SJVN Limited — Investor Meet, 17-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** SJVN Limited reported solid performance in Q3 FY '25, with a significant year-over-year increase in power generation, up to 10,084 million units compared to 7,987 million units in the prior year, marking a 26.3% growth. Revenue from operational projects surged due to new capacity additions, particularly the 90 MW Omkareshwar floating solar project and partial commissioning of the Raghanesda Solar Power Project, contributing positively to profitability.

**Future Outlook and Growth Drivers:** Management emphasized plans for substantial capacity additions, targeting an overall portfolio of 25 GW by 2030. Notable projects include a 1,000 MW pumped storage plant in Bihar and collaborative renewable projects in Rajasthan, which will significantly enhance growth and market positioning.

**Order Book and Operational Updates:** The order book remains robust with ongoing projects totaling 4,936 MW under construction. Key milestones include the successful boiler light-up for the 1,320 MW Buxar Thermal Power Project, which is expected to commence operations in May 2025.

**Analyst Q&A Insights (Detailed):** Analysts questioned revenue projections and profitability, particularly regarding increased financing costs, which management attributed to ongoing capital expenditure phases. Competitive landscape concerns were raised, particularly regarding delays in Power Purchase Agreements (PPAs) for secured solar projects. Analysts noted operational challenges, including project delays due to geological issues in hydro projects, which management is confident in resolving.

**Market or Regulatory Updates:** SJVN continues to engage with regulatory bodies and utility companies to expedite PPAs, anticipating improvements in agreement timelines in the near term.

**Strategic Focus Areas:** Emphasizing a diversification strategy, SJVN is focusing on both traditional and renewable energy portfolios while implementing cost controls to enhance operational efficiencies and reduce future overheads.

**Investor Insight:** Given the strong financial performance and strategic growth initiatives, SJVN presents a favorable investment case aligned with a ‘buy’ position. However, careful monitoring of project timeline adherence and financial cost management will be crucial for maintaining investor confidence in the upcoming fiscal periods.