The stock price of SJVN inched higher as much as 6 per cent in the Wednesday trading session after the PSU firm declared better than expected results for the first quarter (Q1) of FY 24-25.
The hydroelectric firm reported higher income in Q1FY25, resulting in a 31 per cent year-on-year (YoY) increase in total net profit of Rs 357 crore. Its overall revenue increased by 29 per cent YoY to Rs 958.47 crore.
SJVN stock traded at Rs 144.8 with 5.5 per cent gain in the morning session on the National Stock Exchange (NSE).
Besides, PSU's expenses were Rs 476.39 crore Compared to Rs 362.60 crore in the first quarter of the previous fiscal year.
The Nathpa Jhakri Hydro Power Station (NJHPS) of the company also approved in principle by its board of directors, according to a regulatory filing. This allows for the securitisation of partial future revenue and return on equity (ROE).
The plan to dilute the ownership position in the wholly-owned subsidiary, SJVN Green Energy also received in-principle approval from the board of SJVN, subject to a number of regulatory clearances.
Additionally, in accordance with a directive from the Ministry of Power, the firm board authorised naming Sushil Sharma, the director of projects, who also serves as the managing director and chairperson, as key managerial personnel of SJVN.
In terms of PSU stock performance in 2024 so far, SJVN stock soared more than 50 per cent year-to-date (YTD) compared to 11 per cent YTD return of the benchmark index, Nifty.