Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
SJVN · FY2025 Q1
SJVN Limited analyst Q&A
Are you looking to raise funds in the SJVN renewables arm in this fiscal?
Yes, we are diluting our stakes in our Green Energy SGL by 20% subject to the approval of NITI Aayog and DIPAM.
My second question is on this, sir, do we have to, I think you mentioned about the RE pipeline. Sir, is it possible to give us a single console number in terms of how much is operational, how much is under construction, how much is the capacity where we are L1?
Let me explain. We have 3 numbers of hydro projects in operation, 9 numbers in renewable and total 12 numbers of projects plus 2 transmission lines, totaling 2466.5 MW and under construction 4 numbers of hydro projects, 1558 MW; thermal, one number 1320 MW; renewable 11 numbers, 1958 MW, totaling 16 projects and one transmission line, which comes out to be 4836 MW. And I think I answered your question satisfactorily.
Any RE capacity in the pipeline, sir? This is the capacity under construction, right? Is there anything which is L1 and which is not part of this portfolio?
Sir, we have a long-term plan of adding 49,499 MW of renewable portfolio.
Including every hydro and thermal and particularly renewal 25,777 MW.
My last question is, sir, do you think it is the timeline for Buxar and Nepal, when you are expecting the commissioning?
Q3 of FY26?
25.
So, this fiscal by December?
No, Quarter 3 of 25-26.
That means 26?
Yes.
Thank you very much. The next question is from the line of Mohit S urana from Monarch Networth Capital Limited. Please go ahead.
A couple of questions, one, the landed tariff for this quarter is only Rs. 2.60 paisa per unit. That is around 17% lower than what it was in the Q1 of the prior year , a ny reasons for that? I understand it could be because of the higher generation, but if there is a generation higher than the design capacity, then what is the rate at which we sell that excess power? That is one question, number one. Second, if you can give some thoughts on the fundraise how much in terms of the amount that you are looking to raise through a stake dilution of 20%?
As far as revenue from operations in Q1 is concerned, our revenue from operation in Q1 FY24- 25 is Rs. 831.73 crores against Q1 last year, Rs. 664.62 crores. And Q1 profit after tax is Rs. 327.15 crores against last year's Q1 of Rs. 270.20. And second question you have asked the fundraising stake sale. So, we are targeting Rs. 2,000 crores through dilation of SJVN stake in our wholly owned subsidiary, SJVN Green Energy Limited in 24-25, subject to approval from regulatory authority of DIPAMand Minister of Power.
Sir, with respect to the first question, I was indicating about the tariff. Our tariff this time ha s been lower compared to the last year.
Let me just clarify that tariff is different for different projects. We cannot average out the tariff of all the projects. Say, for example, Nathpa Jhakri tariff is different, Rampur tariff is different, and other tariff is different. So, it cannot be an average out of all the projects. It is different for different projects.
Our joint venture with Assam Energy Renewable Limited for 1000 MW development of solar projects in Assam only.
Thank you, Mr. Surana. The next question is from the line of Vipul Kumar An upchand Shah from Sumangal Investment Consultants Private Limited. Please go ahead.
So, my question is what our current debt at consolidated level is and what will be the peak debt because we are adding a lot of capacity, and our cash flow is not going to increase in a proportionate way. So, what is the consolidated debt and what is the trajectory of consolidated debt over the next 2-3 years?
Sir, presently total debt at consolidated basis is approximately Rs. 21,000 crores. And for financing the upcoming projects, we are planning to take securitization of our assets, approximately Rs. 2,000 crores of Nathpa Jakhri Hydro projects.
My question is, we are executing a lot of projects, so for that we will have to raise a lot of debt. So, what will be the debt trajectory over the next 2-3 years? That is my question, sir?
Our estimated debt is approximately Rs. 6,500 crores in the next 2 years. Addition of Rs. 6,500 crores.
Addition of Rs. 6,500 crores?
Yes, addition of Rs. 6,500 crores.
And you said it is 21,000 right now, right sir?
It is Rs. 21,000. It will be approximately Rs. 28,000 crores by the end of next year.
And all our renewable projects are in SJVN Limited, or they all are under SJVN Green Energy?
SJVN Green Energy.
All renewable solar and wind, everything is under?
Yes.
So, can you share the financials for the SJVN Green Energy for this quarter, sir?
Revenue is 41 and profit is 29?
Yes. It is due to some other income, interest income is also there.
And you said our total capacity is 2440 MW, right sir, right now?
2466.5 MW.
So, what will be the capacity at the end of this Financial Year? Which projects are going to be operational in next 6-8 months?
Our total projects, we are targeting by the end of this Financial Year, 2638 MW.
So, 2465 will become 2638 at the end of the month.
No, plus, in addition to 2,638 in addition to 2,466.
It will be almost 5,000 megawatt altogether.
At the end of the Financial Year, right?
Yes.
So, generations will also increase proportionately from next Financial Year, right, sir?
Sure.
Thank you very much. The next question is from the line of Ragini Pande from Elara Securities Private Limited. Please go ahead.
Sir, what was the incentive income in Q1?
Incentive is Rs. 65 crores. That is UI and capacity incentive.
And what was the plant availability factor?
Plant availability factor for Nathpa Jakhri was 104.94% and for Rampur it is 104.83%.
And what will be your revenue guidance for this fiscal and next fiscal if you can share?
This is for which Fiscal ‘26?
25.
Sir, what will be the guidance for your regulated equity?
Basically, regulated equity is only for hydro sector, not for renewable sector. Renewal the price is fixed at a big price, we will take the project basically. There is no regulatory equity. We are financing the project at the 80-20 debt equity ratio.
Thank you very much. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
What was the cost of Omkareshwar Solar Floating Project?
It is Rs. 649 crores.
And what is the EBITDA expectation from this power plant, sir?
Basically, expected revenue is approximately Rs. 64 crores. So, the EBITDA will be roughly Rs. 10 crores.
EBITDA will be 10 crores?
Yes. So, revenue is approximately Rs. 64 crores.
EBITDA should be higher, sir? Because the revenue is Rs. 64 crores, EBITDA should be around Rs. 55 crores, right?
You can put your questions through mail, and we will reply properly. I think it won't be proper to just guess and everything. We will come out with the exact figures.
My second question is on this solar rooftop, sir have you launched the scheme already and when will you select the vendors?
We are in the process of finalizing the vendors.
What is the capacity you are targeting, sir?
The right figure is not here, how much capacity is to be added.
And sir, are you looking to award any PSP project for EPC in this particular fiscal, PSP or Hydro project?
No, we have been just allotted a PSP in Mizoram for 2,400 MW for which preparation of DPR is under progress. Once DPR is prepared, finalized, then we will start the construction activities.
Sir, any other Hydro project where you expect to commence the construction?
Yes, Nepal project, 669. The CCEA clearance has been given, accorded by our CCEA and we will shortly award in next 2-3 months, we will try to award the civil works.
Thank you very much. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please go ahead.
One, maybe a bit of clarification, you might have repeated this. So, this 2,638 MW that we plan to add this year, what is the breakup between hydro and renewable based power plant in this?
Just a minute, I will give the complete breakup.
Or maybe if the plant wise details are there if you can share it?
Yes. You see, Buxar Thermal Power plant, 660 MW, Bagodara Solar Power Plant, 70 MW. Bikaner 500 MW. Bikaner again Phase-3 and 4, 500 MW. This Omkareshwar, I have already told you that 90 MW. PSPCL in solar power plant in Punjab, 100 MW. Floating Solar Power plant in Nangal in the dam of BBMB is 15 MW and BBMB ground mounted solar power plant is 18 MW. GUVNL Phase-XIII solar power plant Gujarat 100 MW. GUVNL Phase-XIV solar power plant Gujarat 260 MW. GUVNL Phase-17 Avaada solar power plant Gujarat 200 MW. Jamui Solar Power Plant in Bihar, 125 MW, comes out to be 2,638.
So, if one has to understand, in this, the thermal is only one, right, the Buxar?
Yes, second unit will be in next Financial Year.
So, just to clarify, so in this 2 ,638, 660 is Buxar which is thermal and remaining is, there any hydro in this?
Renewable, all renewables.
No, nothing.
And similarly, sir, is it possible to share for FY26 also what is the commissioning target that we are seeing based on the current project readiness? Anything that you can share?
Let me put it, Arun -3 H ydro Power Projects, 900 MW in Nepal, Dhaulasidh Hydro Power Project 66 MW, Buxar Thermal Power 60 MW. GUVNL Phase-5 Wind Power Project 100 MW. Solar Project in Assam 70 MW. Solar Project in Assam from APDCL 50 MW. Wind Power Project from SECI 100 MW. Wind Power Project from SECI 200 MW. Solar Project in Assam from APDCL 200 MW. RVUNL Solar Power Project, Rajasthan 100 MW. Then, GUVNL Phase-22, 200 MW. Banka Solar Project in Bihar, 75 MW. Then, solar power project in Maharashtra, Phase-7, 200 MW. Solar power project in Maharashtra, 200 MW. Letter of intent from PSPCL. We have already got 200 MW. LOI from PSPCL anywhere in India 1000 MW. Solar projects in Maharashtra under Mukhyamantri Saur Krushi Vahini Yojana 1352 MW which is total 5673 MW.
So, this is our current plan for 26 commissioning.
Yes sir, 26 commissioning.
And in terms of coal base is only one 660. Hydro is sum totals to what, sir, in this 5,673?
966.
Only Arun?
Arun, 966 Dhaulasidh.
And remaining in renewable?
Yes, remaining is renewable.
And then this, just repetition maybe, the addition of debt which you mentioned from Rs. 21,000 crore to addition of Rs. 6,500 crore, so this is we are seeing by the end of FY25?
Yes, you are right.
And in FY25 addition, is there any cost plus based power plant, Buxar is a cost plus or how exactly is it structured?
And remaining, is it fair to say, they are on competitive bid, the FY25 commissioning?
They are on competitive bid.
And similarly, for FY26 also, 5673 MW total debt we plan to add, Arun and then one more that hydropower plant you mentioned it is on cost plus, right?
Yes, cost plus. It is our merchant power plant.
Complete merchant?
Yes.
And anything maybe in F27 also, have we any addition based on this?
If you send us the mail and we will come.
Vishal, we will get back to you later on, if you put a query on mail, so that I will be able to clear your queries.
Ladies and gentlemen, due to time constraint, we will now take our last question from the line of Vipul Kumar Anupchand Shah from Sumangal Investment Consultant Private Limited. Please go ahead.
Sir, one small suggestion, if we can put a presentation for all the projects which are being added in this Financial Year and next Financial Year for which you have already given the details in a tabular form, i t will be of great help. It should include all the cost of the project, date of commercial operation.
We will add the cost. You give us the mail, we will give you complete details.
What is my request is why don't you put a presentation on your own website so it will be helpful to everybody. You don't have to reply to repeated mails, sir. That is my request.
We will consider your request.
Thank you very much. I now hand the conference over to Mr. Rupesh Sankhe for closing comments.
Thank you. Thank you for patient hearing from this side.
Thank you very much. On behalf of Elara Securities Private Limite d, that concludes the conference. Thank you for joining us and you may now disconnect your lines.