SJVNL earns net profit of Rs.1,114.63 crore

Power utility Satluj Jal Vidyut Nigam Ltd (SJVNL) Wednesday declared that it earned a net profit of Rs.1,114.63 crore in the last fiscal which was around six percent more than that of the previous fiscal.

In 2012-13, SJVNL's net profit was Rs.1,052.34 crore, the company said in a statement here. It said the board of directors of the company, which met in New Delhi Wednesday, recommended a dividend payout of Re.0.98 per share.

The net dividend payout, excluding taxes, for 2013-14 was Rs.405.39 crore, the highest so far.

In the past fiscal, the SJVNL generated 7,183 million units of electricity from its 1,500 MW Nathpa Jhakri plant - India's largest hydro project - in Himachal Pradesh, against the target of 6,930 million units.

The power utility has recently commissioned its second mega project, the 412 MW Rampur Hydro Electric Project in Himachal, and 47.6 MW Khirwire Wind Power Project in Maharashtra.

It has also entered into agreement with Druk Green Power Corporation for the construction of 600 MW Kholangchu Hydro Electric Project in Bhutan.

SJVNL is a joint venture between the central and the Himachal Pradesh governments. The former holds 74.5 per cent stake, while the remaining 25.5 per cent is held by the state government.

However, the central government sold 10 percent equity in SJVNL in May 2010.