Multibagger stock, SJVN witnessed its share price surge by over 6 per cent on Wednesday after the company posted robust Q1FY25 results. Satluj Jal Vidyut Nigam reported an impressive consolidated net profit of Rs 357 crore, marking a 31 per cent increase compared to the same period last year.
During the same quarter, the PSU company raised its total income to Rs 958.47 crore, up from Rs 744.39 crore in the corresponding period of last year. Meanwhile, the company's expenses also surged to Rs 476.39 crore as compared to Rs 362.60 crore in the first quarter of the previous fiscal year.
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At 10:30 am, the shares of the company were trading at Rs 145.17 price level, up by nearly 5.87 per cent on the National Stock Exchange.
Notably, the company has also delivered multibagger returns in the past year. On an annual basis, the shares of SJVN have generated a return of more than 150 per cent on the NSE.
In a regulatory filing, the company stated that "its board of directors has accorded in-principle approval for monetisation through securitisation of partial future revenue/return on equity of the Nathpa Jhakri Hydro Power Station (NJHPS) of the company."
The board has also given in-principal approval to the proposal for dilution of stake in the wholly-owned subsidiary (SJVN Green Energy Ltd), subject to various regulatory approvals.
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Besides, the company has approved designating company's Director (Projects) Sushil Sharma who is currently holding additional charge of Chairperson and Managing Director as Key Managerial Personnel of SJVN pursuant to an order the Ministry of Power.
On year-to-date basis, the shares of the hydropower company have delivered a return of more than 56 per cent on the NSE.
