SJVN Q1 Net Profit Jumps 31% to Rs 357 cr | Business News

New Delhi, Aug 13 (PTI) State-owned hydropower company SJVN on Tuesday posted 31 per cent rise in consolidated net profit at Rs 357.09 crore during June quarter, on account of higher income.

It had reported a net profit of Rs 271.75 crore during the April-June period of the preceding financial year, the company said in an exchange filing.

The company increased its total income to Rs 958.47 crore during the quarter from Rs 744.39 crore in the year-ago period.

Its expenses stood at Rs 476.39 crore as against Rs 362.60 crore in the first quarter last fiscal.

SJVN further said that "its board of directors has accorded in-principle approval for monetisation through securitisation of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS) of the company."

The board has also given in-principal approval to the proposal for dilution of stake in the wholly-owned subsidiary, SJVN Green Energy Ltd, subject to various regulatory approvals.

Besides, it has approved designating company's Director (Projects) Sushil Sharma who is holding additional charge of Chairperson and Managing Director as Key Managerial Personnel of SJVN pursuant to an order the Ministry of Power.