Shares of SJVN jumped over 6 percent as the street cheered the PSU firm's positive June 2024 quarter earnings. The hydropower company posted a 31 percent on-year rise in consolidated net profit at Rs 357 crore in Q1FY25 on account of higher income. Its total income jumped 29 percent YoY to Rs 958.47 crore
The PSU's expenses stood at Rs 476.39 crore as against Rs 362.60 crore in the first quarter last fiscal.
In a regulatory filing, the company said that its board of directors has given in-principle approval for monetisation through securitisation of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS) of the company.
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SJVN's board has also given in-principal approval to the proposal for dilution of stake in the wholly-owned subsidiary, SJVN Green Energy Ltd, subject to various regulatory approvals.
Besides, the company board approved designating the company's Director (Projects) Sushil Sharma who is holding additional charge of Chairperson and Managing Director as Key Managerial Personnel of SJVN pursuant to an order from the Ministry of Power.
At 9:38 am, SJVN shares were trading 5.8 percent higher at Rs 144.09 on the National Stock Exchange (NSE). In the last one year, the stock has surged 150 percent, doubling investors' capital. In comparison, benchmark Nifty's rose 25 percent during this period.
On a year-to-date basis, SJVN stock is trading 55 percent higher compared to 11 percent rise in Nifty.
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