Adani Energy Solutions Ltd (AESL) witnessed a significant uptick in total income during the fourth quarter of the fiscal year 2024, reaching Rs 4,855.18 crore compared to Rs 3,494.84 crore in the previous year. However, the company's consolidated net profit for the same quarter experienced a decline of 13.26% to Rs 381.29 crore, primarily attributed to increased expenses affecting its financial results.
AESL's net profit after tax for the January-March period of the preceding fiscal year 2022-23 was reported at Rs 439.60 crore, as noted in an exchange filing. Throughout the entire Fiscal Year 2024, the company reported a decrease in net profit to Rs 1,195.61 crore from Rs 1,280.60 crore in the previous fiscal year, indicating a challenging financial performance affected by rising expenses.
The company highlighted a double-digit growth in revenues attributed to various factors such as the contribution from newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines, and increased units sold due to higher energy consumption in the distribution business at Mumbai and Mundra. AESL's Managing Director, Anil Sardana, emphasized the company's consistent progress in commissioning new lines and capturing market opportunities within its areas of interest, positioning them at the forefront of India's energy transition.
Adani Energy Solutions Ltd's distribution business, AEML, invested over Rs 1,334 crore in capital expenditure during the year, while also reducing its long-term debt by Rs 855 crore through a bond buyback program. The company's smart meter projects saw substantial progress, with contracts received for 21 million meters from various power distribution companies, and an under-implementation pipeline of 22.8 million smart meters across nine projects valued at over Rs 27,195 crore.