Adani Energy Solutions posts 73 pc net profit growth in Q1, revenue surges 43 pc
The company is carving out the Dahanu power plant to meet its broader environmental goals, which include achieving net zero status by 2050.
IANS
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AHMEDABAD: Adani Energy Solutions Ltd (AESL) on Thursday reported strong results for the April-June quarter, as operational revenue surged 47 per cent to Rs 5,379 crore (year-on-year) while adjusted profit after tax (PAT) reached Rs 315 crore, up an impressive 73 per cent.
Operational EBITDA was at Rs 1,628 crore, up 29.7 per cent YoY, said the Adani Group company.
On account of carving out of the Dahanu power plant from the company’s books and in line with Indian Accounting Standard (IND AS) 105, AESL has reported a one-off exception item of Rs 1,506 crore.
Adjusted for this exception item, the company’s revenue was up 47 per cent YoY, PAT was up 73 per cent YoY, and EBITDA was up 30 per cent YoY.
The company is carving out the Dahanu power plant to meet its broader environmental goals, which include achieving net zero status by 2050.
The move is expected to attract a fresh set of ESG-focused investors who earlier were constrained due to the Dahanu power plant being part of AESL’s portfolio.
“AESL remains steadfast with the commissioning of new lines, along with strong energy demand growth in its distribution areas of AEML and MUL. We are further contributing to decarbonisation of the power distribution in Mumbai by way of 37 per cent renewable power penetration in Mumbai,” said Anil Sardana, MD, Adani Energy Solutions.
“We take pride in our contribution to developing critical transmission infrastructure, to facilitate renewable evacuation (e.g. Khavda) and as well as strengthening the existing grid and driving energy efficiency in India through its smart metering programme,” Sardana added.
The revenues witnessed a robust growth on account of the contribution from the newly operationalised transmission assets, line addition at under-construction projects and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra and contribution from smart metering business.
The Mumbai distribution business witnessed an increase in the energy consumed by 8 per cent. Its distribution losses of 5.18 per cent remained low and the utility added new consumers, reaching 3.2 million on the back of reliable and affordable power supply, informed the company.
Within the transmission segment, the company added multiple projects to its pipeline in recent quarters, expanding the order book to Rs 17,000 crore for transmission projects.
In line with the robust demand trends across the country, energy demand (units sold) in Adani Electricity Mumbai in Q1 FY25 ended 8 per cent higher YoY to 2,962 million units, the company said.
