SJVN shares jump 9% on 31% YoY jump in Q1 profit
Shares of state-owned hydropower company SJVN surged by up to 9% to a day's high of Rs 148.85 on the BSE on Wednesday. This rise followed the company reporting a 31% year-on-year increase in its consolidated net profit, reaching Rs 357.09 crore for the June quarter, due to higher income.
The company had reported a net profit of Rs 271.75 crore during the April-June period of the preceding financial year, the company said in an exchange filing.
The company increased its total income to Rs 958.47 crore during the quarter from Rs 744.39 crore in the year-ago period.
Its expenses stood at Rs 476.39 crore against Rs 362.60 crore in the first quarter last fiscal.
SJVN further said that «its board of directors has accorded in-principle approval for monetisation through securitisation of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS) of the company.»
The board has also given in-principle approval for diluting a stake in SJVN Green Energy and received approval for monetisation of Nathpa Jhakri Hydro Power Station via securitisation of partial future revenue/return on equity.
Besides, it has approved designating the company's Director (Projects) Sushil Sharma who is holding additional charge of Chairperson and Managing Director as Key Managerial Personnel of SJVN under an order from the Ministry of Power.
SJVN shares have seen a jump of 153% in the last year. The Miniratna company is a joint venture between the central government and the Himachal Pradesh government. Trendlyne
