SJVN (SJVN) Q4 15/16 earnings summary

Executive summary

• FY2015-16 operating plants generated 9,346.128 MU, above the 8,520 MU MoU target and 8,136.133 MU in FY2014-15; NJHPS achieved its second-highest annual generation since commissioning.

• Standalone revenue from operations was ₹2,498.49 crore and PAT ₹1,408.48 crore; prior-year revenue and PAT included NJHPS tariff arrears and related interest.

• Growth plans combine a focus on moving existing projects into construction with measured expansion into solar, thermal power and cross-border transmission.

Financial highlights

• Standalone total revenue fell 10.68% YoY to ₹2,908.21 crore; revenue from operations was ₹2,498.49 crore versus ₹2,817.53 crore, including ₹571.25 crore of NJHPS arrears in the prior year.

• Standalone PAT was ₹1,408.48 crore versus ₹1,676.75 crore; PBT was ₹1,705.12 crore versus ₹2,047.25 crore.

• Consolidated revenue was ₹2,909.92 crore and PAT ₹1,402.15 crore; consolidated PBT was ₹1,698.93 crore, versus ₹3,255.85 crore, ₹1,676.65 crore and ₹2,047.16 crore, respectively.

• Standalone operating cash flow was ₹2,208.12 crore versus ₹1,482.26 crore; cash and bank balances rose to ₹3,884.09 lakh from ₹2,856.32 lakh.

Outlook and guidance

• FY2016-17 MoU targets 8,700 MU generation and ₹2,300 crore energy-sale revenue from NJHPS, RHPS and Khirvire Wind Power Project.

• First 5 MW Charanka solar project was expected to commission by September 2016; a commitment covers 1,000 MW of solar PV development during 2015-19.

• Management prioritized advancing surveyed and acquired projects to construction, while emphasizing hydro as the core competency and a cautious approach to renewables.

• Projects totaling more than 4,868 MW, including hydro, thermal and solar developments in India, Nepal and Bhutan, were at different development stages.