SJVN (SJVN) Q3 24/25 earnings summary

Executive summary

• Commissioned 90 MW Omkareshwar floating solar project and 42 MW Raghanesda Solar Power Project in Q3 FY25, raising total installed capacity to 2,466.5 MW.

• Board approved unaudited financial results for the quarter and nine months ended December 31, 2024, and declared an interim dividend of ₹1.15 per share for FY 2024-25.

• Signed MoUs for 1,000 MW pumped storage in Bihar and 7 GW renewable projects in Rajasthan; major progress on Buxar Thermal (1,320 MW) and Arun-3 Hydro (900 MW) projects.

• Achieved 10,084 million units of power generation YTD, up 26.3% year-over-year, with all hydropower plants exceeding targets.

• Recognized as a key Renewable Energy Implementing Agency and awarded 2.4 GW capacity in FY25.

Financial highlights

• Standalone revenue from operations for the quarter: ₹62,502 lakh (up from ₹53,655 lakh YoY); consolidated revenue: ₹67,099 lakh (up from ₹54,331 lakh YoY).

• Standalone net profit for the quarter: ₹13,925 lakh (up from ₹13,534 lakh YoY); consolidated net profit: ₹14,875 lakh (up from ₹13,897 lakh YoY).

• Incentive income for Q3 FY25 was INR 68.49 crore, up from INR 51.18 crore in Q3 FY24.

• Finance costs increased due to higher borrowings for CapEx and monetization of return on equity; current quarter finance cost at INR 68.49 crore.

• Earnings per share (consolidated, basic & diluted, not annualised): ₹0.35 for the quarter, ₹2.41 for nine months.

Outlook and guidance

• Targeting addition of 1,500 MW (Buxar and solar) in FY25-26, with potential to double capacity to ~5,000 MW by FY26.

• Expecting 3 GW capacity addition in FY26 (1.5 GW solar, 1.3 GW thermal), and another 1.5 GW in FY27 from renewables.

• Confident in achieving 25 GW operational portfolio by 2030, with 16 GW from renewables and 8 GW from hydro.

• Buxar Thermal first unit (660 MW) to be commissioned by May 2025, second unit within four months; full 1,320 MW in FY25.

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