SJVN Q1 net jumps 20% to Rs 348 cr

State-run power utility SJVN's profit surged nearly 20% to Rs 348.21 crore for the three months ended June, boosted by higher sales of electricity as well as increase in other income.

It had posted a profit of Rs Rs 290.76 crore in the year-ago period.

The company's net sales climbed to Rs 553.57 crore in the first quarter (April-June) of current fiscal from Rs 524.98 crore in the same period an year ago.

SJVN's Director (Finance) AS Bindra today said primarily increased sales of power and rise in other income resulted in higher quarterly profit.

"Our interest income rose by about Rs 18 crore in the June quarter. The firm also received Rs 8 crore from consultancy services for the [upcoming] Kolongchu and Wangchu power projects in Bhutan," Bindra told PTI.

The capacities of Kolongchu and Wangchu projects are 650 Mw and 600 Mw, respectively.

Interest income for three months ended June jumped to Rs 39.10 crore as against Rs 21.50 crore in the year-ago period.

SJVN's other income shot up to Rs 52.61 crore in the latest June quarter from Rs 22.79 crore in 2010 June quarter.

The company's gross energy generation in the 2011 June quarter stood at 2,650.53 million units, much higher than 2,424.57 million units in the year-ago period, according to a regulatory filing today.

Sales for the 2011 June quarter include Rs 300 lakh pertaining to previous year on account of revision of Regional Energy Account (REA) for the month of January 2011 by Northern Regional Power Committee (NRPC).

"As the generation of hydroelectric power is dependent on the flow of water which varies during various periods of the year, the result for the first quarter may not be comparable with forthcoming quarters," the filing noted.

The quarterly results were approved by the company's board during their meeting held today.

SJVN is a joint venture between the Centre and the Himachal Pradesh government. The firm currently operates the 1,500 Mw Nathpa Jhakri Hydro Power Station and among others, is constructing 412 Mw Rampur project in Himachal Pradesh.