Adani Energy Solutions Q2: Net Profit Jumps 144% To ₹674 Cr

Adani Energy Solutions reported its September quarterly results on Tuesday afternoon.

What Happened: Adani Energy Solutions reported a consolidated net profit of ₹674.96 crore, marking a 144% year on year increase from the previous year. The company’s revenue gained 68% from the previous year to ₹6183.7 crore. EBITA came at ₹1891 crore, increasing by 31%.

In the corresponding quarter of the previous year, the company posted a ₹275.88 crore net profit, ₹3673.87 crore revenue and ₹1,443 crore EBITDA.

The company had raised ₹8,373 crore through Qualified Institutional Placement in the quarter.

See Also: NBCC Secures Work Orders Worth ₹1,322.48 Cr For Hospital Construction

Today's Best Finance Deals

The 69% growth in total income is powered by “contribution from the recently commissioned Kharghar-Vikhroli, Warora-Kurnool, Khavda-Bhuj lines, acquired Mahan-Sipat line, higher energy sales in Mumbai and Mundra utilities and contribution from smart metering”, the company said in the press release.

In the quarter, the company secured three new transmission projects which includes NES in Jamnagar Gujarat, NES in Navinal (Mundra), and Khavda Phase IVA. The company added 2,059 ckm to under construction network.

Adani Electricity Mumbai sold 2609 million units, increasing by 7% YoY in Q2. Mundra Utility sold 234 million units in the quarter, increasing by 50% YoY.

Price Action: Shares of Adani Energy Solutions closed 1.72% in the red at ₹1000 on Tuesday.

Read Next: BEL, NTPC, Garden Reach, Tata Motors Among Prabhudas Lilladher’s Top Technical Picks For Diwali