SJVNL to pay Rs 328-crore dividend

Public sector SJVN Ltd would pay a dividend of Rs 328 crore to its shareholders for the performance during the last financial year.

This includes an interim dividend of Rs 80 crore already paid to the equity partners, the governments of India and Himachal Pradesh.

The dividend payout proposal was ratified by the shareholders during the AGM of the company held here today.

The dividend of Rs 328 crore works out to 7.95 per cent of the paid-up capital and 33.75 per cent of profit after tax.

The profit of the company after tax was almost Rs 973 crore.The sales of the company have registered a growth of Rs 161 crore due to increase in AFC and incentives on account of increased production.

During the first quarter of the current financial year SJVNL recorded a 7 per cent growth in net sales.

The company has accumulated reserves of Rs 2,528 crore with consistent increase in generation and resultant profits.

The net profit earned by SJVNL from a single project increased from Rs 298 crore in 2004 to Rs 973 crore during the last financial year.

SJVNL came out with an IPO of Rs 41.5 crore equity shares in April this year which was subscribed 6.6 times.

The company’s flagship unit, the 1,500-Mw Nathpa Jhakri hydro electric project has been registering an increase in power generation which reached 7,019 million units in the last financial year from 5,108 in 2004.