SJVN net profit declines 55% to ₹272 crore in Q1 | Mint
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Business News/ Companies / Company Results/  SJVN net profit declines 55% to 272 crore in Q1

SJVN net profit declines 55% to ₹272 crore in Q1

SJVN's net profit in Q1 2019 dropped over 55% due to lower revenues; signs power trade agreement with Sikkim Urja.

Total income of the company declined to ₹744.39 crorePremium
Total income of the company declined to 744.39 crore

State-owned power producer SJVN Ltd on Wednesday reported an over 55 per cent dip in its consolidated net profit to 271.75 crore in the June quarter, mainly due to lower revenues.

The company had reported a consolidated net profit of 609.23 crore in the year-ago quarter, the company said in a BSE filing.

Total income of the company declined to 744.39 crore in the first quarter of the current fiscal from 1,072.23 crore in the year-ago period.

Meanwhile, SJVN Ltd has signed a trade agreement with Sikkim Urja Ltd for supply of 180 megawatt (MW) hydro power.

As part of the agreement, power will be supplied to distribution licensees and open access consumers, SJVN said in a statement on Thursday.

"SJVN inks an MoU (memorandum of understanding) for power trading with Sikkim Urja Ltd (SUL).

"As per terms of the MoU, SJVN shall receive 180 MW hydro power from SUL's 1,200 MW hydro electric project in Sikkim to distribution licensees and open access consumers," it said.

Central Electricity Regulatory Commission (CERC) has already granted category-I licence for inter-state electricity trading to SJVN, its Chairman and Managing Director (CMD) Nand Lal Sharma said.

"Our trading business is expanding and this MoU will act as a booster to the growth engine of SJVN and enable us to assist the central government in fulfilling its vision of 24x7 power to all," Sharma said.

SJVN is a public sector undertaking involved in hydroelectric power generation and transmission.

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Published: 09 Aug 2023, 04:20 PM IST
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