State-owned SJVN has reported over two-fold jump in consolidated profit to Rs 61.08 crore during the March quarter, on account of exceptional gains. The company reported a consolidated net profit of Rs 17.21 crore in the year-ago period, a BSE filing showed.
The financial results of the company showed an exception gains of Rs 103.84 crore during the quarter.
However, total income of the company dipped to Rs 573.23 crore in the quarter from Rs 582.78 crore in the same period a year ago.
The consolidated net profit of the company in 2023-24 was at Rs 911.44 crore from Rs 1,359.30 crore in year ago.
Total income in the fiscal also increased to Rs 2,876.96 crore from Rs 3,282.50 crore in 2022-23.
The board of directors also approved a final dividend of Rs 0.65 per equity share for the 2023-24 fiscal year, subject to the approval of shareholders in the ensuing annual general meeting.
The final dividend is in addition to the interim dividend of Rs 1.15 per equity share for FY24 declared in February 2024 and will be paid within the statutory period.
The SJVN board also approved signing of 50:50 joint venture agreement with Indian Oil Corporation Ltd for the formation of joint venture company for developing green round-the-clock and renewable projects, along with other new technology-based projects.
The formation of the joint venture company is also subject to the approval of the Ministry of Power, NITI Aayog, Department of Investment and Public Asset Management (DIPAM, Ministry of Finance).
Shimla-based SJVN is a listed company having shareholders pattern of 55% with the Government of India, 26.85% with the Himachal Pradesh government while the remaining 18.15% is with the public.
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