SJVN Limited holds 36th Annual General Meeting

SJVN, today held its 36th Annual General Meeting (AGM) for financial year 2023-24. Addressing the shareholders, CMD Sh. Sushil Sharma highlighted company’s accomplishments, operational challenges and ambitious growth plans. He expressed gratitude for unwavering support of all stakeholders in achieving the prestigious Navratna status on 30th August 2024.

During his address, Sh. Sushil Sharma stated that despite facing challenging hydrological conditions due to climate change, SJVN demonstrated resilience in its operations. In FY 2023-24, company generated 8489 MUs from its operational hydro, solar and wind power stations. The power stations continued to set new records, including highest ever daily generation of 39.570 MU and 10.971 MU by 1500 MW NJHPS and 412 MW Rampur HPS respectively in July 2023. Highest ever monthly generation of 1590.072 MU has been recorded from all operational projects in the month of August 2023 and Rampur HPS also achieved highest ever monthly generation of 337.165 MU during the same month.

During the Fiscal 2023-24, the company has clocked standalone revenue of Rs 2533.59 crore and Standalone Profit After Tax (PAT) stood at Rs 908.40 crore. SJVN paid dividend @ Rs 1.80 per share for fiscal 2023-24. SJVN’s stock performance witnessed a surge of 426 percent between April 2023 to February 2024. The shares reached its all-time high of Rs 170.50 boosting market capital to Rs 67,000 crores on 5th February 2024.

Sh. Sushil Sharma further apprised that SJVN has successfully commissioned four Projects namely 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, 75 MW Gurhah Solar Power Station in Uttar Pradesh, 50 MW Gujrai Solar Power Station in Uttar Pradesh and 100 MW Raghanesda Solar Power Station in Gujarat. SJVN has also achieved the distinction of commissioning India’s First Multi-Purpose Green Hydrogen Pilot Project setting the stage for green hydrogen production.

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SJVN has expanded its project portfolio to a record 56,802 MW with 89 projects and 03 transmission lines. Notable accomplishments include allotment of 5097 MW hydro projects in Arunachal Pradesh, allotment of 2400 MW Darzo Lui Pumped Storage Project in Mizoram through MOU route on nomination basis and securing of 16 renewable projects totaling to 4490 MW.

SJVN has been selected as 4th Renewable Energy Implementing Agency (REIA) in addition to SECI, NTPC and NHPC by Govt. of India. As REIA, SJVN has floated tenders for selection of developers for cumulative capacity of 17.1 GW till date, out of which, letter of awards has been issued to developers for cumulative capacity of 8.2 GW and tendering is under process for remaining capacity. SJVN has also signed Power Sale Agreements (PSAs) and Power Purchase Agreement (PPA) with DISCOMs and Developers respectively to cumulative capacity of 3.82 GW. PPA and PSAs in respect of remaining awarded capacity are expected to be signed shortly. Company has also been appointed as Nodal agency by MoP for implementation of Pradhan Mantri Suryodaya Yojana (Rooftop) in Himachal Pradesh, Punjab and Arunachal Pradesh.

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Sh. Sharma also informed that during FY 2023-24, SJVN has incurred an expenditure of Rs 45.96 crore towards CSR activities, exceeding its statutory obligations. SJVN has consistently been achieving ‘Excellent’ ratings ever since its listing, for Compliance with ‘DPE Guidelines on Corporate Governance.’ The company has been recognized as Best Workplace in Energy Sector by Great Place to Work, India. The company has been placed at No. 25 amongst ‘Fortune India-The Next 500 Midsized Companies’ and has also been upgraded from Small-Cap category to Mid-Cap by Association of Mutual Funds in India. SJVN also became first CPSE in power sector to receive Anti-Bribery Management System Certification. Earlier, SJVN was first CPSE to obtain ISO 31000:2018 certification for implementation of Risk Management System.

Sharing the future growth plan of the company, Sh. Sharma said that SJVN has set ambitious capacity addition targets of 25,000 MW by 2030 and 50,000 MW by 2040, with a focus on hydro, renewable energy and round-the-clock renewable energy solutions. SJVN’s near-term priorities include completion of ongoing projects, including commissioning of 1320 MW Buxar Thermal Project and 10 Solar Projects of 2350 MW in FY 2024-25.

In the concluding remarks, Sh. Sushil Sharma expressed heartfelt thanks to all stakeholders and said "With your continued support, SJVN shall achieve new heights and continue to empower India’s energy sector growth.” 

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