SJVN Limited conducted its 36th Annual General Meeting (AGM) for the financial year 2023-24 today. In his address to shareholders, Chairman and Managing Director Shri. Sushil Sharma highlighted the company’s achievements, operational challenges, and ambitious growth plans, expressing gratitude for the unwavering support from stakeholders that helped SJVN achieve prestigious Navratna status on August 30, 2024.
Shri. Sharma noted that despite facing significant hydrological challenges due to climate change, SJVN exhibited resilience in its operations. In FY 2023-24, the company generated 8,489 million units (MUs) from its hydro, solar, and wind power stations. The power stations set new records, including the highest daily generation of 39.570 MU by the 1500 MW Nathpa Jhakri Hydro Power Station (NJHPS) and 10.971 MU by the 412 MW Rampur Hydro Power Station (HPS) in July 2023. The company also recorded its highest ever monthly generation of 1,590.072 MU from all operational projects in August 2023, with Rampur HPS achieving a monthly high of 337.165 MU during the same month.
For the fiscal year 2023-24, SJVN reported standalone revenue of ₹2,533.59 crore, with a Standalone Profit After Tax (PAT) of ₹908.40 crore. The company declared a dividend of ₹1.80 per share for the fiscal year. SJVN’s stock performance soared by 426 percent from April 2023 to February 2024, reaching an all-time high of ₹170.50 on February 5, 2024, and boosting its market capitalization to ₹67,000 crore.
Shri. Sharma further informed attendees that SJVN successfully commissioned four projects: the 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, the 75 MW Gurhah Solar Power Station in Uttar Pradesh, the 50 MW Gujrai Solar Power Station in Uttar Pradesh, and the 100 MW Raghanesda Solar Power Station in Gujarat. Notably, SJVN also launched India’s first Multi-Purpose Green Hydrogen Pilot Project, paving the way for green hydrogen production.
The company’s project portfolio now stands at a record 56,802 MW, comprising 89 projects and three transmission lines. Key achievements include the allotment of 5,097 MW of hydro projects in Arunachal Pradesh and 2,400 MW for the Darzo Lui Pumped Storage Project in Mizoram, as well as securing 16 renewable projects totaling 4,490 MW.
SJVN has been recognized as the fourth Renewable Energy Implementing Agency (REIA) by the Government of India, alongside SECI, NTPC, and NHPC. As part of its responsibilities as REIA, SJVN has issued tenders for a cumulative capacity of 17.1 GW, with awards issued for 8.2 GW thus far. The company has also signed Power Sale Agreements (PSAs) and Power Purchase Agreements (PPAs) totaling 3.82 GW and is expected to finalize agreements for the remaining awarded capacity shortly. Furthermore, SJVN has been designated as the Nodal Agency by the Ministry of Power for implementing the Pradhan Mantri Suryodaya Yojana (Rooftop) in Himachal Pradesh, Punjab, and Arunachal Pradesh.
In terms of corporate social responsibility, SJVN spent ₹45.96 crore in FY 2023-24, exceeding its statutory obligations. The company has consistently achieved ‘Excellent’ ratings for compliance with DPE Guidelines on Corporate Governance since its listing. SJVN was also recognized as the Best Workplace in the Energy Sector by Great Place to Work, ranked 25th among ‘Fortune India – The Next 500 Midsized Companies’, and upgraded from Small-Cap to Mid-Cap by the Association of Mutual Funds in India. Additionally, SJVN became the first Central Public Sector Enterprise (CPSE) in the power sector to receive Anti-Bribery Management System Certification, following its earlier achievement as the first CPSE to obtain ISO 31000:2018 certification for Risk Management Systems.
Looking ahead, Sh. Sharma outlined SJVN’s ambitious capacity addition targets of 25,000 MW by 2030 and 50,000 MW by 2040, focusing on hydro and renewable energy solutions. The company’s immediate priorities include completing ongoing projects, including the commissioning of the 1,320 MW Buxar Thermal Project and 10 solar projects totaling 2,350 MW in FY 2024-25.
In closing, Shri. Sushil Sharma expressed heartfelt thanks to all stakeholders, stating, “With your continued support, SJVN shall achieve new heights and continue to empower India’s energy sector growth.”
