SJVN (SJVN) Q4 11/12 earnings summary

Executive summary

• FY12 revenue reached ₹2,136.79 crore, up 7.96% YoY; net profit rose to ₹1,068.68 crore from ₹912.13 crore.

• Hydro generation increased to 7,610.26 MU from 7,140.205 MU, supported by 104.262% plant availability and incentive revenue.

• Rampur HEP construction advanced, while development and investigation continued across projects in India, Nepal and Bhutan.

Financial highlights

• Total revenue was ₹2,136.79 crore vs ₹1,979.16 crore; operating revenue was ₹1,927.50 crore vs ₹1,829.74 crore.

• PBT increased 16.41% YoY to ₹1,345.89 crore; PAT was ₹1,068.68 crore vs ₹912.13 crore.

• EPS was ₹2.58 vs ₹2.21; proposed dividend was ₹0.94 per equity share vs ₹0.80.

• Total expenses declined 5.44% to ₹778.17 crore, mainly due to lower finance costs; other income rose to ₹209.29 crore, largely on higher deposit interest.

Outlook and guidance

• Wind power capacity addition of 50 MW targeted by June 2013; tenders for the first wind plant were invited and under finalization.

• FY12-13 CSR spending of about ₹16 crore was planned for scholarships, village development, health, women and child care, and community assets.

• Rampur HEP construction and project clearances remain key execution priorities; major civil works at Dhaulasidh depend on forest and environmental clearances.