SJVN (SJVN) Q4 14/15 earnings summary

Executive summary

• FY 2014-15 revenue reached a record ₹3,261.10 crore, up 54.50% YoY; PAT rose 50.43% to ₹1,676.75 crore, with new Rampur capacity and NJHPS arrear billing driving growth.

• All six 412 MW Rampur units and all 56 Khirvire wind units entered operation; the three operating projects generated 8,136.13 MU against a combined MoU target of 7,920 MU.

Financial highlights

• Standalone revenue from operations was ₹2,817.53 crore vs ₹1,873.58 crore; other income was ₹443.57 crore vs ₹237.14 crore.

• PBT was ₹2,047.25 crore vs ₹1,338.19 crore; PAT was ₹1,676.75 crore vs ₹1,114.63 crore; EPS rose to ₹4.05 from ₹2.69.

• Consolidated revenue was ₹3,261.03 crore and PAT ₹1,676.65 crore; consolidated results were ₹0.10 crore below standalone PAT.

• Exceptional Luhri project write-off was ₹132.28 crore; PBT before exceptional items was ₹2,179.53 crore.

Outlook and guidance

• FY 2015-16 MoU targets 8,520 MU generation and ₹2,224 crore revenue from NJHPS, RHPS and Khirvire, under “Excellent” performance parameters.

• More than 4,400 MW of projects were in various development stages; strategy focused on hydro, thermal, solar and wind expansion, including cross-border projects.

• A 1,000 MW solar PV development commitment was made for 2015-19; a 5 MW Charnka project was planned for commissioning by March 2016.