SJVNL Q3 net profit rises 10%

Total revenues from operations rose to Rs 387 crore during the period

State-owned SJVNL today reported a nearly 10% increase in its third quarter net profit at Rs 210.93 crore on account of decline in finance cost.

The company had posted a net profit of Rs 192.06 crore in the same period last financial year, SJVNL said in a regulatory filing to the BSE.

Total revenues from operations rose to Rs 387.44 crore during the period, as compared to Rs 358.12 crore in the corresponding period last fiscal.

The finance cost of the company dropped drastically to Rs 653 crore from Rs 1,278 crore in the previous fiscal.

Last month, SJVNL along with five other PSUs signed agreement to set up the world's largest single-location 4,000-MW ultra mega solar power project in Rajasthan.

The joint venture company will have equity participation of 26% from BHEL, 23% from SECI (Solar Energy Corporation of India), 16% from SSL (Sambhar Salt Ltd), 16% from Power Grid, 16% from SJVNL (Satluj Jal Vidyut Nigam) and 3% from REIL (Rajasthan Electronics & Instruments Ltd).

The equipment will be supplied by BHEL, power evacuation by Power Grid, sale of electricity by SECI, operation & maintenance by REIL and project management by SJVNL.

The project will be developed in different phases in 7 to 8 years. The first phase of 1,000 MW is planned to be set up in about three years. The other 3,000 MW will be set up in subsequent phases.

SJVNL shares were trading at Rs 20.75, up 0.48% on the BSE.