Decline in Electricity Sales Revenue of Sanima Mai Hydropower Results Decline in Net Profit by 20.40% in Q3
Thu, May 4, 2023 11:18 AM on Latest, Financial Analysis, Stock Market,
Sanima Mai Hydropower Company Limited (SHPC) has reported a decline in net profit by 20.40% in the third quarter (Q3) of FY 2079/80. The profit decreased to Rs. 35.82 crores in this quarter from Rs. 45 crores in the corresponding quarter of the previous year.
Revenue from the Sale of Electricity has decreased by 16.16% compared to the corresponding previous year's quarter ending. The decreased revenue is due to the end of Posted Rate Facility Agreement for Mai Hydropower Project (15.6 MW) as well as unfavorable hydrological conditions during this quarter. As a result, the net profit for the third quarter end of FY 2079/080 has decreased by 20.40%. The company also invested around Rs. 3.62 Arba in associates which have increased by 196.12% in this quarter.
SHPC has investments in the following associates company:
- Swet Ganga Hydropower & Construction Ltd. (SGHC)
- Sanima Middle Tamor Hydropower Ltd (TAMOR)
- Mathillo Mailun Khola Jalvidhyut Hydropower Ltd.
- Bavari Construction Pvt. Ltd.
- Sanima Jum Hydropower
The company has invested a total of Rs 1.74 arba in the subsidiary project named Swet Ganga Hydropower and Construction Limited (45 Crores), Sanima Middle Tamor Hydropower Limited (53.32 Crores), Mathilo Mailun Khola Jalvidhyut Hydropower Limited (23.75 Crores), Bavari Construction P Limited (2 Crores) and Sanima Jum Hydropower Limited (50 Crores - Committed Investment).
SHPC has a share capital of Rs 3.08 Arba, whereas, retained earnings are Rs 1.11 Arba and other reserves of Rs 2.39 Arba. The company has recognized other comprehensive gain of NPR. 2,388,872,000 resulting from fair value measurement of shares invested in Swet Ganga Hydropower and Construction Ltd. and Sanima Middle Tamor Hydropower Ltd. (Listed Associate Companies) as on third quarter end, 2079. The gain has also been shown under other reserves as Fair Value Reserve.
At this capital, the annualized EPS stands at Rs. 15.46, and the net worth per share at Rs 213.81. The company P/E Stands at 21.80 times.
Major Financial Highlights:
| Particulars (In Rs '000) | Sanima Mai Hydropower | ||
| Q3 2079/80 | Q3 2078/79 | Difference | |
| Paid Up Capital | 3,089,251.00 | 3,089,251.00 | 0.00% |
| Retained Earnings | 1,117,449.29 | 821,326.89 | 36.05% |
| Other Reserves | 2,398,372.06 | 6,546.50 | 36535.96% |
| Property, Plant & Equipment | 12,445.32 | 14,512.42 | -14.24% |
| Investment in Associates | 3,629,572.00 | 1,225,700.00 | 196.12% |
| Revenue | 620,370.51 | 740,047.00 | -16.17% |
| Administrative Expenses | 130,323.49 | 133,919.84 | -2.69% |
| Finance Expenses | 92,420.49 | 108,239.24 | -14.61% |
| Net Profit | 358,230.50 | 450,060.77 | -20.40% |
| EPS (In Rs.) | 15.46 | 19.42 | -20.40% |
| Net Worth per Share (In Rs.) | 213.81 | 126.80 | 68.62% |
| Qtr end PE Ratio (times) | 21.80 | - | - |
| Qtr End Market Price | 337 | - | - |
