Adani Energy Q2 profit grows 46% to Rs. 284cr
Adani Energy Solutions, previously Adani Transmission, posted a year-on-year (YoY) 46% increase in its consolidated net profit to Rs. 284.09 crore in Q2 FY24. The company also saw a 15% YoY growth in revenue, reaching Rs. 3,497 crore during Q2 FY24. Furthermore, the earnings before interest tax depreciation and amortization (EBITDA) showed a 6% YoY growth, totaling Rs. 1,443 crore for the July-September quarter.
Transmission business drives financial performance
Revenue for the company from its transmission business grew 17% YoY to Rs. 1,017.35 crore in Q2 FY24. Additionally, the Generation, Transmission, and Distribution business revenue increased 14% YoY to Rs. 2,479.65 crore. Adani Energy Solutions is India's largest private transmission company, operating in 14 states.
Expansion efforts continue despite consolidated net debt
Despite positive financial results, Adani Energy Solutions faces a consolidated net debt of Rs. 290 billion as of September 30. However, the company remains focused on expanding its operational network. In Q2FY24 alone, it added 219 ckm (circuit kilometers) to its network, totaling 19,862 ckm. Adani Energy Solutions recently commissioned the Karur Transmission Ltd (KTL) project in Tamil Nadu. Adani ENergy's stock price settled 0.83% higher at Rs. 771.85 on NSE today.
