SJVN (SJVN) Q4 12/13 earnings summary

Executive summary

• FY2012-13 revenue from operations fell 12.73% to ₹1,682.10 crore as lower water discharge reduced generation; PAT eased 1.53% to ₹1,052.34 crore.

• Nathpa Jhakri Hydro Power Station generated 6,777.777 MU, exceeding its 6,612 MU design energy, with record normative plant availability of 105.15%.

• Growth plans expanded beyond hydro into thermal, wind, solar and transmission, alongside a portfolio of projects in India, Nepal and Bhutan.

Financial highlights

• Total revenue was ₹1,916.62 crore vs ₹2,136.79 crore YoY; revenue from operations was ₹1,682.10 crore vs ₹1,927.50 crore.

• PBT was ₹1,184.58 crore vs ₹1,345.89 crore; PAT was ₹1,052.34 crore vs ₹1,068.68 crore.

• Total expenses declined 5.93% to ₹732.04 crore; finance costs fell 35.37% to ₹54.06 crore, mainly on NJHPS loan repayments.

• Board recommended a final dividend of ₹0.96/share, totaling ₹397.12 crore, vs ₹0.94/share and ₹388.84 crore in FY2011-12.

• Operating cash flow was ₹1,616.21 crore; investing and financing cash outflows were ₹875.43 crore and ₹207.09 crore, respectively.

Outlook and guidance

• FY2013-14 generation target was 6,930 MU under “Excellent” parameters, with expected revenue realization of ₹1,783 crore from NJHPS and Khirvire wind.

• Rampur HEP, with 412 MW capacity, was scheduled for commissioning by FY2013-14 year-end; Khirvire’s 47.6 MW wind project was also due to commission during the year.

• Long-term ambition: 30,000 MW portfolio by 2030, with presence across energy sectors, including renewables.