Adani Energy Solutions Q1: Net loss at Rs 824 crore, revenue up 47%

Adani Green Energy

Adani Energy Solutions, formerly earlier Adani Transmission, has reported a consolidated loss (attributable to owners) of Rs 823.92 crore for the June quarter against a profit of Rs 175 crore in the year-ago period, amid increased expenses and an exceptional cost incurred from the divestiture of the Dahanu Thermal Power Plant.

Revenue from operations grew to Rs 5,378.6 crore, up 47 percent from Rs 3,663.91 crore in the year-ago period, the company said in an exchange filing on July 25.

Its earnings before interest, taxes, depreciation and amortisation increased by 30 percent to Rs 1,628 crore.

The company booked a one-time charge of Rs 1,506 crore due to the divestment of the power plant.

Adani Electricity Mumbai Limited (AEML), a subsidiary, has approved selling the power plant to a related party for Rs 815 crore, significantly lower than the book value of Rs 2,321.02 crore. The deal is still subject to necessary regulatory approvals, Adani Energy said.

Adani Energy Solutions is one of the largest private sector power transmission companies in India with a presence in 14 states.  It deals with power transmissions, power distribution, smart metering, and cooling solutions.

Revenue growth of 47 percent, boosted by contribution from the recently commissioned Warora Kurnool, Karur, Kharghar-Vikhroli, and Khavda-Bhuj transmission lines, was supported by higher energy consumption in AEML and MUL and contribution from smart metering business, the company said.

It added 190 circuit kilometers during the quarter and ended the quarter with a total transmission network of 21,187 circuit kilometers.

The Adani Energy Solutions stock ended the day at Rs 1,057.80 on the National Stock Exchange, up 2.08 percent from the previous close.