incentive income in Q1: INR 65 crore.

• Standalone total income for Q1 FY25 was ₹90,288 lakh, up from ₹73,834 lakh year-over-year; consolidated total income was ₹95,847 lakh, up from ₹74,439 lakh.

• Standalone EBITDA margin improved to 76.85% from 71.84% year-over-year; consolidated operating margin reached 77.26%.

• Net profit margin (standalone) was 39.33% vs. 40.66% year-over-year; consolidated net profit margin was 41.03% vs. 40.27%.

• Earnings per share (consolidated, including regulatory deferral) was ₹0.91, up from ₹0.69 year-over-year.

Outlook and guidance

• Targeting total installed capacity of 2,638 MW by March 2025, with nearly 5,000 MW including ongoing projects.

• FY25 revenue guidance: INR 3,200 crore.

• Long-term vision: 20,000–25,000 MW by 2030, 50,000 MW by 2040.

• Tariff billing for hydro power is provisional, pending final CERC tariff orders for 2024-29; management expects the hold on Devasari Hydro Electric Project to be removed.

• Management notes the seasonal nature of business, cautioning that quarterly results may not be comparable.