Adani Energy Solutions Q2 results: Net profit surges 47% to ₹284 crore, revenue up 13%
Adani Energy Solutions on November 6 reported a consolidated net profit of ₹284 crore in the second quarter of fiscal year 2023-24 (Q2FY24), higher by 47 percent as compared to ₹194 crore recorded in the year-ago period. The company's consolidated revenue in Q2FY24 came in at ₹3,421 crore, up 13 percent from ₹3,032 crore clocked in the corresponding quarter of the previous fiscal.
The total earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at ₹1,443 crore, marking an increase of 6 percent as against ₹1,362 crore in the comparable year-ago period. Also Read: Adani Green Energy in talks to borrow $1.8 billion loan “Net debt to EBITDA stands at 3.8x as of September 2023," the electric power transmission company said in a press release.
Sharing the highlights related to its distribution business during the quarter, Adani Energy said the amount of energy units sold was up 9.56 percent on-year to 2,446 million units. The company said it maintained supply reliability at 99.9 percent.
The distribution losses were at 5.81 percent, improving from 6 percent in the corresponding quarter of the last fiscal. Also Read: Adani Transmission is now renamed to Adani Energy Solutions Ltd In its transmission business, the highlight of the quarter was the full commissioning of Warora Kurnool (WKTL) and Karur (KTL) transmission lines and the charged 400 kV Kharghar-Vikhroli line in Mumbai.
In the smart metering business segment, Adani Energy said it received letter of acceptance for four smart metering projects in Maharashtra, Andhra Pradesh and Bihar totaling 14.76 million smart meters with a contract value of Rs.174 billion during the quarter. “The total smart metering under-construction pipeline stands at 19.4
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