Adani Energy Solutions Q2 results: Consolidated profit rises 46% to Rs 284 crore YoY; revenue up 13%
Adani Energy's year-on-year (YoY) revenue was up 12.8 per cent to Rs 3,421 crore in Q2 FY24 over Rs 3,032 crore in the corresponding period last year.
- Nov 6, 2023,
- Updated Nov 6, 2023 5:33 PM IST
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, on Monday recorded strong set of earnings during the second-quarter of the ongoing financial year 2023-24 (Q2 FY24). The company's consolidated profit jumped 46.1 per cent to Rs 284 crore in the quarter that ended on September 30, 2023 as against Rs 194 crore in the year-ago period.
Also read: Adani Wilmar shares gain amid report Adani group may sell entire stake in edible oil maker
Adani Energy's year-on-year (YoY) revenue was up 12.8 per cent to Rs 3,421 crore in Q2 FY24 over Rs 3,032 crore in the corresponding period last year.
Consolidated revenue in Q2 FY24 witnessed double-digit growth on account of newly commissioned lines, commissioning of elements at NKTL and MP-II lines, an increase in energy consumption in the Mumbai Distribution business (AEML) and new customer additions, the company stated.
"The increase in distribution revenue is on account of higher units sold and on account of customer acquisitions. The distribution business continued to deliver strong performance, with double-digit growth in revenue and operational EBITDA during the quarter," it further said.
The company also mentioned that profit after tax (PAT) in the transmission business in H1 FY24 declined due to a higher tax outgo of Rs 65 crore on dividend income at the parent AESL level.
Anil Sardana, MD of Adani Energy, said, "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 results were declared after market hours today. Shares of Adani Energy settled 0.80 per cent higher at Rs 771.25.
Also read: Jaiprakash Power shares zoom 43% in 4 sessions; here's what analysts say
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, on Monday recorded strong set of earnings during the second-quarter of the ongoing financial year 2023-24 (Q2 FY24). The company's consolidated profit jumped 46.1 per cent to Rs 284 crore in the quarter that ended on September 30, 2023 as against Rs 194 crore in the year-ago period.
Also read: Adani Wilmar shares gain amid report Adani group may sell entire stake in edible oil maker
Adani Energy's year-on-year (YoY) revenue was up 12.8 per cent to Rs 3,421 crore in Q2 FY24 over Rs 3,032 crore in the corresponding period last year.
Consolidated revenue in Q2 FY24 witnessed double-digit growth on account of newly commissioned lines, commissioning of elements at NKTL and MP-II lines, an increase in energy consumption in the Mumbai Distribution business (AEML) and new customer additions, the company stated.
"The increase in distribution revenue is on account of higher units sold and on account of customer acquisitions. The distribution business continued to deliver strong performance, with double-digit growth in revenue and operational EBITDA during the quarter," it further said.
The company also mentioned that profit after tax (PAT) in the transmission business in H1 FY24 declined due to a higher tax outgo of Rs 65 crore on dividend income at the parent AESL level.
Anil Sardana, MD of Adani Energy, said, "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 results were declared after market hours today. Shares of Adani Energy settled 0.80 per cent higher at Rs 771.25.
Also read: Jaiprakash Power shares zoom 43% in 4 sessions; here's what analysts say