Adani Energy posts Rs 823 cr net loss in Q1 amid Dahanu divestment decision

Adani Energy Solutions (AESL) reported a net loss attributable to the owners of the company of Rs 823 crore in the June-24 ended quarter(Q1FY25), owing to a one-time impariment of Rs 1506 crore related to its proposed divestment of its Dahanu thermal power asset. 

Revenue from operations for the quarter under review was up 47 percent to Rs 5378.55 crore. The Q1FY25 loss compares against a net profit of Rs 175.06 crore reported a year ago.

Commenting on the Dahanu asset divestment and one-time loss, the company said, “The company honoring its ESG commitment has decided to divest Dahanu thermal plant in Q1FY25 resulting in an exceptional item in line with Ind AS 105, of Rs 1,506 crore.”

 

Revenue growth in the quarter, the company said, was boosted by contribution from the recently commissioned WaroraKurnool, Karur, Kharghar-Vikhroli, and Khavda-Bhuj transmission lines supported by higher energy consumption in Adani Electricity Mumbai (AEML) and MPSEZ Utilities (MUL) and contribution from smart metering business.

Operational earnings before interest, taxation, depreciation and ammortisation (Ebitda), the company said, rose 30 percent to Rs 1628 crore. “with the incremental revenue and steadily regulated EBITDA from the Distribution business,” the company said.

Energy demand for Mumbai, the company said, was up 8 percent in the past quarter, in line with the robust demand trends across the country, at 2,962 million units.

The company added, it has applied for a parallel distribution license in Navi Mumbai in Maharashtra, Greater Noida (Gautam Buddha nagar) in UP, and Mundra sub-district in Gujarat.

Under the TBCB tendering, the company hopes for a strong near-term transmission pipeline upwards of Rs 90,000 crore, it said.

The under -implementation pipeline for smart metering, the company said, stands at 22.8 million smart meters, comprising nine projects with a contract value of over Rs 27,195 crore. “The contribution from the smart metering business has flowed into the business,” the press statement added.