Adani Energy Solutions Q2: Profit rises 172% to Rs 773.4 crore

Adani Energy Solutions

Adani Energy Solutions, formerly Adani Transmission, on October 22, reported a consolidated profit of Rs 773.4 crore for the September quarter, up 172 percent from the year-ago period, aided by strong growth across segments.

The Adani group company reported a net profit of Rs 284.1 crore in the year-ago quarter.

Revenue from operations grew 85 percent to  Rs 6,813.7 crore, while  its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased  31 percent  to Rs 1,891 crore.

"The company remains focused on timely project commissioning as well as achieving operating efficiencies. The power demand trends in both utilities and new transmission project wins are very encouraging and we are making progress with the installation of smart meters in all our contracts," said chief executive officer. Kandarp Patel.

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.

During the quarter, the company said it  won three new transmission projects with a project cost of Rs. 10,300 crore - NES in Jamnagar Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to under construction network.

Transmission business led the growth in the quarter with consolidated revenue rising 132 per cent to Rs 2,303 crore following by distribution business wherein revenue surged by Rs 534.30 crore to Rs 3,014 crore, according to the regulatory filing.   The company has  12 transmission projects worth Rs 27,300 crores are currently
under the execution phase, according the press release issued on October 22.

The company expects to fully commission the MP-II package, Sangod, NKTL (North Karanpura), Khavda Phase-II, Part-A and the WRSR (Narendra-Pune) lines in the current fiscal year.

The distribution business continues to show a steady performance with double digit revenue growth and expansion of RAB (regulatory asset base), the company added.