SJVN : 31 मार्च, 2025 (वित्तीय वर्ष 2024-25) को समाप्त अवधि के लिए वित्तीय परिणाम और लाभांश की घोषणा

एसजेवीएन लिलिटेड SJVN Limited

(A Joint Venture of Govt. of India & Govt. of H.P.)

A Navratna CPSE

CIN: L40101HP1988GOI008409

SJVN/CS/93/2025- Dated: 29/05/2025

NSE Symbol: SJVN-EQ SCRIP CODE: 533206

National Stock Exchange of India Limited,

Exchange Plaza, Bandra Kurla Complex,

Bandra East, Mumbai 400 051, India

BSE Limited,

Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai 400 001, India

SUB: Outcome of Meeting of the Board of Directors

Sir/Madam,

In compliance with Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") the Board of Directors of the Company in its Meeting held today i.e., May 29, 2025, approved the following:

1. Approval of Financial Results:

   Standaone and Consolidated Financial Results for the quarter and year ended March 31, 2025. Further, it is declared that the Statutory Auditors have furnished Statutory Audit Report on Standalone and Consolidated Financial Results with unmodified opinion. The copy of both Standalone and Consolidated Financial Results, alongwith the Auditor's Report are attached as Annexure - A.

2. Recommendation of final dividend:

   Recommended a final dividend of ₹0.31/- per equity share for the financial year 2024-25 subject to the approval of shareholders in the ensuing Annual General Meeting. The final dividend is in addition to the interim dividend of ₹1.15/- per equity share declared in the month of February 2025, for the Financial Year 2024-25, and will be paid within the statutory period as prescribed in the Companies Act, 2013.

3. Disclosure as per Regulation 52(7) and 52(7A) of the SEBI Listing Regulations:

   In compliance with Regulation 52(7) & (7A) of the SEBI Listing Regulations, details of Utilization of issue proceeds/ material deviation in the use of proceeds in respect of Non-Convertible Debt Securities issued by the Company is attached as Annexure - B.

   पंजीकृत एवं कॉपोरेट कार्ाािर्: एसजेवीएन कॉर्पोरेट ऑफिस कॉम्प्लेक्स, शनान, शशमला - 171006 हिमाचल प्रदेश

   Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006, Himachal Pradesh

   दूरभाष / Tel No.: 0177-2660075, फ़ैक्स / Fax: [phone], ईिेि / Email: [e-mail], वेबसाइट / Website: https://www.sjvn.nic.in

   
   
   
   
   एसजेवीएन लिलिटेड SJVN Limited

   (A Joint Venture of Govt. of India & Govt. of H.P.)

   A Navratna CPSE

   CIN: L40101HP1988GOI008409

4. Disclosure as per Regulation 54 of the SEBI Listing Regulations:

In compliance with Regulation 54 of the SEBI Listing Regulations, Security Cover details in respect of Non-Convertible Debt Securities issued by the Company Company is attached as Annexure - C.

The Meeting commenced at 16:00 HRS and concluded at 19:30 HRS. Kindly take the above information on record and oblige.

Thanking you,

SOUM

Yours faithfully,

ENDRA

Digitally signed by SOUMENDRA DAS DN: C=IN, O=Personal, T=7287, Phone= f77c308884a7da7a6b95a41dee8ba3065 96ab65423166219b5c0013683798328,

PostalCode=171009, S=Himachal Pradesh, SERIALNUMBER=

b0ac2b06e36a51be06bec20ba87c45c9e 47e23efc6af80be69741d46bd519ec2, CN=SOUMENDRA DAS

Reason: I am the author of this document

DAS

Location:

Date: 2025.05.29 19:55:34+05'30'

Foxit PDF Editor Version: 13.0.0

(Soumendra Das) Company Secretary

Encl:

As stated above

पंजीकृत एवं कॉपोरेट कार्ाािर्: एसजेवीएन कॉर्पोरेट ऑफिस कॉम्प्लेक्स, शनान, शशमला - 171006 हिमाचल प्रदेश

Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006, Himachal Pradesh

दूरभाष / Tel No.: 0177-2660075, फ़ैक्स / Fax: [phone], ईिेि / Email: [e-mail], वेबसाइट / Website: https://www.sjvn.nic.in

I N D I A

Charanjit Singh & Associates

C h ar t e r e d Ac cou n t aztts iNDEPENDENT AUDITOR'S REPORT

The Board of Directors of

SJVN Limited

Report on the Audit of Standalone Financial Results Opinion

Annexure - A Off: Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Gross Bhawan, Mall Road

Ludhiana-141001. Ph.: 0161-2442080

1. 094644-23041, 095016-66550

   E- mail [e-mail]

   We have audited the Standalone Financial Results of SJVN Limited (the Company)) for the year ended March 31, 2025 included in the accompanying Statement of Standalone Financial Results for the quarter and year ended March 31, 2025 (hereinafter referred to as the "Financial Results"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Listing Regulations").

   In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

   1. are presented in accordance with the requirements of Regulafion 33 of the Listing Regulations in this regard; and

      gives a true and fair view in conformity with the applicable indian Accounting Standards prescribed under Section 133 of the Companies Act 2013 ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter and the year ended March 31,2025.

      Basis for Opinion

      We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditors' Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial results.

      Emphasis of Matter

      We draw attention to the following matters;

      1. Note No 2. The Central Electricity Regulatory Commission (CERC) nofified the Tariff Regulations, 2024 on 15 March 2024 for the tariff period 2024-2029. Pending issuance of provisional/final tariff orders effective from 1 April 2024, hydro power stations are billing

         
         
         

         HEAD OFFICE : #1779, PHASE-3-B-2, MOHALI-160055 E-mait: [e-mail]

         beneficiaries provisionally based on tariffs applicable as of 31 March 2024, in line with the new regulations. However, power from Naitwar Mori Hydro Power Station (NMHPS) is sold through Power Exchange and bilateral agreements.

      2. Note No.5 to the Standalone Financial Results which describes the Survey and Investigation work of the Devasari Hydro Electric Project in Uttarakhand has been on hold on 6th July 2021, as per Ministry of Power directives. The company is pursuing the matter with relevant authorizes and expects the hold to be lifted. As of J1.OJ.Z025, an amount of R19,839 lakh (T19,578 lakh as of 31.03.2024) is carried under Capital Work in Prngre.s.s (CWIP).

c} Note no.7 to the standalone financial results which describes the three hydro power projects allotted to SJVN by the Government of Himachal Pradesh, for which lmplementafion Agreements are yet to be signed. SJVN has commenced work to avoid delays. On 22.04.2025, the Government indicated its intention to consider taking back these projects and appointed an evaluator. Related project expenditure amounting to X730.51 crore and R2,483.68 crore continues to be recognized in the financial statements.

d) Note no.12 to the standalone financial results which describes the Figures for March 31,2024 have been retrospectively reclassified/restated. Accordingly, the group has also presented Statement of Assets & Liabilities as at the beginning of the preceding period i.e. April 1,2023 wherever necessary.

Our opinion is not modified in respect of these matters.

Management's Responsibilities for the Standalone Financial Results

This statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparafion of these financial results that give a true and fair view of the net profit for the year ended March 31, 2025 and other comprehensive income and other financial information of the company in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulafion 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the, Act for safeguarding of the assets of the Company and for prevenfing and detecting frauds and other irregularifies selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounflng records relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to conflnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounflng unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process of the Company.

Auditors' Responsibilities for the Audit of the Statement

Our objecflves are to obtain reasonable assurance about whether the financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SA's will always detect a material misstatement when it exists. Misstatements rnn nrise frnm fraud or error and are con5idered material it, inrJivlffiJ "ally ‹›i ii the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis nf these stanclalone financial results.

As part of an audit in accordance with SA's, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial re.stilts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, fraud may involve collusion, forgery intenfional omissions, as misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Sectson 143(3)(i) of the Act, we are also responsible for expressing an opinion whether the company has adequate internal financial controls with respect to financial statements in place and the operating effectiveness of such controls but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounflng policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or condifions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial results may be influenced. We consider quanfitative materiality and qualitafive factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial results.

We communicate with those charged with governance regarding among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we idenfify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding indepenrIenr.e., nnrl In r.ommrinicate with them all relationships and other matters that may reasonably be thought In hear nn oi.ir inclependence, and where applicable, related safeguards.

Other Matters

These financial results include the results for the quarter ended March 31, 2025 being the hnlnnr'ing figures between the audited figures in respect of the full financial year and the published year to date figures upto December 31, 2024 of the relevant financial year. These figui-es weiu suUju«t tu limited review by us as required under the Listing Regulations.

The Standalone Financial Statements of the Company for the year ended 31st March, 2024, prepared in accordance with Ind AS had been audited by the predecessor auditors and the revised report of the predecessor auditors dated Sth Aug, 2024 revised, expressed an unmodified opinion.

For Charanjit Singh & As ocia es Chartered Accountants

FRN: 01S328N

CA. Avneet Sin Partner

M. No. 526217

UDIN: 255 MITSR 26

Date: 29.05.2025

Place: New Delhi

r

SJVN Limited

CIN:L40101HP1988GOI008409

SJVN Corporate Office Complex, Shanan, Shimla - 171 006 (H.P.)

Statement of Standalone Audited Financial Results for the Quarter and Year ended 31st March, 2025

	ft' Lakh)
Particulars	Quarter ended			Year ended
	31.03.2025 (Audited)	31.12.2024 (Unaudited)	31.03.2024 (Audited)	31.03.2025 (Audited)	31.03.2024 (Audited)
1. Income
a) Revenue from Operations	44,599	62,502	46,168	289,725	253,359
b) Other Income	12,698	7,463	6,066	35,519	29,997
Total Income	57,297	69,965	52,234	325,244	283,356
2. Expenses
a) Electricity purchased for trading	1,858	1,897	1,201	7,516	3,998
b) Employees benefit expenses	7,361	7,851	9,934	30,461	29,929
c) Finance Cost	19,910	21,214	8,584	72,648	47,878
d) Depreciation , amortization & impairment expenses	10,844	11,542	23,123	45,449	53,411
e) Other expenses	11,765	9,538	12,742	39,560	38,617
Total Expenses	51,738	52,042	55,584	195,634	173,833
3.Profit before exceptional items ,net movement in reoulatory deferral account balances and tax (1-2)	5,559	17,923	(3,350)	129,610	109,523
4.Exceptional Items			f10,384)		(7,885)
5. Profit before net movement in regulatory deferral account balances and tax f3-4	5,559	17,923	7,034	129,610	117,408
6. Tax expense:
a) Current Tax	1,393	2,991	1,088	22,646	19,950
b) Tax expense pertaining to earlier years	(726)		205		205
c) Deferred Tax	2,317	436	(1,727)	8,665	5,442
7.Profit before regulatory deferral account balances (5-6)	2,575	14,496	7,468	98,299	91,811
8.Net movement in regulatory deferral account baIances(net of tax)	497	(571)	(1,317)	(1,281)	(971)
9. Profit for the period f7+8)	3,072	13,925	6,151	97.d18	90,840
10. Other Comprehensive Income/(expense) (net of tax expenses)
Items that will not be reclassified subsequently to profit or loss	(757)	(114)	(304)	(1,099)	(451)
11. Total Comprehensive Income for the period (after tax ) (9+10)	2,315	13,811	5,847	95,919	90,389
12.Paid-up equity share capital (Face Value 710/-)	392,980	392,980	392,980	392,980	392,980
13. Other equiN excludino Revaluation Reserve	1.035,230	1.078,108	1.010.048	1.035,230	1.010.048
14.Earnings Per Share for continuing operations (including net movement in regulatory deferral account balance) (of 7 10/- each) (not annualised) (in Tj
- Basic & Diluted	d.08	0.35	0.16	247	2.31
15. Earnings Per Share for continuing operations(excluding net movement in regulatory deferral account balance) (of € 10/- each) fnot annualisedl fin ¥
- Basic & Diluted	0.07	0.37	0.19	2.50	2.34

FRN-0

16. Net Worth	1,428,210	1,471,088	1,403,028	1,428,210	1,403,028
17.Debt Equity Ratio (Paid up debt capial I Shareholders Equity)	0.74	0.71	0.69	0.74	0.69
18. Debt Service Coverage Ratio (DSCR) [ (Profit for the period before tax + Interest + Depreciation + Exceptional items) / ( Interest + Scheduled principal repayments of long term borrowings during the period)]	1.09	1.60	1.35	2.04	2.26
19. Interest Service Coverage Ratio (ISCR) [ (Profit for the period before tax + Interest + Depreciation + Exceptional items) / ( Interest )]	1.98	2.86	2.62	3.85	4.52
20. Capital Redemption Reserve	20683	20683	20683	20683	20,683
21. Current Ratio (Current Assets / Current Liabilities)	1.82	2.34	2.27	1.82	2.27
22. Long term debt to working capital ratio [ Long term borrowings including current maturity of long term borrowings / ( working capital) ]	6.53	4.09	4.05	6.53	4.05
23. Bad debts to account receivable ratio ( Bad debts / Averaqe trade receivables}
24. Current liability ratio ( Current liabilities / Total liabilities )	0.15	0.15	0.16	0.15	0.16
25. Total debts to total assets ratio ( Paid up debt capital / Total assets)	0.39	0.38	0.38	0.39	0.38
26. Debtors turnover ratio ( Revenue from operations / Averaqe trade receivabes ) - annualised	3.36	5.68	2.86	5.07	3.92
27. Inventory turnover ratio ( Revenue from operations I Averaqe inventory ) - annualised	21.42	29.38	23.89	35.10	32.77
28. Operating margin (°/») ( Earnings before interest,tax and exceptional items / Revenue from operations )	49.97°/»	54.01%	19.18°/»	65.92°/»	61.49°/»
29. Net profit margin (°/») ( Profit for the period / Revenue from oeeraLions )	6.89%	22.28°/	13.32°/<		35.85°/+

See accompanying notes to the financial results.

FRN

SJVN Limited

STANDALONE STATEMENT OF CASH FLOWS

For the Year Ended March 31, 2025

		For the Year Ended	For the Year Ended
		March 31, 2025	March 31, 2024
A. Cash flow from operating actlvities
Profit before net movement in regulatory deferral account balance and		129610	117408
Add: Net movement in regulatory deterral account balances (net ot lax)		(1281)	(971)
Add: Tax on net movement in regulatory deferral accounf balances		(271)	(206)
Profit before tax including movement in regulatory deRrral account balances		128058	116231
Adjustment for:
Depreciation, amortlsatlon & Impalrment expense	45449		53411
Interest income from banks and subsidiaries	(26553)		(22073)
Dividend from Subsidiary / Associate / Joint Venture	(315)		(315)
Finance cost	69796		47878
Loss on disposal/ write off of fixed assets	226		76
Gain on transfer of Shares in Joint Venture
Late Payment Surcharge From Beneficiaries			(1651)
P/ofit on sale of fixed assets	(jg)		(3381)
		86330	73945
Adjustment for assets and liabilities
Inventories	(146)		(901)
Trade receivables	8285		6517
Loans, other financial assets and other asse!s	21407		(47415)
Trade payable	(2029)		1798
Other financial liabilities and other liabilities	(9275)		(7948)
Regulatory deferral account debit balance	1552		1177
Provisions	1203		(3738)
	20997		(50510)
Cash generated from operafing activities	235385		t39666
Income tax paid	116641)		(25721)
Net cash generated by operating activities	218744		11394s
B. Cash flow from investing activities:
Net expenditure on Property, Plant 6 Equipment and CWIP including advances for capital works	(98600)		(107276)
Tern deposits with bank (having maturity more than three months)	17594		120852
Interest income from banks and subsidiaries	26995		21581
Late Payment Surcharge From Beneficiaries	2253		1651
Dividend from subsidiary / associate / joint venture	315		315
Investment in subsidiaries and joint ventures	(94673)		(200000)
Share application money paid to subsidiaries/ joint ventures	(6500)
Loans fo subsidiaries	(20162)		(54206)
Net cash used in investing activitles		(173078)	(217083)
C. Cash flow from financing activities:
Repayment of borrowings	(38752)		(29813)
Proceed from borrowings	115143		302188
Payment of lease liabilities	(721)		(840)
Interest and finance charges	(72234)		(56354)
Dividend Paid	(70724)		(69567)
Cash (used)/ generated in financing activities	(67288)		145614
D. Net increase in cash and cash equivalents (A+B+C)	(21622)		42476
Opening balance of cash & cash equivalents (refer note 1 and 2
below)	25673		(16803)
Closing balance of cash & cash equivalents (refer note 1 and 2
below)	4051		25673
Restrictad cash balance
Eamarked Balance (Unpaid Dividend)	152		139
Margin Money for BG/ Letter of Credit and Pledged deposits	40785		42399
Total	40937		42538

1. Cash and Cash equivalents consist of Cash in hand, cheques/drafts in hand, Bank Balances including Short Term Deposits having original maturity upto three months and bank overdraft.

2. Reconciliation of Cash and Cash Equivalents:

For the Year Ended March 31, 2025

For the Year Ended March 3¥, 2024

Cash and Cash equivalents	5998	25679
Bank overdraft	(1947)	(6)
Cash & Cash Equivalents as per statement of cas	4051	25673

F.l

SJVN Limited

CIN:L40101HP1988GOI008409

SJVN Corporate office complex,Shanan,Shlmla - 171 006 (H.P.)

Standalone Statement of Assets & Liabilities as at 31st March,2025

(7 in Lakh}

GH

Sr. No.	Particulars	As at 31.03.2025 (Audited)	As at 31.03.2024 (Audited)	As at 01.04.2023 (Audited)
A 1 2 B 1 2 3	ASSETS
	Non-current Assets
	a Property Plant & Equipment	797863	798027	709399
	b) Capital Work- in- Progress	311066	248305	302869
	c) Other Intangible Assets	95	151	844
	d) Intangible assets under development	25250	25250	0
	e) Financial assets
	i) Investments	888118	793145	593145
	ii) Loans	81296	64569	9364
	iii) Others
	iii) Other financial assets	29680	12950	19847
	g) Deferred Tax Assets(Net)	34285	42950	48392
	h) Other Non- current Assets	90772	90724	66657
	Sub Total - Non- current Assets	2258425	2076071	1750517
	Current Assets
	a)Inventories	8327	8181	7280
	b)FinanciaI Assets
	i)Trade Receivables	53018	61303	67820
	ii)Cash & Cash Equivalents	5998	25679	12812
	iiiJ Bank Balances other than cash & cash equivalents	158446	176439	290213
	iv)Loans	13191	9588	11404
	v)Other financial assets	103800	127957	81216
	clOther Current Assets	10571	10145	10531
	Sub Total - Current Assets	353351	419292	481276
	Assets Held for Sale	0	7	1625
	Regulatory Deferral Account Debit Balance	76883	78435	79612
	TOTAL - ASSETS	2688659	2573805	2313030
	EQUITY AND LIABILITIES
	EQUITY
	a) Eauity Share Capital	392.980	392980	392980
	b) Other Equity	1.035.230	1010040	989217
	Sub Total - Equity	1,428,210	1,403,028	1,382,197
	Liabilities
	Non-current Liabilities
	a) Financial Liabilities
	i)Borrowings	984,025	903.648	639,512
	ii) Lease Liabilities	1.067	1,052	640
	iii)Other Financial Liabilities			1
	b)Provisions	13,992	12,944	11,802
	c)Other non-current Liabilities	67,083	68,426	70,683
	Sub Total - Non- current Liabilities	1. 066.167	986,070	722.638
	Current Liabilities
	a) Financial Liabilities
	i) Borrowings	66,349	56,211	74,501
	ii) Lease Liabilities	491	465	553
	iii) Trade Pavables
	Total outstanding dues of Micro and Small Enterprises	655	626	666
	Total outstanding dues of creditors other than Micro	3.784	5.842	4.004
	iv) Other Financial Liabilities	61.071	60.627	64,910
	b) Other Current Liabilities	4.626	4.636	4.928
	c) Provisions	57,306	56.300	58,6?3
	Sub Total - Current Liabilities	194.282	184.707	208.195
	TOTAL - EQUITY AND LIABILITIES	2.688.659	2.573.805	2.313.030

SJVN Limited

CIN:L40101HP1988GOI008409

Notes to Audited Standalone Financial Results

1. The above standalone financial results including Statement of Assets & Liabilities and Statement of Cash Flows have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29.05.2025.

2. (i) The CERC has notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 vide Order dated 15 March 2024 (Regulations 2024) for determination of tariff for the period 2024-2029. Pending issue of provisional/final tariff orders with effect from

   1 April, 2024, billing to beneficiaries has been done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per above regulations except for Naitwar Mori Hydro Power Station (NMHPS). Accordingly, revenue from operation amounting to 1 40398 lakh and 1 271325 lakh has been recognized from hydro power for the quarter and year ended 31.03.2025 respectively (1 44248 lakh and T 243230 lakh for the previous corresponding quarter and year ended respectively).

   Power generated by NMHEP is sold through Power Exchange and bilateral agreement with customers.

   1. Revenue from operation include revenue from Renewable Energy (Wind and Solar Power) amounting to 1 683 lakh and T 4883 lakh for the quarter and year ended 31.03.2025 respectively (T525 lakh and 1 5439 lakh for the previous corresponding quarter and year ended respectively).

   2. Revenue from operations include 1 1869 lakh and 1 7562 lakh for the quarter and year ended 31.03.2025 respectively on account of sale of power through trading (T 1207 Lakh and T 4021 lakh for the previous corresponding quarter and year ended respectively).

3. Other Income amounting to 112698 lakh and 1 35519 lakh for the quarter and year ended 31.03.2025 respectively (T 6066 lakh and 1 29997 lakh for the previous corresponding quarter and year ended respectively) is mainly on account of interest from banks subsidiaries and late payment surcharge from beneficiaries.

4. As the company is primarily engaged in only one segment viz. 'Generation and sale of power', there are no reportable segments as per Ind AS - 108.The operations of the company are mainly carried out within the country and therefore geographical segments are not applicable.

The Survey and Investigation work of Devasari Hydro Electric Project in the State of U hand has been put on hold as per the directions of Ministry of Power, o of India vide letter dated 6*, July, 2021. The company has taken up the atter with Ministry of Power, Govt. of India and Government of Uttrakhand for

SJYN Limited

CIN:L40101HP1988GOI008409

allowing the activities of the Project and management is of the view that the hold shall be removed. Accordingly, expenditure incurred on the project amounting to 119839 lakh upto 31.03.2025 (119578 lakh upto 31.03.2024) is carried under capital work in progress.

1. During the year, company has increased its shareholding in its Joint Venture , Cross Border Power 'I"ransmission Company Limited (CPTC ) , from 26% to 41.94% by acquiring 7730227 additional equity shares having face value of 1 10/- each for T 1473 lakh.

   
   
   

2. Three hydro power projects-210 MW Luhri Hydro Electric Project Stage-1, 382 MW Suiuii Daur Hydro Electric Project and 66 MW Dliaulasidli I-Iydro Electi'ic Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). As per clause 6 of the MoU, the detailed terms and conditions of Implementation Agreement shall be formulated with the mutual consent of GoHP and SJVN. GoHP vide letter dated 06.08.2022 forwarded mutually agreed Implementation Agreement to be signed between GoHP and SJVN. However, Implementation Agreement for these projects is yet to be signed. Pending signing of mutually Agreed implementation agreement between GoHP and SJVN for these projects, SJVN has commenced work on these projects to avoid time and cost overruns. The Government of Himachal Pradesh has issued a notice with regard to commencement of work on these project in absence of implementation agreement. GoHP seeks to re-negotiate the previously agreed terms & conditions and relaxations in respect of these projects before signing of Implementation Agreement. SJVN has submitted the replies to the above notice and also filed a petition in the Hon'ble High Court of Himachal Pradesh to address the issue. The Hon'b1e High Court has directed GoHP that no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the company is actively engaged in resolving the matter. On 22.04.2025, Government of Himachal Pradesh has indicated the Government's intention to consider taking back these projects, along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects upto 31.03.2025 amounting to 1 73051 lakh and 1 248368 lakh under Property, Plant and Equipment/ Intangible assets and Capital Work-in-Progress, continues to be recognized in the financial statements respectively.

3. During the year , the company has paid interim dividend of T 1.15 per share (on face value of T 10/- each) . The Board of Directors of the company have recommended final dividend of 1 0.31 per share (on face value of 1 10/- each) for the financial year 2024-25 subject to the approval of Shareholders in the ensuing Annual General Meeting . The total dividend (including interim dividend) is 1 1.46 per share (Previous year of T 1.80 per shh} (on face value of 1 10/- each) .

   
   
   

   SJVN Limited

   CIN:L40101HP1988GOI008409

   
   
   

4. The standalone financial statements ot'the company for the year ended 31st March, 2025 have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed u/s 133 of the Companies Act, 2013. The Statutory Auditors have carried out audit of the standalone financial statements. The audited Standalone Financial Statements are subject to review by the Comptroller and Auditor General of India (C&AG) under Section 143(6) of the Companies Act, 2013.

5. Figures for last quarter ended 31st March, 2025 and 31st March, 2024 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year.

6. In view of the seasonal nature of business, the financial results for the quarter may not be comparable with the previous quarters.

   
   
   

7. Figures for March 31,2024 have been retrospectively reclassified/restated. Accordingly , the company has also presented Statement of Assets & Liabilities as at the eginning of the preceding perio e. April 1,2023.

FR

Place: New Delhi Dated:29.05.2025

For and on behalf of Board of Directors of SJVN Limited

ndra rasad Goyal) DIN: 08645380

Director (Finance)

JQa

ranjit

Singh & Associates

or: Space-C, 3rd Floor, Surya Kiran Building Adjoining Red CroSs Bhawan, Mall Road Ludhiana-141001. Ph.. 0161-2442080

1. 09 4644-23041, 095016-66550

   E- mai I cach aranj [e-mail]

   Chartered Accountants

   The Board of Directors of

   SJVN Limited

   INDEPENDENT AUDITOR'S REPORT

   Report on the Audit of Consolidated Financial Results

   Opinion

   We have audited the Consolidated Finanr.ial Remits of SJVN Limiterl (rcfei led tu as "the Parent) and its Subsidiaries (the Parent and its Subsidiaries together referred to as the Group") and its Joint Ventures for the year ended 31st March, 2025 included in the accompanying Statement of Consolidated Financial Results for the quarter and year ended March 31,2025 (hereinafter referred to as the "Financial Results"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Listing Regulations")

   In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of the Subsidiaries and Joint Ventures referred to in Other Matters paragraph below, the aforesaid Consolidated Financial Statements:

   1. Include the annual financial results of the following entities List of Subsidiaries:

      1. SJVN Thermal Private Limited (incorporated in India)

      2. SJVN Arun III Power Development Company Private Limited (incorporated in Nepal)

         Ill, SJVN Green Energy Limited (incorporated in India)

         1. SJVN Lower Arun Power Development Company Private Limited. (incorporated in Nepal).

         2. SGEL Assam Renewable Energy Limited (Subsidiary Company of SJVN Green Energy Ltd. Incorporated on 18.04.2024)

         List of Joint Ventures:

         1. Cross Border Power Transmission Company Limited (incorporated in

         India)

   2. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

      HEAD OFFICE

      #1779, PHASE-3-B-2, MOHALI-160055

      E-mail: [e-mail]

      
      
      

   3. gives a true and fair view in conformity with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles

   generally accepted in India of the consolidated net profit and other comprehensive income and other financial information of the Group for the year and quarter ended March 31, 2025.

   Basis for Opinion

   This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the InrJian Ar.r.minting .Stnnrlards presrriherl uncler Section 1?? of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) RuIes,2015, as amended ("Ind AS"), and other accounting principles generally accepted in India Our responsibility is to express an opinion on the Statement based on our audit of such consolidated financial statements.

   We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act 2013. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Statement section of our report. We are independent of the Group and its Joint Ventures, in accordance with the Code of Ethics issued by the InsGtute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

   Emphasis of Matter

   We draw attention to the following matters.

   1. Note No 3. The Central Electricity Regulatory Commission (CERC) notified the Tariff Regulations, 2024 on 15 March 2024 for the tariff period 2024-20Z9. Pending issuance of provisional/final tariff orders effective from 1 April 2024, hydro power stations are billing beneficiaries provisionally based on tariffs applicable as of 31 March 2024, in line with the new regulations. However, power from Naitwar Mori Hydro Power Stafion (NMHPS) is sold through Power Exchange and bilateral agreements.

   2. Note No.6 to the consolidated financial results which describes the Survey and Investigation work of the Devasari Hydro Electric Project in Uttarakhand has been on hold on 6th July 2021, as per Ministry of Power directives. The company is pursuing the matter with relevant authorities and expects the hold to be lifted. As of 31.03.2025, an amount of R19,839 lakh (X19,578 lakh as of 31.03.2024) is carried under Capital Work in Progress (CWIP).

      FRN41 28N a>

      
      
      

   3. Note no.8 to the consolidated financial results which describes the three hydro power projects allotted to SJVN by the Government of Himachal Pradesh, for which Implementation Agreements are yet to be signed. SJVN has commenced work to avoid delays. On 22.04.2025, the Government indicated its intention to consider taking back these projects and appointed an evaluator. Related project expenditure amounting to R730.51 crore and T2,483.68 crore continues to be recognized in the financial statements.

   4. Note no.13 to the consolidated financial results which describes the Figures for March 31,2024 have been retrospectively reclassified/restated. Accordingly, the group has also presented Statement of Assets & Liabilities as at the beginning of the preceding period i.e. April 1,2023 wherever necessary.

Our opinion is not modified in respect of these matters

Management's Responsibilities for the Consolidated Financial Results

These Consolidated Financial Results have been prepared on the basis of the consolidated financial statements. The Parent's Board of Directors are responsible for the preparation of these consolidated financial results that give a true and fair view of the net profit for the year ended March 31, 2025 and other comprehensive income and other financial informafion of the Group and its Joint Ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effecfively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.

In preparing the financial results, the respective Board of Directors are responsible for assessing the Company and its associates' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Company and its associates or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors are also responsible for overseeing the financial reporting process of the Group and its associates.

pqGHgg

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identity and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulflng from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and its Joint Ventures ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company and its associates to cease to continue as a going concern.

  
  
  

• Evaluate the overall presentation, structure and content of the consolidated financial

  results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results /financial informafion of the entities within the Company and its associates to express an opinion on consolidated financial results. We are responsible for the direction, supervision and performance of the audit of the financial information of such enGties included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial results.

We communicate with those charged with governance of the Parent Company and such other entities included in Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Listing RegulaGons to the extent applicable.

Other Matters

m

FRN41 328N

1. We did not audit the financial statements of Ave subsidiaries included in the consolidated financial results whose financial statements reflect total assets of Rs. 2989406 lakh as at 31stMarch, 2025, total revenues of Rs. 23521 lakh, total net profit / (loss) after tax of Rs.(15266) lakh, total comprehensive income/ loss of Rs. (15273) lakh for the year ended on that date, as considered in the consolidated financial results. These financial statements have been audited by their respecGve independent auditors whose reports have been furnished to us by the Management up to May 25, 2025 and our opinion on the consolidated financial results, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors

   and the procedures performed by us are stated under Auditor's Responsibilities for the Audit of the consolidated financial results section above after considering the requirement of Standard on Auditing (SA 600) on "Using the work of Another Auditor" including materiality.

2. The consolidated financial results also include the Group's share of net profit/loss of Rs. 570 lakh and total comprehensive income/ loss of Rs. 570 lakhs for the year ended 31stMarch, 2025, as considered in the consolidated financial results, in respect of one joint ventures, whose hnancial statements /financiaI information have not been audited by us. Financial Statements of these Joint Ventures are unaudited and have been furnished to us by the Management of Parent and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these associates and joint ventures, is based solely on such unaudited financial statements/ financial information. In our opinion and according to the explanation given to us by the management of the Parent company, this financial statements / financial information are not material to the Group.

   Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/Financial Information certified by the Management.

3. The Consolidated financial results include the results for the quarter ended March 31,2025 being the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto December 31, 2024 of the relevant financial year. These figures were subject to limited review by us as required under the Listing Regulations.

The Consolidated Financial Statements of the Company for the year ended 31st March, 2024, prepared in accordance with Ind AS had been audited by the predecessor auditors and the revised report of the predecessor auditors dated Sth Aug, 2024 revised, expressed an unmodified opinion.

For Charanjit Singh & A soci s Chartered Accou tants

FRN: 015328N

CA. Avneet Si g

Partner

M. No. 526217

UDIN: 2552 217BMITSS 997

Date: 29.05.202S

Place: New Delhi

SJVN Limited

CIN:L40101HP1988GOI008409

SJVN Corporate Office Complex, Shanan, Shimla - 171 006 (H.P.)

Statement of Consolidated Audited Financial Results for the Quarter and Year ended 31st March, 2025

Lakh)
Particulars	Quarter ended			Year ended
	31.03.2025 (Audited)	31.12.2024 (Unaudited)	31.03.2024 (Audited)	31.03.2025 (Audited)	31.03.2024 (Audited)
1. Income
a) Revenue from Operations	50,440	67,099	48,291	307,201	257,937
b) Other Income	4,444	8,977	9,032	30,449	29,759
Total Income	54,884	76,076	57,323	337,650	287,696
2. Expenses
a) Electricity purchased for trading	1,858	1,897	1,201	7,516	3,998
b) Employees benefit expenses	7,314	7,910	9,893	30,488	29,578
c) Finance Cost	15,941	22,899	12,114	74,337	48,222
d) Depreciation, amortization & impairment expenses	27,503	13,749	24,243	67,621	55,714
e) Other expenses	17,180	10,273	13,209	47,089	40,163
Total Expenses	69,796	56,728	60,660	227,051	177,675
3.Profit before exceptional items ,net movement in regulatory deferral account balances,Share of net profit of joint ventures accounted for using equity method and tax	(14,912)	19,348	(3,337)	110,599	110,021
4. Share of Net Profit of Joint Ventures accounted for using eouitv mathod	264	114	92	570	419
5.Profit before exceptional items ,net movement in regulatory deferral account balances and tax (3+4)	(14,648)	19,462	(3,245)	111,169	110,440
6.Exceptional Items			(10,384)		(7.885)
7. Profit before net movement in regulatory deferral account balances and tax (5-6)	(14,648)	19,462	7,139	111,169	118,325
8. Tax expense:
a) Current Tax	1,004	3,263	1,106	22,680	20,175
b) Tax expense pertaining to earlier years	(851)		205	(125)	205
c) Deferred Tax	(1,532)	753	(1,597)	5,531	5,830
9.Profit before regulatory deferral account balances (7-8)	(13,269)	15,446	7,425	83,083	92,115
10.Net movement in regulatory deferral account balances(net of taxi	497	(571)	(1,317)	(1,281)	(971)
11. Profit for the period (9+10)	(12.772)	14.875	6.108	81.802	91,144
12. Other Comprehensive Income/(expense) (net of tax expenses)
Items that will not be reclassified subsequently to profit or loss	(762)	(114)	(308)	(1,103)	(455)
13. Total Comprehensive Income for the period (after tax ) (9+10)	(13,534)	14,761	5,800	80,699	90,689
14.Profit attributable to owners of the parent company	(12,760)	14,903	6,108	81,966	91,144
15.Profit attributable to non-controlling interest	(12)	(28)		(164)
16.Other comprehensive income attributable to owners of the parent company	(762)	(114)	(308)	(1,103)	(455)
17.Other comprehensive income attributable to non- controlling interest
18.Paid-up equity share capital (Face Value W10/-)	392,980	392,980	392,980	392,980	392,980
19.Other eauitv excludino Revaluation Reserve	1 024 885	1.083.601	1.014,105	1.024.885	1.014.105

20.Earnings Per Share for continuing operations (including net movement in regulatory deferral account balance) (of 7 10/- each) (not annualised) (in 7)
- Basic & Diluted	(0.32g	0.38	0.16	2.08	2.32
21. Earnings Per Share for continuing operations(excluding net movement in regulatory deferral account balance) (of W 10/- each) (not annualised] (in Z)
- Baslc & Diluted	(0.34)	0.39	0.19	2.11	2.34
22. Net Worth	1,417,865	1,476,581	1,407,085	1,417,865	1,407,085
23.Debt Equity Ratio (Paid up debt capial / Shareholders Equity)	1.91	1.72	1.45	1.91	1.45
24. Debt Service Coverage Ratio (DSCR) ( (Profit for the period before tax + Interest + Depreciation + Exceptional items) / ( Interest + Scheduled principal repayments of long term borrowings during the period)]	0.97	1.70	1.35	2.05	2.29
25. Interest Service Coverage Ratio (ISCR) [ (Profit for the period before tax + Interest + Depreciation + Exceptional items) / ( Interest )]	1.92	2.93	2.34	3.79	4.57
26. Capital Redemption Reserve	20,683.00	20,683.00	20,683.00	20,683.00	20,683.00
27. Current Ratio (Current Assets / Current Liabilities)	0.98	1.30	1.19	0.98	1.19
28. Long term debt to working capital ratio [ Long term borrowings including current maturity of long term borrowings / ( working capital) ]	(385.65)	19.27	25.41	(385.65)	25.41
29. Bad debts to account receivable ratio ( Bad debts / Average trade receivables)
30. Current liability ratio ( Current liabilities / Total liabilities )	0.14	0.14	0.16	0.14	0.16
31. Total debts to total assets ratio ( Paid up debt capital / Total assetsJ	0.59	0.56	0.52	0.59	0.52
32. Debtors turnover ratio ( Revenue from operations / Average trade receivabes ) - annualised	3.64	6.52	3.08	5.20	3.92
33. Inventory turnover ratio ( Revenue from operations / Averaqe inventory - annualised	24.23	31.28	23.61	37.22	33.37
34. Operating margin (%) ( Earnings before interest,tax and exceptional items / Revenue from operations )	-1.28°/»	54.65°/<	25.72°/«	57.02°/»	60.86°/»
35. Net profit margin (°/«) ( Profit for the period / Revenue from operations )	-25.32°/«	22.17°/»	12.65°/»	26.63°/»	35.34%

See accompanying notes to the financial results

SJVN Limited

CONSOLIDATED STATEMENT OF CASH FLOWS

For the Year Ended March 31, 2025

		For the Year Ended	For the Year Ended
		March 31, 2025	March 31, 2024
A. Cash flow from operating activities
Profit before net movement in regulatory deferral account balance and		111169	118325
Add: Net movement in regulatory deferral account balances (net of tax)		(1281)	(971)
Add: Tax on net movement in regulatory deferral account balances		(7.71)
Pro£ft before tax including movement in regulatory deferral account		109617	117148
balances
Adjustment for:
Depreciation, amortisation & impairment expense	67621		55714
Interest income from banks and Others	(21598)		(22159)
Shara in profit of Joint Venture	(570)		(419)
Finance cost	68631		48222
Loss on disposal/ write off of fixed assets	240		76
Late Payment Surcharge From Beneficiaries	(2253)		(1650)
Profit on sale of fixed assets	(1g)		(3381)
		112052	76403
Adjustment for assets and liabilities
Inventories	(146)		(901)
Trade receivable and unbilled revenue	6684		6245
Loans, other financial assets and other assets	17627		(47437)
Trade payable	8890		7287
Other financial liabilities and other liabilities	8284		1483
Regulatory deferral account debit balance	1552		1177
Provisions	941		(3716)
	43832		(35862)
Cash generated from operating activities	265501		157689
Income tax paid	(17206)		(26736)
Net cash generated by operating activities	248295		130953
B. Cash flow from investing activities:
Net expenditure on Property, Plant & Equipment and CWIP including advances for capital works	(666876)		(564968)
Term deposits with bank (having maturity more than three months)	1274		(7144)
Interest income from Term Deposit & Others	21544		19959
Late Payment Surcharge From Beneficiaries	2253		1651
Dividend from joint venture	315		315
Investment in joint ventures	(1473)
Net cash used in investing activities		(642963)	(550186)
C. Caah flow from financing activities:
Non-Controlling interest	1225
Repayment of borrowings	(38752)		(29813)
Proofed from borrowings	684347		682212
Payment of lease liabilities	(952)		(1350)
Interest and finance charges	(181244)		(131329)
Dividend Paid	(70724)		(69567)
Caah Generated from financing activities	393900		450154
D. Net increase in cash and caah equivalents (A+B+C)	768)		30920
Opening balance of cash & cash equivalents (refer note 1 and 2
below)	34470		3550
Closing balance of cash 6 caah equlvalents (refer note 1 and 2
below)	33702		34470
Restricted cash balance
Earmarked Balance (Unpaid Dividend)	152		139
Margin Money for BG/ Letter of Credit and Pledged deposits	t36449		47335
Total			47474

1. Cash and Cash equivalents consist of Cash in hand, cheques/drafts in hand, Bank Balances including Short Term Deposits having original maturity upto three months and bank overdraft.

2, Reconciliation of Cash and Cash Equivalents:

cash ,,

Cash and Cash equivalents

For the Year Ended

35649

(¥ Lakh) For the Year Ended

March 31, 2025

March 31, 2024

34476

Bank overdraft as per note

Cash & Cash Equivalents as per statement of

(1647) (s)

33702 344'f0

SJVN Limited

CIN:L40101HP1988GOI008409

SJVN Corporate office complex,Shanan,Shimla - 171 006 (H.P.)

Consolidated Statement of Assets & Liabilities as at 31st March,2025

Sr. NO.	Particulars	As at 31.03.2025 JAudited)	As at 31.03.2024 (Audited)	As at 01.04.2023 Audited)
A 1 2 B 1 2 3	ASSETS
	a) Property Plant & Equipment	1160901	1090463	848006
	b) Capital Work- in- Progress	2616161	1978091	1567387
	c) Other intangible Assets	109	173	943
	d) intangible Assets under Development	25250	25250	0
	d) Investments accounted for using the equity method	5895	3513	3409
	e) Financial assets
	i) Investments	175	175	175
	ii) Loans	8712	8474	9364
	iii) Other financial assets	71095	32244	25490
	f) Deferred Tax Assets(Net)	36272	41803	47633
	g) Other Non- current Assets	158219	170889	165687
	Sub Total - Non- current Assets	4082789	3351075	2668094
	Current Assets
	a)lnventories	8327	8181	7280
	b)FinanciaI Assets
	i)Trade Receivables	55416	62710	68838
	ii}Cash & Cash Equivalents	35649	34476	33165
	iii) Bank Balances other than cash & cash equivalents	301498	340505	339979
	iv)Loans	2333	2435	2371
	v)Other financial assets	30415	28807	19559
	c)Other Current Assets	12998	12494	10577
	Sub Total - Current Assets	446636	489608	481769
	Assets Held for Sale	0	7	1625
	Regulatory Deferral Account Debit Balance	76883	78435	79612
	TOTAL - ASSETS	4606308	3919125	3231100
	EQUITY AND LIABILITIES
	EQUITY
	a) Equity Share Capital	392,980	392,980	392,980
	b) Other Equiw	1,024,885	1 014,105	992,974
	Total equity attributable to the owners of the earent	1,417,865	1,407,085	1,385,954
	Non cntrolling interest	1,061
	Sub total -Total Equity	1,418,926	1,407,085	1,385,954
	Liabilities
	Non-current Liabilities
	a) Financial Liabilities
	i)Borrowings	2622000	1968954	1324794
	ii)Lease Liabilities	8371	5529	4870
	iii)Other Financial Liabilities	0	18500	1
	b)Provisions	13992	17976	17901
	c)Other non-current Liabilities	89443	90786	70683
	Sub Total - Non- current Liabilities	2,733,806	2,101,745	1,418,250
	Gurrent Liabilities
	a) Financial Liabilities
	i) Borrowings	70537	56211	74501
	ii) Lease Liabilities	1611	1626	1769
	iii) Trade Payables
	Total outstanding dues of Micro and Small Enterprises	670	658	668
	Total outstanding dues of creditors other than Micro	19219	11325	4008
	iii) Other Financial Liabilities	296819	275013	279353
	b} Other Current Liabilities	6588	5701	6866
	c ProvisionS	58132	59761	59731
	sub Total - Current Liabilities	453,576	410,295	426,896
	TOTAL - EQUITY AND LIABILITIES	4,606.308	3,919,125	3,231,100

fz in Lakh)

t

N 15J28

* " ‹. * '"

SJVN Limited

CIN:L40101HP1988GOI008409

Notes to Audited Consolidated Financial Results:

1. The above consolidated financial results including Statement of Assets & Liabilities and Statement of Cash Flows have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 29.05.2025.

2. Subsidiaries and Joint Ventures companies considered in the Consolidated Financial Results are as follows:

   Sr. No	Name	Holding (%)
   Subsidiaries:
   1	SJVN Thermal Pvt Ltd ((incorporated in India)	100
   2	SJVN Green Energy Limited (incorporated in India)	100
   3	SJVN Arun-3 Power Development Company Pvt Limited (incorporated in Nepal)	100
   4	SJVN Lower Arun Power Development Company incorporated in Nepal)	100
   5	SGEL Assam Renewal Energy Limited (a Step down subsidiary of SJVN Green Energy Limited-incorporated in India).	51
   Joint Venture	Company:
   1	Cross Border Power Transmission Companv Limited (incorporated in India).	41.94

3. (i) The CERC has notified the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 vide Order dated 15 March 2024 (Regulations 2024) for determination of tariff for the period 2024-2029. Pending issue of provisional/final tariff orders with effect from

   1 April, 2024, billing to beneficiaries has been done provisionally in accordance with the tariff approved and applicable on 31st March, 2024 in respect of Hydro Power Stations as per above regulations except for Naitwar Mori Hydro Power Station (NMHPS). Accordingly, revenue from operation amounting to T 40398 lakh and T 271325 lakh has been recognized from hydro power for the quarter and year ended 31.03.2025 respectively (1 44248 lakh and 1 243230 lakh for the previous corresponding quarter and year ended respectively).

   Power generated by NMHEP is sold through Power Exchange and bilateral agreement with customers.

   g9G q (ii) Revenue from operation include revenue from Renewable Energy (Wind p d Solar Power) amounting to T 6751 lakh and 1 22955 lakh for the quarter

   RN41 28year ended 31.03.2025 respectively (T2835 lakh and T 10685 lakh for q e previous corresponding quarter and year ended respectively).

   SJVN Limited

   CIN:L40101HP1988GOI008409

   
   
   

   (iii) Revenue from operations include 1 1869 lakh and 1 7562 lakh for the quarter and year ended 31 .03.202.5 respectively on account of sale of power through trading (1 1207 Lakh and 1 4021 lakh for the previous corresponding quarter and year ended respectively).

4. Other Income amounting to 14444 lakh and T 30449 lakh for the quarter and year ended 31.03.2025 respectively (1 9032 lakh and 1 29759 lakh for the previous corresponding quarter and year ended respectively) is mainly on account of interest from banks , subsidiaries and late payment surcharge from beneficiaries.

5. As the group is primarily engaged in only one segment viz. 'Generation and sale of power', there are no reportable segments as per Ind AS - 108.The operations of the group are mainly carried out within the country and therefore geographical segments are not applicable.

   
   
   
   
   

6. The Survey and Investigation work of Devasari Hydro Electric Project in the State of Uttrakhand has been put on hold as per the directions of Ministry of Power, Govt. of India vide letter dated 6*, July, 2021. The group has taken up the matter with Ministry of Power, Govt. of India and Government of Uttrakhand for allowing the activities of the Project and management is of the view that the hold shall be removed. Accordingly, expenditure incurred on the project amounting to 119839 lakh upto 31.03.2025 (T19578 lakh upto 31.03.2024) is carried under capital work in progress.

7. During the year, holding company has increased its shareholding in its Joint Venture , Cross Border Power Transmission Company Limited (CPTC ) , from 26% to 41.94% by acquiring 7730227 additional equity shares having face value of T 10/- each for T 1473 lakh.

   
   
   

8. Three hydro power projects-210 MW Luhri Hydro Electric Project Stage-1, 382 MW Sunni Dam Hydro Electric Project and 66 MW Dhaulasidh Hydro Electric Project were allotted to SJVN through Memorandum of Understanding (MOU) by the Government of Himachal Pradesh (GoHP). As per clause 6 of the MoU, the detailed terms and conditions of Implementation Agreement shall be formulated with the mutual consent of GoHP and SJVN. GoHP vide letter dated 06.08.2022 forwarded mutually agreed Implementation Agreement to be signed between GoHP and SJVN. However, Implementation Agreement for these projects is yet to be signed. Pending signing of mutually Agreed implementation agreement between GoHP and SJVN for these projects, SJVN has commenced work on these projects to avoid time and cost overruns. The Government of Himachal Pradesh has issued a notice with regard to commencement of work on these project in absence of implementation agreement. GoHP seeks to re-negotiate the previously agreed terms & conditions and relaxations in respect of these projects before si g of Implementation Agreement. SJVN has submitted the replies to the

   FR i , iabove notice and also filed a petition in the Hon'b1e High Court of Himachal

   
   
   

   SJVN Limited

   CIN:L40101HP1988GOI008409

   
   
   

   Pradesh to address the issue. The Hon'ble High Court has dircctcd CoHP t,ha,t no coercive action shall be taken against SJVN with regard to the subject matter of dispute. The case is currently pending and the group is actively engaged in resolving the matter. On 22.04.2025, Government of Himachal Pradesh has indicated the Government's intention to consider taking back these projects, along with appointing an evaluator in this regard. Based on the current circumstances and pending final decisions, the expenditure related to these projects upto 31.03.2025 amounting to 1 73051 lakh and 1 248368 lakh under Property, Plant and Equipment/ Intangible assets and Capital Work-in-Progress, continues to be rccognizcd in tlic linancial statcincnts rcspcctivcly.

9. During the year , the holding company has paid interim dividend of 1 1.15 per share (on face value of T 10/- each) . The Board of Directors of the holding company have recommended final dividend of T 0.31 per share (on face value of T 10/- each) for the financial year 2024-25 subject to the approval of Shareholders in the ensuing Annual General Meeting . The total dividend (including interim dividend) is 1 1.46 per share (Previous year of 1 1.80 per share) (on face value of T 10/- each) .

10. The consolidated financial statements of the group for the year ended 31st March, 2025 have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed u/s 133 of the Companies Act, 2013. The Statutory Auditors have carried out audit of the consolidated financial statements. The audited consolidated Financial Statements are subject to review by the Comptroller and Auditor General of India (C&AG) under Section 143(6) of the Companies Act, 2013.

11. Figures for last quarter ended 31st March, 2025 and 31st March, 2024 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year.

12. In view of the seasonal nature of business, the financial results for the quarter may not be comparable with the previous quarters.

13. Figures for March 31,2024 have been retrospectively reclassified/restated. A ordingly , the group has also presented Statement of Assets & Liabilities as at th g of the preceding period i.e. April 1,2023.

For and on behalf of Board of Directors of SJVN Limited

" Place: Ne Delhi Dated:29.05.2025

(Rajendra add Goyal) DIN: 08645380

Director (Finance)

SJVN Limited

CIN:L40101HP1988GOI008409

SJVN Corporate office compIex,Shanan, Shimla - 171 006 (H.P.)

Extract of the Audited Financial Results for the Quarter and Year ended 3t st March, 2025

g in Lakh)

Particulars	Standalone Consolcdated
	Quarter ended		Year ended		Quarter ended		Year ended
	31.03.2025 (Audited)	31.03.2024 (Audited)	31.03.2025 (Auditedt	31.03.2024 fAudited)	31.03.2025 (Audited)	31.03.20Z4 (Audited)	31.03.2025 (Audited)	31.03.2024 (Audited)
1. Total Income from Operations	44.599	46,168	289,725	253,359	54,040	48,291	307,201	257,937
2. Profit before exceptional items and tax	5,559	(3,350)	129,610	109,523	(14,648)	(3,245)	111,169	110,440
3. Profit before tax	5,559	7,034	129,610	117,408	(14,648)	7,139	111,169	118,325
4. Net Profit after tax for the period	3,072	6,151	97,018	90,840	(12,772)	6,108	81,802	91,144
5. Total Comprehensive Income after tax	2,315	5,847	95,919	90,389	(13,534)	5.800	80.699	90.689
6. Paid-up equity share capital (Face value of share 7 10/- each)	392,980	392,980		392,980	392,980	392,980	392,980	392,980
7.Other Equity excluding Revaluation Reserve	1,035,230	1,010,048	1,035,230	1,010,048	1,024,885	1,014,105	1,024,885	1,014,105
8. Net Worth	1,428,210	1,403,028	1,428,210	1,403,028	1,417,865	1,407,085	1,417,865	1,407,085
g. Paid up Debt Capital	1.055.716	966.534	1,055,716	966,534	2,703.640	2.035.072	2.703.640	2.035.072
10. Earnings Per Share for continuing operations (before net movement in regulatory deferral account balance) (of T 10/- each) (not annualised) /in Al
- Basic & Diluted	0.07	0.19	2.50	2.34	(0.34)	0.19	2.11	2.34
11. Earnings Per Share for continuing operations (after net movement in regulatory deferral account balance) (of 7 10/- each) (not annualisedl fin 7
- Basic & Diluted	0.08	0.16	2.47	2.31	(0.321	0.16	2.08	2.32
12. Debt Equity Ratio	0.74	0.69	g.74	0.69	1.91	1.45	1.91	1.45
13. Debt Service Coveraae Ratio	1.09	1.35		2?6	0.97	1.35	2.05	2.29
14. Interest Service Coveraoe Ratio	1.98	2.62	3.85	4.52	1.92	2.34	3.79	4.57

Note:

The above is an extract of the detailed format of Quarterly/Yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Dislosure Requirements) Regbtdtions.2015.The full format of the Financial Results of the Company are available on the investor section of our website http://www.sjvn nic.in and under Corporate Section of SE imited and National Stock Exchange of India Limited at http:/lwww.bseindia,com & http//www nseindia.com.

Place:New I

Dated : 29th M ,2025

(Rajendra Prasad Goyal) Director (Finance) DIN:08645380

I N D I A

Charanjit Singh & Associates

Chartered Accountants

To,

IDBI Trusteeship Services Ltd., Asian Building, Ground Floor, 17, R. Kamani Marg,

Ballard Estate, Mumbai - 400001

Annexure - B Off: Space-C, 3rd Floor, Surya Kiran Building Adjoining Red Cross Bhawan, Mall Road Ludhiana-141001. Ph.: 0161-2442080

(M) 094644-23041, 095016-66550

E- mail cacharanj [e-mail]

Re: End Use of fund for SJVN NCO-2026 amounting to Rs. 1,000 Crores

Based on the records produced and the information provided to us by M/s SJVN Limited having its registered office at SJVN Corporate Office Complex, Shakti Sadan, Shanan, Shimla-171006 (HP)

We hereby certify that M/s SJVN Limited has issued NCD for a total face value of Rs. 1,000 Crores and received fund on 29thSeptember, 2021 from the issue and the same has already been parked with different bank as fixed deposit. Further it is also informed that proceeds of NCO amounting to Rs. 923.90 Crores has been utilized till 31stMarch 2025.

However, as informed by the management that the balance proceeds from NCD will be utilized in the forthcoming quarter(s)to meet the funding requirement of present and future capital expenditure towards various ongoing/new projects of the Company.

For Charanjit Sing'h & Asso?ñates

Chartered Accountants

Firm's Regi tration a: 01532' N

15328H

(CA vn et Sing

Partner

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Members " o. 526 17

. 5526217BMIT N4023

Place: New Delhi Date: 29-05-2025

HEAD OFFICE #1779, PHASE-3-B-2, MOHALI-160055 E-mail: [e-mail]

CIN: L4O10IHP 1988GOIOO84O9

SJVN limited

(A Joint Venture of GOI & GOHP) A Mini Ratna & Schedule "A" Company

1. Statement of utilization of issue proceeds:

   (Amount in T Crore)

   Name	ISIN	Mode of	Type of	Date of	Amount	Funds	Any	If 8 is	Remarks
   of the		Fund	instrument	raising	Raised	utilized	deviatio	Yes,	, if any
   Issuer		Raising		funds			n (Yes/	then
   		(Public					No)	specif
   		issues/Pri						y the
   		vate						purpo
   		placment)						se of
   								for
   								which
   								the
   								funds
   								were
   								utilize
   								d
   1	2	3	4	5	6	7	8	9	10
   SJVN	INE002	Private	Non-	29/09/2021	1,000	923.90	No	NA	NA
   Limited	L08010	Placement	Convertible
   			Debentures

2. Statement of Deviation or Variation

Particulars	Remarks
Name of listed entity	SJVN Limited
Mode of fund raising	Private Placement
Type of instrument	Non-Convertible Securities
Date of raising funds	29thSeptember, 2021
Amount raised	11,000 Crores
Report filed for quarter ended	31.03.2025
Is there a deviation/ variation in use of funds raised?	No
Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document?	NA
If yes. details of the approval so required?	NA
Date of approval	NA
Explanation for the deviation/ variation	NA
Comments of the audit committee after review	Nil
Comments of the auditors, if any	Nil
Objects for which funds have been raised and wherethere has been a deviation, in the following table

zF 4ftg wTdlwzr:

, 2 ,

- J71006

Registered 6 Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006 Hlmac

/TeI No.0177-2660075, .trqqf /I°ox: 0177-2660071, @w/ Email: [e-mail] , t¥Af$c/ Website : https://www.sjvn.nic.|n

CIN: L4010 IHP 1988GOI008409

SJVN Limited

(A Joint Venture of GOI & GOHP) A Mini Ratna & Schedule "A" Company

Original Object	Modified Object, if any	Original Allocation	Modified al1ocation,if any	Funds Utilised	Amount of deviation/variati on for the quarter according to applicable object (in Rs. crore and in %)	Remarks, il any
NA
Deviation could mean: Deviation in the objects or purposes for which the funds have been raised. Deviation in the amount of funds actually utilized as against what was originally disclosed. Name of Signatory: Sanjay Kumar Designation: CFO Date: 29'h May 2025

Pa qff‹fftg wPfI rzr: , t , - 171006 I Registered & Corporate Office: SJVN Corporate Office Complex, Shanan, Shimla - 171006 Himachal Pradesh

/Tel No.0177-2660075, §rgq /Fox: 0177-2660071, @w/ Email: [e-mail] , geI$zI Website : https://www.sjvn.nic.in