SJVN shares in news today post Q4 earnings, dividend announcement

Shares of SJVN Ltd will be in focus today after the power generation firm reported its earnings for the quarter ended March 2024 and FY24. SJVN reported a 254% rise in net profit to Rs 61.1 crore for the March 2024 quarter against Rs 17.2 crore profit in the March 2023 quarter.   The stock ended on a flat note on at Rs 139.65 on Wednesday. Market cap of the firm stood at Rs  54,879 crore. The earnings were announced after market hours on Wednesday.   

However, revenue fell 4.1% to Rs 482.9 crore in Q4 against Rs 503.8 crore in  the fourth quarter of FY23.
EBITDA slipped 22.4% to Rs 239.7 crore in the March 2024 quarter against Rs 309.9 crore in the corresponding period of the previous fiscal.

The firm clocked a net profit of Rs 911.44 crore in FY24 against Rs 1359.30 crore profit in FY23. However, revenue fell to Rs 2579.37 crore in the last fiscal against Rs 2938.35 crore in FY23.  

The board of the firm recommended a final dividend of Rs 0.65 per equity share in the last fiscal.

“We would like to inform that the Board of Directors in the aforesaid meeting have recommended a final dividend of Rs 0.65/- per equity share for the Financial Year 2023-24 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 the Financial Year 2023-24 declared in the month of February 2024,” said SJVN.  

SJVN has also formed a joint venture company with Indian Oil Corporation to develop renewable projects and other new technology based projects. “The joint venture formation is subject to approval from the Ministry of Power, the NITI Aayog and the Department of Investment and Public Asset Management (DIPAM),” said SJVN.

Both SJVN and Indian Oil will hold a 50% stake each in the proposed joint venture. The joint venture will have an authorised capital of Rs 250 crore.