SJVN Q2 standalone net rises 7.4% to Rs 415.63 crore

State-owned power generator SJVN Ltd today reported 7.4 per cent jump in standalone net profit at Rs 415.63 crore for the second quarter ended September 30 on the back of higher revenues.

The company had posted a net profit of Rs 387.03 crore in the same period a year ago.

SJVN's total revenue from operations rose by 4.56 per cent to Rs 634.10 crore in the quarter to September 2013 as against Rs 606.44 crore in the year-ago period, it said in a BSE filing.

Consequently, its earnings per share (EPS) stood at Rs 1 compared for the quarter to September 30, 2013 compared to Rs 0.94 for the quarter ended September 30, 2012.

The net profit of the company increased by over 8 per cent to Rs 758.87 crore in the first half of this fiscal (April-September), a SJVN spokesman said.

The company posted a net profit of Rs 702.30 crore in the same period of 2012-13 fiscal year.

The company's total revenues increased from Rs 1,110.69 crore in H1 of last fiscal to to Rs 1174.10 crore in the H1 of the ongoing fiscal.

The financial results of the company were declared at a meeting of the Board of Directors held today.

During the six months period from April to September 2013, SJVN's 1500 MW Nathpa Jhakri Hydro Power Station generated 5494 million units of electricity which was 4.6 per cent more than the 5250 MU achieved during the corresponding period of last year.

As per the terms of the MoU signed with Power ministry, the Nathpa Jhakri Hydro Power Station is scheduled to generate 6875 MU of electricity during the current financial year and it has already generated 6058 MU till date.

The Plant Availability Factor of the Power Station during this period ending September 2013 has also increased from 106.65 per cent to 107.88 per cent.

Consequent to signing of a MoU with the Government of Bihar, SJVN has already taken over the Buxar Bijlee Company Pvt Ltd (BBCPL) for setting up of Green Field 1320 MW (2 x 660 MW) Supercritical Technology Thermal Power Project in Bihar as a wholly owned subsidiary.

During the quarter, SJVN has also incorporated a subsidiary Company titled SJVN Thermal Private Limited for execution of this project. It has also been allocated 486 MT coal reserves in Deocha-Pachami Coal Block in West Bengal, by the Ministry of Coal.

The company's 412 MW Rampur Hydro Electric Project in Himachal Pradesh is also nearing completion and is scheduled to be commissioned during the current financial year. SJVN's 47.6 MW Khirvire Wind Power Project, coming up in Maharashtra, is also all set to start generating by end of this quarter.

Shares of SJVN jumped by 4.28 per cent to end at Rs 20.70 apiece on the BSE today.