SJVN (SJVN) Q4 16/17 earnings summary

Executive summary

• FY17 revenue from operations was Rs 2,468.66 crore and PAT was Rs 1,544.14 crore; generation reached 9,044.93 MU, below FY16’s 9,346.13 MU but above the 8,700 MU MoU target.

• Robust earnings, lower finance costs and improved availability supported results; a total dividend of Rs 2.75/share, or Rs 1,137.57 crore, was proposed, the highest ever.

Financial highlights

• Standalone total revenue rose to Rs 3,119.90 crore from Rs 2,903.82 crore; revenue from operations eased to Rs 2,468.66 crore from Rs 2,493.96 crore.

• Standalone PAT increased to Rs 1,544.14 crore from Rs 1,407.34 crore; consolidated PAT was Rs 1,547.18 crore versus Rs 1,410.79 crore.

• Other income increased to Rs 651.24 crore from Rs 409.86 crore, including Rs 64.53 crore from carbon-credit sales and higher late-payment interest/surcharge.

• Total expenditure declined to Rs 1,214.75 crore from Rs 1,327.22 crore, primarily as finance costs fell to Rs 45.70 crore from Rs 208.96 crore.

Outlook and guidance

• FY18 MoU target: generate 8,950 MU under Excellent parameters and realize Rs 2,120 crore in energy-sale revenue from hydro, wind and solar stations.

• FY18 Q1 generation through June 30, 2017 was 3,498 MU; generation target and revenue realization are subject to operating performance and energy sales.

• Development pipeline exceeding 4,052 MW was in various stages, including Arun-III, Buxar thermal, Kholongchhu and hydro, wind and solar projects.