Adani Energy Solutions Q1 results: Net loss at Rs 824 crore; exceptional item weighs

Adani Energy Solutions (formally Adani Transmission Ltd) on Thursday reported a loss of Rs 823.92 crore, attributable to owners of the company, for the June quarter, compared with a profit of Rs 361.44 crore in the March quarter, and a profit of Rs 175.06 crore in the corresponding quarter last year. The company reported an exceptional loss of Rs 1,506.02 crore.

Revenue from operations climbed 46.79 per cent YoY to Rs 5,378.55 crore compared with Rs 3,663.91 crore in the same quarter last year.

Adani Electricity Mumbai Limited (AEML), a subsidiary of the company, is in the process to divest Dahanu Thermal Power Plant to honour its ESG commitment. AEML in its meeting of board of directors concluded on July24 has approved the transaction for carving said power plant to one of the related party subject to requisite regulatory approval at the transaction price of Rs 815 crore against the carrying value in books of Rs 2,321.02 crore and, hence Rs 1,506.02 crore has been charged in the statement of profit and loss as exceptional item in accordance with Ind AS 105, Adani Energy Solutions said.

(More to come)