Shimla, July 15 (IANS) The Satluj Jal Vidyut Nigam Ltd (SJVNL), the company that owns and operates India's largest hydropower project in Himachal Pradesh, Friday announced its profits surged nearly 20 percent to Rs 348.21 crore for the first quarter of fiscal 2011-12 ending June.

The SJVNL had posted a profit of Rs.290.76 crore during the corresponding quarter of last year, deputy general manager Vijay Verma told IANS here.

The quarterly results were finalised at the board meeting held in New Delhi Thursday.

He said SJVNL's income shot up to Rs.553.57 crore in the quarter ending June from Rs.524.98 crore in in the same period a year ago.

During fiscal 2010-11, SJVNL had registered a net profit of Rs 912.13 crore with earnings per share of Rs.2.21.

The company's profit before tax stood at Rs.1,156.20 crore during 2010-11 as against Rs.1,017.47 crore for the year 2009-10.

For the fiscal 2010-11, SJVNL has proposed a total dividend of Rs.330.93 crore as against Rs.328.20 crore paid last year.

SJVNL is a joint venture between the central and the Himachal Pradesh government. The former holds 74.5 per cent stake, while the remaining 25.5 per cent is held by the state government.

However, the central government sold its 10 percent equity in May last year.

Currently, SJVNL, which commenced commercial generation from its maiden project in Kinnaur district in 2004-05, has accumulated reserves of Rs.2,528 crore.

SJNVL's second mega hydropower project, 412 MW Rampur hydroelectric project in upper Shimla will be completed by early 2013.

It is also executing one project each in Nepal and Bhutan.