Stock Market Stock: Multibagger SJVN Ltd share price gained more than 8% in morning trades in Wednesday post Q1 Results. The SJVN results were declared post market hours on Tuesday. The consolidated net profit of SJVN at ₹357 grew 31% year on year.
The SJVN share price opened at ₹144.20, more than 5% higher over the previous close of ₹137.10. SJVN share price thereafter gained further to ₹148.10 marking gains of more than 8.5%.
SJVN Share price having rises 152% over past one year has given Multibagger returns to the investors.
The state owned Hydropower producer SJVN saw its revenues from operations at ₹870.35 crore rise 29% year on year over ₹674.8 crore in the year ago quarter.
While the revenue growth remained equally strong, some support to net profit growth was provided by the higher other income. Other Income at ₹88 crore was higher than ₹69.6 crore in the year ago quarter.
The prospects for SJVN however remain improved in Q2 looking at the ongoing monsoon season that leads to higher hydropower generation.
The September quarter thereby remains the strongest quarter for Hydropower producers
Besides the Power, Atomic Energy, renewable energy also has risen faster within Public Sector capex.
Apart from Hydro the company also is growing its solar and other renewable capacity.
Recently it has successfully commissioned 90 MW Omkareshwar Floating Solar Project executed by SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of the Company. On commissioning of the project, total installed capacity of the Company stands increased to 2,466.50 MW.
The confidence on SJVN also stems from the ongoing business developments. The Board also is considering the proposal for raising of funds through Securitization of Assets and stake sale in its Wholly Owned Subsidiary i.e., SJVN Green Energy Limited.
The board accorded in-principle approval for monetisation through Securitisation of partial future revenue and Return on Equity of the Nathpa Jhakri Hydro Power Station of the Company.
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