CIN: L40101HP1988GOI008409

एसजेवीएन ल मटेड

SJVN Limited

(A Joint Venture of GOI & GOHP)

A Mini Ratna & Schedule "A" Company

SJVN/CS/93/2023-

Date: 17/08/2023

NSE Symbol: SJVN-EQ

BOLT SCRIP ID: SJVN

SCRIP CODE: 533206

National Stock Exchange of India Limited,

BSE Limited,

Exchange Plaza,

Phiroze Jeejeebhoy Towers,

Bandra Kurla Complex,

Dalal Street,

Bandra East, Mumbai-400051, India.

Mumbai 400001, India.

SUB: Transcript of conference call held with Investors and Analysts to discuss the financial results for the first quarter ended 30th June, 2023

Sir/Madam,

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find attached herein the transcript of conference call held with Investors and Analysts on Thursday, 10th August, 2023 to discuss the financial results for the first quarter ended 30th June, 2023.

Kindly take the above information on record and oblige.

Thanking you,

Yours faithfully,

(Soumendra Das)

Company Secretary

Encl:

As stated above

_______________________________________________________________________________________________________________

पंजीकृत एवंकॉप रेटकायालय: एसजेवीएनकॉप रेटऑ फस कॉ लेस, शनान, शमला - 171006 हमाचल देश Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006 Himachal Pradesh

दरभाषू / Tel No.: 0177-2660075,फ़ै स / Fax: 0177-2660071,ईमेल/ Email: cs.sjvn@sjvn.nic.in, वेबसाइट/ Website: www.sjvn.nic.in

"SJVN Limited

Q1 FY '24 Earnings Conference Call"

August 10, 2023

MANAGEMENT: MR. N L SHARMA - CHAIRMAN AND MANAGING

DIRECTOR - SJVN LIMITED

MR. A K SINGH - DIRECTOR FINANCE - SJVN

LIMITED

MR. SOUMENDRA DAS - COMPANY SECRETARY -

SJVN LIMITED

MODERATOR: MR.RUPESH SANKHE - ELARA SECURITIES PRIVATE LIMITED

Page 1 of 14

SJVN Limited

August 10, 2023

Moderator:Ladies and gentlemen, good day and welcome to the SJVN Limited Q1 FY24 Earnings Conference Call hosted by Elara Securities, Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rupesh Sankhe from Elara Securities, Private Limited. Thank you and over to you, sir.

Rupesh Sankhe: Good morning everyone. On behalf of Elara Securities, we welcome you all for the Q1 FY24 Conference Call of SJVN. I take this opportunity to welcome the management of SJVN, represented by Mr. N.L. Sharma, Chairman and Managing Director, Mr. A.K. Singh, Director of Finance. We will begin the call with a brief overview by the management followed by Q&A session. I will now hand over the call to Mr. N.L. Sharma, sir, for his opening remarks. Over to you, sir.

N.L. Sharma:Good morning all the analysts and other associated persons present in the conference call. Let me start with the overview. Right now, our installed capacity of SJVN is about 2,100 megawatt comprising of two hydro projects, two wind projects and four other solar projects. The projects under construction, we have around 16 projects under construction of the capacity 4,500 megawatt approximately.

Let me share another thing that in the coming three years, our installed capacity portfolio is going to be multiplied or increased by about six times. We are right now 2,100 megawatt installed capacity. In the next three years, in the next one year, we will be adding about 1,500 megawatt capacity. And next to next year, say after one year, the capacity addition will be around 5,200 megawatt. And in the third year, the capacity addition will be around 3,300 megawatt.

So total installed capacity we are going to add in the next three years, the projects which are visible and we have already won the project and construction is either going on or will start and projects will be completed in the next three years of the capacity of around 10,000 megawatt. So our installed capacity after three years will be around, will be crossing 10,000 megawatt capacity.

Speaking regarding the total portfolio, we have total portfolio of 55,000 megawatt capacity. The projects which have been indicated or which we have acquired. So the projects which are visible, around 40 projects which are visible will be constructing. But the other projects where due diligence and investigation will be conducted. And the viable projects will be taken up. So our target of 25 gigawatt by 2030 is rightly and quite visible. So we will definitely achieve that target of 25 gigawatt by 2030.

Now I will come to the Q1 results. Q1 results are though are not that much encouraging because of the reason that water availability in the river, in the Sattluj river particularly wherever two mega projects are located, in the first quarter was not good. The reasons are many because in the first quarter the discharge in the river, the generation from the water, that discharge was very low. It was at one point of time was 50% as compared to the last year. So increase with the

Page 2 of 14

SJVN Limited

August 10, 2023

incoming of the monsoon, but during the first quarter, April, May, June, the winter was very, very less.

There was very less snowfall on the hills because there was very mild winter this year. So snowfall was very less. And just with the onset of the summer season, when the snow melts and discharge comes, water comes in the river. So the summer was also very mild, but certainly there was no summer in the hilly regions. So the temperature in the hilly regions was very low and lesser snow melt and lesser discharge in the river. So discharge in the river was about 30%, 25% to 30% lesser as compared to last year. And this resulted into the lesser generation, the Q1. I will give the total figure.

Generation from all projects of SJVN in the first quarter was 2,061 million units as compared to 2,735 million units. So there is a difference of about 674 million units, lesser generation. This is about 25%, 25% lesser as compared to the last season. So it is reflected in the lesser sale of power also. So there was decrease in the generation to the extent of 25%. Resultantly, revenue from operations, only because of the lesser generation, the revenue from generation decreased by INR71 crores.

If we talk of the revenue from operations, last year it was INR1,006 crores in the first quarter, whereas this year it is INR664 crores as compared to the last year. There is a decrease in INR341 crores revenue from operations. So partly INR71 crores due to lesser generation and last year INR289 crores in the quarter 1 was the arrear which we got for the Rampur hydroelectric project because of the tariff revision. Tariff order by the CRT. So that amount was INR289 crores. INR71 crores was because of the lesser generation and there is a reduction in the UI charges also, INR19 crores lesser UI charges, the new regime of DSM. So total revenue decreased by INR341 crores. It is almost one third of the last year, 34% lesser as compared to last year.

Other income slightly increased because of increased interest on deposits in the banks. So total income also decreased by 31%. Last year it was INR1,070 crores and this year it is INR738 crores. So there was a decrease of INR332 crores. Expenses, overall expenses also decreased. There is a decrease of about INR62 crores. Last year total expenses were INR420 crores and this year INR358 crores. Resultantly profit before tax decreased by 41%. It is INR380 crores this year as compared to 650 crores last year.

PAT decreased by about 55%. Last year it was INR607 crores and this year it is INR270 crores. Earning per share also decreased by INR0.86 paisa. In the first quarter it is INR0.69, that is INR0.69 paisa as compared to INR1.55 paisa last year. Net worth increased by 2.6%. It increased from INR13,735 crores to INR14,091 crores this year. Book value also increased. Generation I have already explained that generation decreased by about 25%.

In all Nathpa, Jhakri, Rampur, Bodhi projects generation decreased. Whereas in case of wind and solar generation also decreased. Plant availability factor for Rampur and Nathpa, Jhakri, Rampur projects is by and large the same. We are operating these projects at the maximum load that is 110%. So we are running our machines on full load. Capacity, total incentives also decreased. Last year total incentives of Q1 were 87.59 and this year it is only 67.96%. Reduction

Page 3 of 14

SJVN Limited

August 10, 2023

of about 22%. Primarily UI charges that the new DSM regime has introduced, UI charges

decreased.

Then about receivables. There is substantial improvement in the receivables. Last year during

quarter 1 total receivables were INR1,058 crores and this year at the end of quarter 1 total

receivables are INR329 crores. So against INR1,058 crores, INR329 crores there is substantial

improvement. About INR729 crores difference between the two. And this is because of the

reason that last year receivables from J&K were very high. More than INR600 crores. Now at

this point of time receivables from J&K are only INR80 crores. So there is an improvement.

So this is about the brief. Now we are ready for the questions of the persons present in the

conference call.

Moderator:

Thank you. Ladies and gentlemen, we will now begin with the question-and-answer session. The

first question is in the line of Abhineet Anand from Emkay Global. Please go ahead.

Abhineet Anand:

Yes, first of all I just wanted to know the next three years you talked about 10,000 megawatt. If

you can give the details as to next two years at least, this 1,500 and 5,000, what are the units that

you are expecting?

Management:

Yes, yes, definitely I will share. In the next one year, the unit Naitwar Mori of 60 megawatt will

be commissioned within a month. Then first unit of Buxar Thermal Power Plant of 660 megawatt

capacity will be commissioned by March '24. Then Bagodara Solar Power Project in Gujarat of

70 megawatt capacity will be commissioned. Then Gura and Gujrai, both 125 megawatt capacity

in Uttar Pradesh will be commissioned in this calendar year we are expecting. Then Raghanesda

Solar Power Project in Solar Park in Gujarat will be commissioned in the first year.

Then Omkareshwar Floating Solar Power Project of 90 megawatt capacity will be commissioned

within one year. Then in Punjab we are executing 100 megawatt capacity solar power project

that will also be commissioned. Then Bikaner Solar Power Project in Rajasthan out of 1,000

megawatt, 250 megawatt will be commissioned in this financial year. Then these are few projects

which will be commissioned within one year.

Then after one year and before the two years, after one year, within one year that capacity of

Arun-3 900 megawatt capacity Arun-3 projects in Nepal. Buxar Thermal Power Plant, second

unit will be commissioned. Bikaner rest of the 750 megawatt. Then Floating Solar Power Project

in BBMB Reservoir of Nangal Dam. Then in Bihar, Jamui and Banka about 200 megawatt

capacity solar power project will be commissioned. Then in again BBMB Ground Mounted

Solar Power Project which we have got worth 33 megawatt, 18 megawatt and 15 megawatt, total

33 megawatt.

Then in Gujarat, Gujarat about 300 megawatt capacity which we have already got and work is

going on. 360 megawatt capacity will be commissioned. Then Solar Power Project in

Maharashtra of 200 megawatt capacity. Then again in Maharashtra, 400 megawatt capacity

project will be commissioned. Then again in Gujarat, GUVNL Phase 17, 200 megawatt capacity.

Then 100 megawatt capacity of wind power project again in Gujarat.

Page 4 of 14

Attachments

Disclaimer

SJVN Limited published this content on 17 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2023 11:33:01 UTC.