Adani Energy Solutions (AES) Reports 46% Rise in Q2 2023-24 Net Profit

Adani Energy Solutions (AES) announced a robust 46% increase in its consolidated net profit, reaching Rs 284 crore for the September quarter of 2023-24. This impressive performance, as compared to the previous year when profits stood at Rs 194 crore, was attributed to a surge in revenues, according to a company statement.

Total revenue for the quarter climbed to Rs 3,421 crore, a significant rise from the previous year's figure of Rs 3,032 crore. This remarkable revenue growth was driven by multiple factors, including an increase in customer additions.

Furthermore, AES highlighted the noteworthy achievement of renewable power accounting for 38% of the total energy mix, showcasing their commitment to sustainable energy sources.

Notably, the quarter also witnessed a robust 9.5% YoY increase in energy demand (units sold), primarily fueled by heightened demand within the industrial segment. In addition, Adani Energy Solutions Ltd (AESL) reported distribution losses at 5.81%, with a substantial portion of 79.2% attributed to e-payments.

Anil Sardana, Managing Director of AESL, expressed optimism about the future, stating, "Our pipeline of projects in both transmission and smart metering will further strengthen our pan-India presence and consolidate our position. AESL is committed to disciplined growth, ensuring strategic and operational de-risking, capital conservation, high credit quality, and maintaining business excellence with rigorous governance standards."