Adani Energy Solutions posted a more than two-fold jump in its Q2 FY25 net profit, reaching Rs 675 crore, compared to Rs 276 crore in the same quarter of the previous financial year. However, it missed analysts’ net profit estimate of Rs 888 crore.
The strong profit growth was driven by a higher Ebitda, along with a deferred tax reversal (MAT entitlement of previous years) of Rs 314 crore, the company said in a release.
The company exceeded analysts’ revenue estimates, posting Rs 6,184 crore in Q2 FY25, a 68% increase from Rs 3,674 crore in Q2 FY24. Analysts had forecast revenues of Rs 4,957 crore.
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Adani Energy attributed the 69% growth in total income to contributions from its newly commissioned Kharghar-Vikhroli, Warora-Kurnool, and Khavda-Bhuj transmission lines, the acquired Mahan-Sipat line, increased energy sales in Mumbai and Mundra utilities and smart metering contributions.
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The company’s Ebitda rose 19% to Rs 1,787 crore in Q2 FY25, up from Rs 1,505 crore in the same quarter the previous year. However, it missed analysts’ estimates of Rs 2,160 crore. Ebitda growth was driven by strong revenue performance, EPC income in transmission, treasury income, and steady regulated Ebitda from Adani Electricity Mumbai (AEML).
The company secured three new transmission projects—NES in Jamnagar, Gujarat, NES in Navinal (Mundra), and Khavda Phase IVA—adding 2,059 ckm to its under-construction network. With these new project wins, its under-construction pipeline increased from Rs 17,000 crore in Q1 FY25 to approximately Rs 27,300 crore in Q2 FY25.
In line with strong power demand trends, energy demand (units sold) at AEML rose 7% year-on-year to 2,609 million units in Q2, while Mundra Utility (MUL) saw a 50% year-on-year increase to 234 million units.
Capital expenditure as of H1 FY25 stood at Rs 4,400 crore, compared to Rs 2,622 crore in H1 FY24, the company said.
Additionally, Adani Energy Solutions received approval from CERC to transfer its inter-state energy trading license from Adani Enterprises.
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