SJVN (SJVN) Q4 10/11 earnings summary

Executive summary

• FY11 revenue from sales was ₹1,812.67 crore and total income ₹1,955.82 crore; PAT was ₹912.13 crore, down from ₹972.74 crore YoY.

• Generation reached 7,140.205 MUS, up from 7,018.81 MUS; high plant availability and output above design energy earned ₹216.02 crore in incentives.

Financial highlights

• Sales rose to ₹1,812.67 crore from ₹1,769.74 crore; total income increased to ₹1,955.82 crore from ₹1,908.73 crore.

• PBT increased 13.63% to ₹1,156.20 crore from ₹1,017.47 crore; PAT fell to ₹912.13 crore from ₹972.74 crore.

• Expenditure before prior-period adjustments increased 2.70% to ₹804.20 crore from ₹783.02 crore; interest and finance charges declined 8.42% to ₹158.37 crore.

• EPS was ₹2.21 versus ₹2.37 YoY; income tax provision was ₹244.07 crore versus ₹44.73 crore.

Outlook and guidance

• Rampur 412 MW HEP remained on schedule; HRT completion, including adit plugging, was targeted for April 2013.

• Arun-III 900 MW major civil works were expected to be awarded in June 2012, with a five-year construction period.

• Major civil works were expected by October 2012 for Devsari and January/February 2012 for Naitwar Mori; respective construction periods were five years and 48 months.

• For the quarter ended June 30, 2011, generation was 2,650.53 MUS versus 2,424.57 MUS YoY and exceeded the 2,287 MUS target; income was ₹553.57 crore versus ₹524.98 crore.