SJVN (SJVN) Q2 24/25 earnings summary

Executive summary

• Achieved Navratna status, becoming the 25th Navratna in India, and commissioned a 90 MW Omkareshwar floating solar project, adding 196 million units of annual energy and INR 64 crore in annual revenue.

• Total installed capacity reached 2,466.5 MW, with major new project allotments and investments, including a 669 MW hydro project in Nepal and a 2,400 MW pumped storage project in Mizoram.

• Standalone net profit for Q2 FY25 was ₹47,306 lakh, up from ₹44,135 lakh in Q2 FY24; consolidated net profit for Q2 FY25 was ₹43,990 lakh, compared to ₹43,964 lakh in Q2 FY24.

• Revenue from operations (standalone) for Q2 FY25 was ₹99,451 lakh, up from ₹87,074 lakh in Q2 FY24; consolidated revenue for Q2 FY25 was ₹102,625 lakh, up from ₹87,836 lakh.

• Board approved financial results for the period ended September 30, 2024, and confirmed no material deviation in the use of debt proceeds.

Significant events and developments

• Cabinet approved INR 5,792.36 crore investment for Lower Arun hydro project in Nepal.

• Signed MOUs for 100 MW pumped storage and 505 MW floating solar projects in Maharashtra, with a total investment of INR 48,000 crore.

• Boiler light-up achieved for Unit 1 of Buxar Thermal Project, with 85% of power to be used in Bihar.

• Shareholders approved a final dividend of ₹0.65 per share, in addition to an interim dividend of ₹1.15 per share for FY24.

• Utilization of NCD proceeds: ₹923.90 crore out of ₹1,000 crore raised has been utilized as of September 30, 2024; no deviation in use of funds.

Outlook and guidance

• Targeting 1,800 MW capacity addition in FY25, 6,357 MW in FY26, 3,000 MW in FY27, and 1,700 MW in FY28.

• Vision to reach 25,000 MW operational portfolio by 2030 and 50,000 MW by 2040.

• CapEx guidance revised to INR 9,000 crore for FY25 due to project delays, with INR 12,000 crore planned for FY26 and INR 12,000-13,000 crore for FY27.

• IPO of green energy arm targeted to raise INR 1,000 crore by March 2025.

• No changes in business outlook or guidance were announced for the remainder of FY25.