SJVN shows robust growth, plans to achieve 50,000 MW capacity with focus on green energy
Sharma emphasized that despite facing challenging hydrological conditions due to climate change, SJVN showed resilience by generating 8,489 million units (MUs) of power from its hydro, solar and wind power stations during FY 2023-24. The Company set new records, including the highest ever daily generation of 39.570 MUs by the 1500 MW Nathpa Jhakri Hydro Power Station (NJHPS) and 10.971 MUs by the 412 MW Rampur Hydro Power Station in July 2023. In August 2023, SJVN recorded the highest ever monthly generation of 1,590.072 MUs across all operational projects, with Rampur HPS contributing 337.165 MUs during the same period.
Financially, the Company recorded standalone revenue of ₹2,533.59 crore and profit after tax (PAT) of ₹908.40 crore for FY 2023-24. Shareholders received a dividend of ₹1.80 per share. SJVN’s stock performance grew by 426% between April 2023 and February 2024, hitting an all-time high of ₹170.50, and pushing the company’s market capitalisation to ₹67,000 crore.
Sharma further informed that SJVN successfully commissioned four major projects during FY 2023-24: 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, 75 MW Gurha Solar Power Station and 50 MW Gujrai Solar Power Station in Uttar Pradesh, and 100 MW Raghnesda Solar Power Station in Gujarat. Additionally, SJVN took the distinction of commissioning India’s first multi-purpose green hydrogen pilot project, paving the way for green hydrogen production in the future.
The company expanded its project portfolio to a record 56,802 MW, comprising 89 projects and three transmission lines. The major achievements include the award of 5,097 MW hydropower projects in Arunachal Pradesh and 2,400 MW Darjo Lui Pumped Storage Project in Mizoram. SJVN has also secured 16 renewable projects with a total capacity of 4,490 MW.
As the fourth Renewable Energy Implementation Agency (REIA) along with SECI, NTPC and NHPC, SJVN floated tenders for 17.1 GW capacity, with letters of award issued for 8.2 GW. The company has signed power sales agreements (PSAs) and power purchase agreements (PPAs) for a cumulative capacity of 3.82 GW, and additional agreements are expected soon.
In Corporate Social Responsibility (CSR) efforts, SJVN exceeded its statutory obligations by spending ₹45.96 crore in FY 2023-24. The Company has consistently earned ‘Excellent’ ratings for compliance with corporate governance guidelines and has been recognized as the Best Workplace in the Energy Sector by Great Place to Work, India. SJVN was ranked 25th in “Fortune India – The Next 500 Midsized Companies” and was upgraded to the Mid-Cap category by the Association of Mutual Funds in India. It also became the first Central Public Sector Enterprise (CPSE) to receive Anti-Bribery Management System certification in the power sector.
Looking ahead, Sushil Sharma outlined SJVN’s ambitious growth targets, with plans to achieve 25,000 MW by 2030 and 50,000 MW by 2040, focusing on hydro, renewable energy and round-the-clock renewable energy solutions. The company aims to complete key ongoing projects, including the 1,320 MW Buxar thermal project and 10 solar projects with a combined capacity of 2,350 MW, by FY 2024-25.
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