SJVN Limited Conference Call Summary (May 29, 2024)
Financial Results and Achievements
• Q4 FY24 Results: Management discussed financial outcomes for the quarter.
• Installed Capacity: Increased to 2,377 megawatts with two new solar projects.
• Recent Achievements:
• Four projects dedicated by the Prime Minister.
• Acquisition of five solar projects totaling 2,252 megawatts.
Future Plans and Goals
• Joint Ventures: Formation for renewable energy projects.
• Credit Facility: Secured ₹10,000 crore for future projects.
• Long-term Capacity Targets:
• 25,000 megawatts by 2030.
• 50,000 megawatts by 2040.
Project Updates
• Buxar Thermal Power Project:
• One unit operational in Q3 FY '26, second in Q4 FY '26.
• Nepal Project: 900 MW targeted for October-November 2025.
• Incentive Income: Decrease from ₹253.92 crore to ₹182 crore due to government restrictions.
Challenges and Concerns
• Shortfall: 250 million units against design energy target, ₹41 crore billed for shortfall.
• Depreciation Issues: Increased due to asset impairments in wind projects.
• Land Acquisition: Ongoing issues affecting Buxar and Arun-3 projects.
Capacity Additions and Financial Outlook
• Projected Capacity Additions:
• FY '25: 3,700 megawatts (1,320 MW thermal, 2,498 MW renewables).
• FY '26: 5,506 megawatts (1,176 MW hydro, 4,330 MW renewables).
• CAPEX Expectations: ₹12,000 crore for both FY '25 and FY '26.
Additional Notes
• Joint Venture with Indian Oil Corporation: Focus on green energy and hydrogen.
• Regulated Equity: Total of ₹15,438 crore, specific to current projects.
• No Tenders for Pump Storage: Expected to award projects in FY '25-'26.
Conclusion
• Management expressed confidence in meeting long-term capacity targets despite current delays and challenges.

SJVN Limited Q3 FY2024 Conference Call Summary
Financial Results
• Installed Capacity: 2,227 MW
• New Projects:
• 175 MW solar project in Uttar Pradesh
• 60 MW hydro project in Uttarakhand
• Revenue Contribution: Additional Rs. 270 Crores
• Revenue Decrease: 2.7% overall
• Profit After Tax: Decreased by Rs. 155.64 Crores
Future Plans
• Renewable Energy Projects: Plans to add 240 MW in the current quarter
• Construction Finance: Secured Rs. 10,000 Crores for upcoming projects
• Long-term Goals:
• 25,000 MW by 2030
• 50,000 MW by 2040
Project Updates
• Under Construction: 2,060 MW across 11 projects, with commissioning expected in 2024 and 2025
• Lowest Bidder Projects: 5.2 GW awaiting Letter of Award (LOA)
• Hydro Project in Nepal: Agreement for short-term sales signed; long-term contracts being finalized
Challenges and Concerns
• Hydro Generation Impact: Decreased due to low precipitation; optimism for recovery next year
• HP Water Cess Issue: Currently in court
• Project Costs:
• Buxar: Approximately Rs. 10,400 Crores
• Arun 3: Expected between Rs. 8,500 to 9,000 Crores
Project Timelines
• Arun 3 Completion: Expected by February 2025
• Buxar First Unit: Set for June 2024
• Bikaner: Completion expected by December 2024
Strategic Goals
• Power Purchase Agreements (PPAs): Ongoing negotiations
• Market Strategies: Focus on securing 4 to 5 GW from a government target of 40 GW
• Capacity Target: Aim for 12 GW by the end of FY 2026
Conclusion
• Management expressed confidence in growth strategy and project completions, thanking participants for their engagement.

SJVN Limited Q2 FY24 Conference Call Summary
Conference Call Overview
• Date: November 9, 2023
• Moderated by: Rupesh Sankhe (Elara Securities)
• Key Personnel:
• N.L. Sharma (Chairman and Managing Director)
• A.K. Singh (Director Finance)
Financial Performance Highlights
• Total Generation: Decreased by 3% due to lower water discharge and flooding.
• Revenue: Slight decline in revenue from operations; total income increased due to higher other income.
• Profit:
• Profit before tax rose marginally.
• Profit after tax decreased slightly.
Future Plans and Initiatives
• Capacity Expansion: Plans to add 10,000 MW over the next three years.
• Renewable Energy Implementation Agency (REIA): Designated by the Government of India to coordinate renewable energy projects and earn commissions.
• Tender Plans: Aim to float tenders for 10 GW of capacity annually.
Key Discussions
• Payment Security Measures:
• SJVN will create a payment security fund and establish tripartite agreements with DISCOMs.
• Risk of default will not lie with SJVN.
• Capacity Expansion Details:
• Current capacity: 2,000 MW, projected to increase to 12,000 MW.
• 4,500 MW under construction.
• Updates on Arun-3 and Buxar projects with commissioning expected in the next financial year and September-October 2024, respectively.
• Ongoing Government Discussions:
• Implementation agreements for three under-construction projects with Himachal Pradesh government.
• Consent received from DISCOMs for 1,500 MW capacity.
Analyst Inquiries
• Annual Capacity Addition Feasibility:
• Optimism expressed regarding achieving 10 GW annually due to increasing energy demand and advantages of solar and wind energy models.
• Power Purchase Agreements (PPAs):
• Ongoing negotiations for projects like Nathparamodi and Arun-3, with a preference for shorter-term agreements.
• Legal dispute regarding water sales charges under judicial review.
• Renewable Integration Agreement (RIA):
• Long-term PPAs (25 years) involving a mix of solar, wind, and battery storage.
Capital Expenditure
• Current year target: INR 10,000 crores (INR 3,800 crores already spent).
• Projected target for next year: INR 12,000 crores.
Conclusion
• The call concluded with thanks and well wishes for Diwali.

SJVN Limited Q1 FY24 Conference Call Summary
Financial Results
• Q1 FY24 Performance:
• Installed capacity: 2,100 MW
• Power generation decreased by 25% (2,061 million units vs. 2,735 million units last year)
• Revenue from operations fell from INR 1,006 crores to INR 664 crores
• Profit before tax decreased by 41%
• Profit after tax dropped by 55%
• Net worth increased by 2.6%
• Receivables reduced from INR 1,058 crores to INR 329 crores
Capacity Expansion Plans
• Future Capacity Goals:
• Target to exceed 10,000 MW in three years and reach 25 GW by 2030
• Upcoming projects include:
• Naitwar Mori (60 MW)
• Buxar Thermal Power Plant (660 MW)
• Various solar projects totaling over 5,200 MW
Project Costs and Focus
• Cost Estimates:
• Buxar: INR 10,400 crores
• Arun-3: INR 6,000 crores (generation) + INR 1,600 crores (transmission)
• Renewable Energy Focus:
• Expected equity IRRs for solar projects: 12% to 15%
• Debt rate around 8%
Hydro Projects in Arunachal Pradesh
• Recent Awards:
• Five projects totaling 5,097 MW
• Significant investment for Etalin project (3,097 MW): INR 40,000 crores
• Attunli project (680 MW): INR 9,000 crores investment
• Challenges:
• Potential local opposition and legal challenges acknowledged
Project Management and Efficiency
• Land and Transmission:
• Issues largely resolved; land acquisition progressing well
• Phased approach to enhance project management efficiency
Financial Strategy and Projections
• Funding and Revenue Projections:
• MOU for INR 50,000 crores to support renewable projects
• Revenue expected to rise to INR 14,000 to INR 15,000 crores in three years
• Profit margins anticipated to grow, especially from hydro projects
Capital Expenditure Updates
• Project Progress:
• Buxar: 78-79% complete, commissioning in March and September 2024
• Arun-3: 70% complete, expected late 2024
• Luhri Stage-1 and Dhulasidh: 55-60% complete
• Bikaner solar project: 40% complete
Debt and Equity
• Financial Overview:
• Regulated equity: INR 6,200 crores, expected to reach INR 14,000 crores upon completion
• Consolidated debt projected to rise from INR 15,000 crores to INR 27,000-28,000 crores in three years
Conclusion
• Management expressed confidence in project timelines and financial strategies, with a commitment to transparency in future updates.

SJVN Limited Conference Call Summary (May 23, 2023)
Financial Performance
• Capital Expenditure: INR 8,240 crores, 70% CAGR over six years.
• Record Revenues: INR 3,298 crores, 25% increase year-over-year.
• Profit After Tax: Increased by 40% to INR 1,363 crores.
• Q4 Generation: 7% decrease due to adverse climatic conditions.
Project Updates
• Solar Projects Transfer: Total capacity of 2,758 MW planned; 179 MW operational.
• SJVN Green Energy Net Worth: Approximately INR 2,500 crores.
• Buxar Project: INR 7,500 crores spent; first unit by March 2024, second by May-June 2024.
• Nepal Project: INR 4,200 crores spent; commissioning expected between March and September 2024.
Regulatory and Financial Considerations
• Power Purchase Agreements (PPAs): Ongoing discussions focusing on flexible models.
• New Water Cess: Imposed by Himachal government; confirmed as a pass-through cost in PPAs.
• Incentives Received: Totaling INR 305 crores, primarily from capacity incentives.
Solar and Hydro Projects
• Viability Gap Funding (VGF): Funding received during construction for projects like the 1000 MW solar project in Bikaner.
• Hydro Projects: Two operational, five under construction, with over 10 more planned.
• Challenges: Approval delays and community resistance, especially in Arunachal Pradesh.
Future Capacity and Investments
• Capital Expenditure Allocation: INR 3,000 crores for renewables, INR 2,800 crores for hydro.
• Future Capacity Additions: 1,500 MW in FY '24 and 1,200 MW in FY '25.
• Hydro Capacity Target: 25,000 MW by 2030, with 10 pump storage projects totaling 12,790 MW planned.
• Estimated Investment: Around INR 50,000 crores for future projects.
Conclusion
• Regulated Equity: Approximately INR 6,193 crores for ongoing projects.
• Quarterly Updates: Suggestion for more detailed updates on project progress.

SJVN Limited Conference Call Summary (February 7, 2023)
Financial Results for Q3 FY2023
• Generation Decrease: 5.7% decline due to lower rainfall; 1,394.9 million units generated.
• Revenue: Slight increase of 0.2% to ₹551.67 Crores.
• Total Income: Rose by 19% to ₹723 Crores.
• Profit Before Tax (PBT): Increased by 4.5% to ₹316 Crores.
• Profit After Tax (PAT): Surged by 25% to ₹291 Crores.
• Nine-Month Performance: Revenue from operations up 16%, total income up 21%, PAT up 38%.
Project Updates
• Sunni Dam Hydroelectric Project: Approved; total projects under construction now 14 (12 generation, 2 transmission) with 4,323 MW capacity.
• Buxar and Nepal Projects: Progressing despite challenges; commissioning target set for March 2024.
• Land Acquisition Issues: Local and state administrations involved; resolution expected soon.
Financial Strategies
• Securitization of 10 Billion: Funds for equity infusion and debt requirements, not for dividends.
• Exit from Kholongchhu Project: Due to management stalemates; equity and interest successfully retrieved.
Future Plans
• Power Generation Capacity: Targeting 5,000 MW by end of financial year.
• Naitwar Mori Project: Expected commissioning by March 2023; PPA not yet signed.
• Renewable Energy Portfolio: 179.5 MW operational, 1,385 MW under construction, exploring 10,000 MW initiative in Rajasthan.
Solar Projects and Dividends
• Operating Margins for Solar: Estimated around 60%.
• EPC Costs: Developers bear module price changes; no pass-through mechanism.
• Dividend Policy: Adhering to government guidelines; maintaining at least 5% of net worth or 30% of PAT.
Power Purchase Agreements (PPAs)
• Project Portfolio: Over 1,000 MW of the 1,385 MW under construction have signed or likely PPAs.
• Competitive Bidding: Mandatory PPAs ensure lowest rate power supply.
Closing Remarks
• EPC Tenders: All major tenders awarded; electromechanical package for Sunni Dam in process.
• Acknowledgment: Closing remarks by Rupesh Sankhe, thanking participants.