Adani Energy Solutions on Thursday reported a consolidated net loss (attributable to the owners of the company) at Rs 824 crore for the quarter ended June 30, 2024 as against Rs 175 crore net profit reported by the company in the year ago period.
The revenue from operations in the reported quarter stood at Rs 5,379 crore versus Rs 3,664 crore reported in the year ago period. It was up by 47% on the year-on-year basis.
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However, net loss for the period stood at Rs 1,191 crore versus a profit after tax (PAT) of Rs 182 crore.
Company’s operational Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the reported quarter stood at Rs 1,628 crore which was up by 29.7% on the YoY, the company filing said.
The company, however said that the adjusted PAT for the period stood at Rs 315 crore which increased by 73% YoY.
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The loss was on account of exceptional item, the company filing revealed. “The company honoring its ESG commitment has decided to divest Dahanu thermal plant in Q1FY25 resulting an exceptional item in line with Ind AS 105, of Rs 1,506 crore. The financial numbers are, therefore, adjusted for this exceptional item,” the filing said.
Adani Electricity Mumbai Limited (AEML) has initiated divestment of the Dahanu thermal power plant (ADTPS), which is in line with AESL’s ESG philosophy, the filing said, adding that this move will place Adani Energy Solutions closer to its aspiration to be amongst the top 20 global companies in ESG ratings amongst the global utility industry.
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A 47% YoY growth in revenue was on account of recently commissioned Warora Kurnool, Karur, Kharghar-Vikhroli, and Khavda-Bhuj transmission lines supported by higher energy consumption in AEML and MUL and contribution from smart metering business, the filing said.
