After Adani Total Gas revealed its fourth quarterly results, yet another Adani group company has done the same during the after-market hours.
Now, Adani Energy Solutions Q4 results have been declared and the company says in a statement that it has posted a 13.26 per cent fall in its consolidated net profit to ₹381.29 crore (quarter ended March 2024). The reason behind this, according to the company were increased expenses. Adani Energy net profit after tax was reported at ₹439.60 crore in the January-March period of the preceding 2022-23 financial year, PTI reported.
As far as the full Financial Year (FY) 24 is concerned, Adani Energy registered a net profit of ₹1195.61 crore, which was down from ₹1280.60 crore in FY23, the company said in an exchange filing.
On the other hand, the company statement also showed that during the Q4, its total income jumped to ₹4,855.18 crore from ₹3,494.84 crore a year ago.
Adani Energy income in FY24 was pegged at ₹17,218.31 crore vis a vis ₹13,840.46 crore in FY 23. The company’s expenses came in at ₹4,358.83 crore, as against ₹3,200.50 crore in the year-ago period.
For the full fiscal (FY24), Adani Energy Solutions expenses increased to ₹14,978.74 cr from ₹13,164.32 cr in the preceding fiscal.
However, PTI reported that Adani Energy Solutions, in a separate statement, revealed that its revenues saw double-digit growth. The reasons behind this surge were the contributions from the newly operationalised transmission assets, and commissioning of elements at North Karanpura and MP-II package lines. To this was also added an increase in the units sold on account of higher energy consumption in the distribution business in both Mundra and Mumbai.
AESL MD Anil Sardana revealed what was driving the company so far and where it is likely to be heading. He said, “AESL’s consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognise and tap market opportunities within the areas of interest continues to propel our growth and keeps us at the forefront of energy transition in India.”
Sardana added, “An ESG score of 25.3 from Sustainalytics in their recent assessment placed us to be one of the top 20 electric utilities and helped surpass global and industry averages.”