SJVN (SJVN) Q4 18/19 earnings summary

Executive summary

• FY19 standalone revenue from operations rose ₹425.80 crore to ₹2,655.77 crore; PAT increased ₹139.41 crore to ₹1,364.29 crore.

• Generation fell to 8,435.03 MU from 9,281.92 MU amid exceptionally poor hydrological conditions; hydro contributed 8,335 MU and wind/solar 100 MU.

• Portfolio capacity reached 2,015 MW after Sadla Wind Power Project’s 50 MW was fully commissioned on 18 Apr 2019.

Financial highlights

• Standalone total revenue increased 12.44% to ₹2,908.99 crore; operating revenue rose to ₹2,655.77 crore while other income declined to ₹253.22 crore from ₹357.10 crore.

• Standalone PBT was ₹1,792.54 crore versus ₹1,648.37 crore; PAT was ₹1,364.29 crore versus ₹1,224.88 crore.

• Total expenses increased 25.95% to ₹1,246.68 crore; finance costs rose to ₹235.33 crore from ₹83.82 crore, largely from foreign-exchange restatement, offset by regulatory income.

• Consolidated revenue was ₹2,907.94 crore and PAT ₹1,366.56 crore, versus ₹2,583.95 crore and ₹1,224.61 crore, respectively.

Outlook and guidance

• FY20 generation target was 9,100 MU; 3,200 MU had been generated through 30 Jun 2019, and the target for energy-sale revenue was ₹2,450 crore.

• Capacity ambitions remain 5,000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040; priority is timely execution and approvals for projects in development.

• Growth plans include project acquisitions, strategic partnerships, consortium bids and adding hydro projects through MoUs.