Adani Energy Solutions Q2: Net Profit Soars 46% To Rs 284 Crore

The company recorded a 6 per cent increase in its revenue from generation, transmission, and distribution business for Q2FY24 at Rs. 3,497 crore against its Q2 revenue of Rs. 3,302 crore for FY23.

The company stated that the consolidated revenue reported double-digit growth due to the newly commissioned lines, a boost in energy consumption in the Mumbai Distribution business, and customer additions, among other factors.  ( Image Source :Adani Energy Solutions Website )

Adani Energy Solutions Ltd (AESL) posted a 46 per cent jump in its net profit on a year-on-year (YoY) basis in its second quarter (Q2) earnings on Monday, released via an exchange filing. The company logged a net profit of Rs 284 crore for the September quarter in the current financial year (FY24) against a net profit of Rs 194 crore in the second quarter of the previous fiscal year (FY23).

The company recorded a 6 per cent increase in its revenue from generation, transmission, and distribution business for Q2FY24 on a year-on-year basis. It posted a revenue of Rs. 3,497 crore for the current quarter against its Q2 revenue of Rs. 3,302 crore for FY23.

The firm logged a growth of 10 per cent in its operational EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at Rs 1,368 crore for the reporting quarter, against Rs 1,241 crore recorded in the corresponding period a year earlier. EBITDA is used as another way to understand the finances of the company. 

The company stated that the consolidated revenue reported double-digit growth due to the newly commissioned lines, a boost in energy consumption in the Mumbai Distribution business, and customer additions, among other factors. 

Commenting on the performance, Anil Sardana, managing director at Adani Energy Solutions, said, “AESL remains steadfast in its performance and continues to expand into multiple energy solution areas. It has been demonstrating its execution prowess by commissioning assets despite significant inherent challenges. AESL’s growth trajectory remains significant despite a challenging macroeconomic environment. Our pipeline of projects in both transmission and smart metering will further strengthen our pan-India presence and consolidate our position. AESL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards. 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.”