Adani Energy Solutions gains 1% on 47% increase in net profit

Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 6 percent to Rs 1,443 crore.

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Shares of Adani Energy Solutions (AESL) opened at Rs 781.45 , around 1.2 percent higher, on November 7 after the power producer reported its Q2FY24 results on November 6. For the quarter ending September 2023, net profit grew by 47 percent to Rs 248 crore. The results were announced post market close.

On November 6, at close, the stock was trading at Rs 771.85. By 9:50am, the stock was trading at RS 775, around 0.4 percent higher than yesterday’s close.

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Adani Energy Solutions, formerly knows as Adani Transmission reported a 13 percent revenue increase to Rs 3,421 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 6 percent to Rs 1,443 crore. As of September 2023, Net debt to EBITDA stands at 3.8x.  Energy demand (units sold) for the same period improved by 9.5 percent YoY, driven by an increase in industrial segment demand. Distribution losses in Q2 were 5.81 percent, with a higher share of e-payments at 79.2 percent, the company said in the filing.

Also Read: Adani Energy Solutions Q2 profit grows 46% to Rs 284 crore

In a post-earning release, Anil Sardana, MD, Adani Energy Solutions said, “AESL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards.” He added that the journey towards a robust ESG framework and practicing a culture of safety was integral to the company’s pursuit of enhanced long-term value creation for all its stakeholders.

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