 "Adani, Adani Group")
Adani Energy Solutions reported a 46.08 per cent jump in its consolidated net profit in the quarter that ended on September 30 to Rs 284.09 crore, as compared to Rs 194.47 crore in the same quarter last year. However, as compared to Rs 181.98 crore in the previous quarter, the net profit was up 56.11 per cent.
The total income for Q2FY24 came in at Rs 3,766.46 crore, compared to Rs 3,376.57 crore year-on-year (y-o-y), registering a rise of 11.54 per cent. On a quarter-on-quarter (q-o-q) basis, the total income was down 0.15 per cent. It was Rs 3,772.25 crore in Q1FY24.
In a press release, the company stated that in its distribution business, the energy demand (units sold) is up 9.56 per cent y-o-y to 2,446 million units. It stated that its total smart metering under-construction pipeline stands at 19.4 million smart metres, consisting of eight projects with a contract value of Rs 23,200 crore.
Anil Sardana, managing director of Adani Energy Solutions Limited, said, "AESL remains steadfast in its performance and continues to expand into multiple energy solution areas. It has been demonstrating its execution prowess by commissioning assets despite significant inherent challenges. 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 journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders."
The Adani Energy Solutions stock closed at Rs 775.00 on November 6.
