Adani Energy Solutions Q1 Result: Firm Reports 19% YoY Rise In Revenue, PBT Of Rs 343 Crore
Adani Energy Solutions' consolidated revenue in Q1FY24 witnessed double-digit growth on account of incremental revenue from newly commissioned lines
Adani Energy Solutions Limited (AESL), one of the largest private transmission and distribution companies in India and part of the globally diversified Adani portfolio, on Monday announced its financial and operational performance for the quarter (Q1) and year ended June 30, 2023.
The firm's consolidated revenue in Q1FY24 witnessed double-digit growth on account of incremental revenue from newly commissioned lines, partial commissioning of a few elements, and an increase in energy consumption in the Mumbai Distribution business. Its consolidated EBITDA increased to Rs 1,378 crore in the first quarter, a 4 per cent YoY rise. PBT came in at Rs 343 crore, an increase of 70 per cent YoY; In Q1FY24, the consolidated PAT of Rs 182 crore was 8 per cent higher YoY.
Adani Transmission Ltd (ATL) has been renamed to Adani Energy Solutions Limited (AESL) effective July 27, 2023.
Adani Energy Solutions' consolidated net profit rose 8 per cent to Rs 181.98 crore in the June quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 168.46 crore in the quarter ended on June 30, 2022, according to a regulatory filing. Total income of the company rose to Rs 3,772.25 crore during the quarter from Rs 3,249.74 crore a year ago.
In a statement, Anil Sardana, managing director of Adani Energy Solutions, said that its growth trajectory remains firm despite the challenging macroeconomic environment. "Our pipeline of projects and recently operationalised assets will further strengthen our pan-Indian presence and consolidate our position as the largest private sector transmission and distribution company in India. The journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders," he said.
Recent Developments, Achievements, and Awards:
- Adani Transmission Limited (ATL)'s name has been changed to Adani Energy Solutions Limited (AESL) effective July 27, 2023. The new name paves the way to tap huge opportunities in smart metering, district cooling solutions, and other energy solutions while maintaining a pioneering position in the transmission and distribution sectors. With a view to embarking on this growth journey in conventional and non-conventional business areas, ATL has rebranded itself as AESL.
- AESL received the 'Emerging Company of the Year Award - 2022' at the ET Awards on Corporate Excellence in recognition of its growth, scale, and sustainable business practices.
- AEML, Mumbai’s primary and most preferred power utility, is now also India's No. 1 power utility, per the Ministry of Power's 11th Annual Integrated Rating and Ranking for Power Distribution, a report prepared by McKinsey & Company and PFC (the nodal agency).
- AESL has won the prestigious Golden Peacock Award in Environment Management (GPEMA). This award underscores company’s commitment to sustainable practices.
- AESL won five ‘Par-Excellence Award’ at 9th National Conclave on 5S, organized by the prestigious Quality Circle Forum of India HQ (QCFI) demonstrating its unparallel commitment to business excellence.
- AESL is in the Top 50 of India’s Most Sustainable Companies in the annual ranking of BW Business World. AESL was featured in the top 3 most sustainable companies by prioritising sustainable practices.
- Single-use Plastic Free, Zero Waste to Landfill (ZWL), Net Water Positive certification from independent agencies like DNV, Intertek, and CII.
- Received ICAI Awards for Excellence in Financial Reporting for the year 2021-22 (Bronze Plaque in Infrastructure and Construction Sector Category (turnover above Rs 500 crore).
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