AESL reports 13% decline in net profit

New Delhi: Adani Energy Solutions Ltd (AESL) has reported a 13.26 per cent decline in its consolidated net profit at Rs 381.29 crore during January-March 2024 on account of increased expenses. Its net profit after tax was at Rs 439.60 crore in the January-March period of the preceding 2022-23 financial year, the company said in an exchange filing on Tuesday.

For the whole financial year (FY24), the company's net profit stood at Rs 1,195.61 crore, down from Rs 1,280.60 crore registered in FY23. During the fourth quarter, the company's total income surged to Rs 4,855.18 crore from Rs 3,494.84 crore a year ago. The company's income was Rs 17,218.31 crore in FY24 as against Rs 13,840.46 crore in FY23.

The expenses stood at Rs 4,358.83 crore in the period under review, as against Rs 3,200.50 crore in the year-ago period. In FY24, the expenses rose to Rs 14,978.74 crore from Rs 13,164.32 crore in the preceding financial year. In a separate statement, the company said its revenues witnessed a double-digit growth on account of the contribution from the newly operationalised transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

AESL MD Anil Sardana said, "AESL's consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognise and tap market opportunities within the areas of interest continues to propel our growth and keeps us at the forefront of energy transition in India.”