SJVN Shares Up Over 3% On Receiving 100 MW Solar Project Order From Gujarat Urja Vikas Nigam Limited

The share price of multi-bagger PSU stock SJVN Ltd traded 3.52% higher at Rs 94.79 per share at 9:49 am IST on Wednesday (December 27). The drastic jump in SJVN shares was seen a day after the company informed that it has secured a 100 MW Solar Power Project through e-Reverse Auction conducted by Gujarat Urja Vikas Nigam Limited ("GUVNL").

The project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units. Further, the commissioning of this solar project is anticipated to reduce 2,87,434 tonnes of carbon emissions.

In an exchange filing on December 26, the hydropower generation company said, "The Company successfully bagged the quoted capacity of 100 MW Solar Project @ Rs 2.63/Unit on Build Own and Operate basis through a tariff-based competitive bidding process of GUVNL.

" As per the filing, this Ground Mounted Solar Project shall be developed by SJVN's wholly-owned subsidiary i.e., SJVN Green Energy Limited ("SGEL") at a tentative cost of Rs 550 crore. The project shall be developed anywhere in India and is expected to be commissioned within 18 Months from the date of signing of the Power Purchase Agreement ("PPA"). The PPA shall be signed between SGEL & GUVNL for 25 years.

With the addition of this project, the Company's solar & wind portfolio stands at 5,090.5 MW out of which 179.5 MW is under operation, 1,860 MW is under construction and 3,051 MW is under various stages of implementation.

SJVN Ltd Share Price Performance:

In the last six months, SJVN shares have gained 128%, and the stock's year-to-date (YTD) performance is up 168.71%. In the last one year the share price of SJVN Ltd has increased 171.43% and it has advanced 227.13% in the last two years. SJVN Ltd stock price has gained 34.59% in the last three months.

SJVN Ltd Q2 Results:

For the second quarter that ended September 30, 2023, SJVN Ltd reported a 1.3% year-on-year (YoY) decline in net profit at Rs 439.6 crore.

During this period, the company's EBITDA fell 0.9% to Rs 706.2 crore compared to Rs 712.6 crore in the prior corresponding period.

The EBITDA margin stood at 80.4% against 81.1% in the corresponding period in the previous fiscal.

About SJVN Ltd:

SJVN Ltd is a state-owned hydropower company in India. The Company is the country's largest operational hydroelectric power generation facility based on installed capacity with an aggregate generation capacity of 1912 MW. The state-owned company aims to achieve its Mission of 12,000 MW by 2026 and Shared Vision of 25,000 MW by 2030 & 50,000 MW installed capacity by 2040.