SJVN, a leading public sector power company, celebrated its 36th Annual General Meeting (AGM) for FY 2023-24, under the leadership of CMD Sushil Sharma. The AGM marked a pivotal moment as the company was officially awarded Navratna status on 30th August 2024, cementing its place as a key player in India’s power sector.
Record Power Generation Despite Challenges
In a year marked by challenging hydrological conditions due to climate change, SJVN reported impressive operational performance. The company generated 8489 MUs of electricity across its hydro, solar, and wind power stations, breaking records with 39.570 MUs in a single day at its NJHPS and 10.971 MUs at the Rampur HPS in July 2023. August 2023 also witnessed the highest ever monthly generation of 1590.072 MUs from all operational projects.
Financial Success and Stock Surge
SJVN achieved remarkable financial results in FY 2023-24, with standalone revenue of Rs 2533.59 crore and profit after tax (PAT) of Rs 908.40 crore. The company’s stock performance surged by 426% between April 2023 and February 2024, hitting an all-time high of Rs 170.50 and raising its market capital to Rs 67,000 crores on 5th February 2024.
Expansion and New Projects
In a major boost to its portfolio, SJVN commissioned several key projects, including the 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, 75 MW Gurhah Solar Power Station, and the 100 MW Raghanesda Solar Power Station. In a groundbreaking achievement, SJVN also launched India’s First Multi-Purpose Green Hydrogen Pilot Project, positioning the company as a leader in green hydrogen production.
Ambitious Growth Targets: 50,000 MW by 2040
Looking ahead, CMD Sh. Sushil Sharma outlined SJVN’s ambitious growth plan to reach 25,000 MW capacity by 2030 and 50,000 MW by 2040, with a focus on hydro, renewable energy, and round-the-clock renewable energy solutions. Upcoming projects include the 1320 MW Buxar Thermal Project and 10 solar projects totaling 2350 MW, all expected to be commissioned in FY 2024-25.
Commitment to Social Responsibility and Sustainability
SJVN continues to prioritize Corporate Social Responsibility (CSR), with an expenditure of Rs 45.96 crore in FY 2023-24, exceeding statutory obligations. The company also garnered several prestigious recognitions, including being named the Best Workplace in the Energy Sector and placed among the Fortune India – Next 500 Midsized Companies.
SJVN’s consistent commitment to excellence is further demonstrated by its recognition as the first CPSE in the power sector to receive Anti-Bribery Management System Certification, ensuring high ethical standards across its operations.
Future-Focused: Renewable Energy Implementing Agency (REIA) Role
As India focuses on scaling up renewable energy, SJVN has been selected as the 4th Renewable Energy Implementing Agency (REIA) alongside SECI, NTPC, and NHPC. The company has floated tenders for 17.1 GW of capacity and signed Power Purchase Agreements (PPAs) for 3.82 GW with various developers, bolstering India’s renewable energy ambitions.
With an eye on the future, Sushil Sharma concluded by thanking all stakeholders and reaffirming SJVN’s commitment to powering India’s energy sector growth with resilience and innovation.
