Adani Energy Solutions Limited (AESL) on Tuesday reported an impressive 172 per cent surge in net profit at Rs 773 crore in the July-September quarter (Q2) this fiscal.
Adjusted profit after tax (PAT) was Rs 459 crore, excluding deferred tax reversal (MAT entitlement) of Rs 314 crore -- up 61.6 per cent YoY while EBITDA was Rs 1,891 crore, up 31 per cent YoY.
Kandarp Patel, CEO, Adani Energy Solutions, said the company remains focused on timely project commissioning as well as achieving operating efficiencies.
“The power demand trends in both utilities and new transmission project wins are very encouraging and we are making progress with the installation of smart meters in all our contracts,” said Patel.
In the month of August, the Adani Group company raised Rs 8,373 crore via the qualified institutional placement (QIP) route, the largest in the country's power sector. The QIP received bids of approximately six times of the base deal size from a diverse group of investors.
Adani Energy Solutions reported an increase in its project pipeline from Rs 17,000 crore in the first quarter of the current fiscal to Rs 27,300 crore in the second quarter (Q2). The transmission network was at 23,269 circuit kilometres (ckm) in the July-September period, compared to 19,862 ckm in the same period of the previous year.
Adani Energy Solutions saw robust growth of 69 per cent in total income, driven by the 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 also secured three new transmission projects -- NES in Jamnagar Gujarat, NES in Navinal (Mundra), and Khavda Phase IVA, thereby adding 2,059 ckm to under construction network.
“The leverage position is healthy, with net debt to EBITDA metric at 3.1 times in H1 FY25,” said the company. The capex as of H1 FY25 was Rs 4,400 crore, as against Rs 2,622 crore in H1 FY24.
“Our credible steps of successfully divesting the Dahanu thermal plant in line with our commitment and achieving an all-time high share of 39 per cent renewable power penetration in Mumbai strengthens our position as true energy transition leader in India,” Patel said.
‘Pahalgam incident deeply disturbing & tragic’: Former Pakistan PM Imran Khan
Former Pakistan Prime Minister Imran Khan on Tuesday termed the Pahalgam terror attack as disturbing & tragic and also condoled the victims and their families.
Congress finally deletes 'Gayab' post targeting PM Modi after outrage
Under fire from the BJP over its social media post targeting Prime Minister Narendra Modi, Congress finally, on Tuesday, took down the controversial post.
Guterres calls EAM Jaishankar, Pak PM Sharif; stresses pursuing justice in Pahalgam terror attack
Secretary-General Antonio Guterres stressed the importance of pursuing justice in the Pahalgam terrorist attack while speaking with External Affairs Minister (EAM) S Jaishankar and Pakistan’s Prime Minister Muhammad Shebaz Sharif, his Spokesperson Stephane Dujarric said on Tuesday.
Congress organises ‘Save Constitution’ rallies across NE states
The opposition Congress has been organising ‘Samvidhan Bachao’ (Save Constitution) campaign in the northeastern states. Claiming that the Constitution is in danger under the BJP-led Central government, the opposition Congress held a massive rally in Agartala on Tuesday.
RSS chief Bhagwat meets PM Modi after security huddle: Signs of a hard-hitting response in the works
In a significant political development, RSS chief Mohan Bhagwat met Prime Minister Narendra Modi at his official residence at 7, Lok Kalyan Marg on Tuesday evening.
What PM Modi's free hand to armed forces against terror means for cross-border action?
Prime Minister Narendra Modi’s unambiguous message during a high-level security meeting - ‘India is determined to deliver a crushing blow to terrorism’ - marks more than just a strong statement of resolve.
Justice BR Gavai appointed as next Chief Justice of India
Justice Gavai was elevated as a Judge of the Supreme Court on May 29, 2019. Appointed as Additional Judge of the Bombay High Court in November 2003, he became a permanent Judge in November 2005.
Three more Bangladeshi nationals held in Tripura
The Tripura Frontier of the Border Security Force (BSF) on Tuesday apprehended three Bangladeshi nationals, including a woman, for illegally entering India, officials said.