SJVN Records Total Income of ₹5.7 Billion in Q4 2024, Down 2% YoY

SJVN recorded a total income of ₹5.73 billion (~$68.78 million) during the fourth quarter (Q4) of the financial year (FY) 2023-24, a year-over-year (YoY) decrease of 2% from ₹5.83 billion (~$69.98 million).

The company recorded a net profit of ₹610.8 million (~$7.33 million) during Q4 FY24, a 255% YoY increase from ₹172.1 million (~$2.06 million).

SJVN generated 8131.38 million units (MU) of hydropower in 2024 compared to 9130.45 MU a year ago. The company generated 210.07 MU of solar and 150.99 MU of wind during the period.

The Himachal Pradesh government introduced a water cess on electricity generation, impacting two operational projects totaling 1,912 MW in the state. The government issued a water cess bill of ₹2.8 billion (~$33.61 million).

However, the Ministry of Power has categorically deemed this imposition illegal and unconstitutional. In response, it advised states against imposing any taxes or duties that contravene constitutional provisions, urging the withdrawal of such measures.

Full Year 2024

SJVN has recorded an annual income of ₹28.77 billion (~$345.34 million) in FY 2024, a YoY decrease of 12% from ₹32.83 billion (~$394.07 million).

The company recorded an annual net profit of ₹9.11 billion (~$109.35 million), a 33% YoY decrease from ₹13.59 billion (~$163.12 million) due to an increase in expenses related to electricity purchased for trading and those related to depreciation, amortization, and impairment.

Renewable energy implementing agencies, including SJVN, collectively issued 53.32 GW of renewable energy tenders, or 6.6% more than the target of 50 GW. Of the 10 GW tenders reserved for wind projects,11.6 GW were issued, or 16% higher.

Excluding standalone wind projects, the agencies issued tenders totaling 41.72 GW against the targeted capacity of 40 GW, or 4.3% more than expected, according to information published in MNRE’s year-end review.

In January, SJVN secured ₹100 billion (~$1.2 billion) construction financing facility to fund its upcoming renewable energy projects. The financing was raised by Deutsche Bank, State Bank of India, Punjab National Bank, Bank of India, and Mitsubishi and United Financial of Japan Financial Group Bank. The facility will be of a revolving nature and would allow SJVN to draw down funds on an ongoing basis as per the construction requirements of its projects.


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