SJVN (SJVN) Q4 13/14 earnings summary

Executive summary

• FY2013-14 marked record net profit of ₹1,114.63 crore and revenue of ₹2,110.72 crore, alongside expansion beyond hydro into wind, solar, thermal and cross-border projects.

• Nathpa Jhakri generated 7,192.553 MU and reached a record 105.75% plant availability; Rampur began unit commissioning and Khirvire wind generation commenced.

Financial highlights

• Revenue rose to ₹2,110.72 crore from ₹1,927.36 crore YoY; revenue from operations was ₹1,873.58 crore versus ₹1,682.10 crore.

• Net profit increased to ₹1,114.63 crore from ₹1,052.34 crore; PBT was ₹1,338.19 crore versus ₹1,184.58 crore.

• Total expenses were ₹772.53 crore versus ₹742.78 crore; finance costs fell to ₹28.88 crore from ₹54.06 crore, while depreciation rose to ₹474.52 crore from ₹446.67 crore.

• Basic and diluted EPS rose to ₹2.69 from ₹2.54.

Outlook and guidance

• FY2014-15 generation target: 7,920 MU, comprising 6,900 MU from Nathpa Jhakri, 950 MU from Rampur and 70 MU from Khirvire; targeted energy-sale revenue is ₹1,820 crore.

• Rampur’s remaining two units were expected to synchronize by end-August 2014; Luhri, Dhaulasidh, Uttarakhand, Nepal and Bhutan projects were at development stages.

• Long-term ambition: 30,000 MW portfolio by 2030 with presence across energy sectors and renewable technologies.