 "Adani Energy Solutions Q2 results: Net profit rises 33%, revenue up 15.3%")
Transmission company Adani Energy Solutions reported a 33 per cent rise in net profit for the quarter ended September 2023 (Q2 FY24) helped by a rise in revenue from both the transmission and distribution business.
In Q2 FY24, the company reported a net profit (attributable to the owners of the company) of Rs 275.9 crore, up 33.8 per cent from a year ago. The company’s revenue from operations for the quarter under review was up 15.3 per cent year-on-year (Y-o-Y) to Rs 3,497 crore. Sequentially, the company’s net profit was up 57.6 per cent.
The company’s reported profit after tax was at Rs 284 crore, up 47 per cent Y-o-Y.
The rise in consolidated revenue, the company said, was on account of newly commissioned transmission lines and other related commissioning, increase in energy consumption in the Mumbai Distribution business, and new customer additions.
The company said consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) increased to Rs 1,443 crore, up 6 per cent Y-o-Y.
On its order pipeline, the company said it stands at Rs 15,000 crore in the transmission business and Rs 23,000 crore in its smart metering business.