Adani Energy Solutions Sees Surging Profits Amid New Projects and Smart Meter Expansion

Adani Energy Solutions Limited reported a 172.2% increase in net profit for Q2 FY24, reaching Rs 773 crore, supported by strong sales and new projects. The company's total income surged 68.9% year-on-year. Adani is also expanding its smart metering business, aiming for a leadership position in India.

Adani Energy Solutions Limited, a firm under the Adani Group, has showcased remarkable financial growth for the quarter ending September 2024. The company reported a staggering 172.2% rise in its net profit, or Profit After Tax, reaching Rs 773 crore, a substantial increase from Rs 284 crore in the same period last fiscal year.

The combined April to September figures reveal that net profits surged by 133.4% to approximately Rs 1,088 crore. This financial success is accompanied by a 68.9% year-on-year rise in total income, reaching Rs 6,360 crore, up from Rs 3,766 crore during the equivalent quarter of the previous year.

The company's robust earnings have been attributed to newly operational transmission assets, partial project completions, and heightened energy sales driven by strong demand in Mumbai and Mundra. CEO Kandarp Patel emphasized Adani Energy Solutions' commitment to timely project rollouts and its leadership role in India's energy transition. Notably, AESL won three new transmission projects with a combined cost of Rs 10,300 crore, further cementing its significant presence across 16 Indian states.

(With inputs from agencies.)