Adani Energy Solutions Q1 profit falls 6% to Rs 175 crore; total income up 16%

Adani Energy Solutions Ltd, previously known as Adani Transmission Ltd, on Monday reported a 5.88 per cent fall, year-on-year (YoY), in its June quarter profit for the financial year 2023-24 (Q1 FY24). The consolidated profit came at Rs 175.06 crore in Q1 FY24 as against Rs 185.99 crore in the year-ago period. The company's total income stood at Rs 3,772.25 in the June 2023 quarter, up 16.08 per cent from Rs 3,249.74 crore in the same period last year. Income rose by 7.94 per cent on a quarter-on-quarter (QoQ) basis.

Sequentially, profit slumped by 55.05 per cent in Q1 FY24 from Rs 389.45 crore in Q4 FY23.

During the June 2023 quarter, Adani Energy Solutions said the group has incurred finance cost of Rs 615.67 crore on its various borrowings.

Anil Sardana, MD of Adani Energy Solutions, said, "The company's growth trajectory remains firm despite the challenging macroeconomic environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission and distribution company in India."

In terms of distribution business (AEML), it maintained supply reliability at 99.9 per cent (ASAI). Energy demand (units sold) was up 7.6 per cent YoY. Distribution losses were 4.85 per cent. The loss was lower than usual due to seasonality, the company said. E-payment as a percentage of total collection was 78.5 per cent in Q1 FY24 against 74.7 per cent last year, driven by the digital adoption push.

For smart metering business, Adani Green Solutions received LoA (Letter of Award) for three projects in Andhra Pradesh with a contract value of Rs 3,700 crore during the quarter. The total smart metering under-construction pipeline consists five projects with a contract value of Rs 5,800 crore.

Shares of the company settled 0.85 per cent higher today at Rs 821.80.

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