Outcome of Meeting of the Board of Directors
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SJVN Limited's board approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2025, with the statutory auditor issuing an unmodified opinion on both. Standalone revenue from operations rose to ₹2,89,725 lakh (FY24: ₹2,53,359 lakh, +14.4%), while standalone profit after tax increased to ₹97,018 lakh (FY24: ₹90,840 lakh, +6.8%); consolidated revenue grew to ₹3,07,201 lakh (FY24: ₹2,57,937 lakh, +19.1%). Operating margin expanded to 65.92% from 61.49%, though finance costs jumped ~52% to ₹72,648 lakh and debt-equity ratio rose to 0.74 from 0.69. The board recommended a final dividend of ₹0.31 per share, taking total FY25 dividend to ₹1.46 per share (FY24: ₹1.80). The auditor flagged emphasis-of-matter items including CERC tariff provisional billing, the on-hold Devasari hydro project (₹19,839 lakh in CWIP), three Himachal Pradesh projects where Implementation Agreements remain unsigned and GoHP may take them back (₹730.51 crore plus ₹2,483.68 crore still on books), and retrospective restatement of FY24 figures.
FY25 results show steady topline growth with margin expansion and positive operating cashflows, but rising finance costs, higher leverage, and the unresolved HP project dispute pose overhang risks. Total dividend per share has fallen year-on-year, which may temper income-investor sentiment despite the clean audit opinion.