SJVN Ltd's Q2 FY24 Results: A Closer Look

This is a slight decrease from the Rs 445.44 crore reported in the previous quarter.

SJVN Ltd's Q2 FY24 Results: A Closer Look

New Delhi: SJVN Ltd, the state-owned hydropower company, has released its financial results for the second quarter of the fiscal year ending September 30, 2023. The company reported a marginal decline in its consolidated net profit, which stood at Rs 439.64 crore, marking a 1.3% year-on-year (YoY) decline. This is a slight decrease from the Rs 445.44 crore reported in the previous quarter.

The company's revenue from operations remained relatively unchanged at Rs 878.4 crore. Despite the stable revenue, the earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a minor decline of 0.9%.

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The total expenses incurred by the company increased to Rs 398.22 crore, while the total income also saw an upward trend, increasing to Rs 951.62 crore. An increase in total expenses alongside a rise in total income paints a mixed financial picture for the company.

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Despite the marginally lower net profit, there was some positive news for SJVN Ltd. The company received a letter of intent for the purchase of 200 MW solar power from Uttarakhand Power Corporation Ltd for its Bikaner Solar Project located in Rajasthan. The power generated from this project will be utilized by various government entities, marking an important milestone for the company's renewable energy ventures.

However, the market reaction to these results was negative, with shares of SJVN Ltd ending at Rs 74.69, down by Rs 2.17, or 2.82%, on the Bombay Stock Exchange (BSE).

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