Adani Energy Solutions on Tuesday reported 124% year-on-year (YoY) growth in its consolidated net profit at Rs 1,149 crore in the first quarter. The same stood at Rs 512 crore in the same quarter of last year. Revenue from operations rose 42% YoY to Rs 9,711 crore.
Sequentially, revenue from operations rose from Rs 7,443 crore in the March quarter, while profit after tax increased from Rs 723 crore.
The company’s profit before tax and deferred assets recoverable or adjustable stood at Rs 1,441 crore, compared with Rs 658 crore a year earlier and Rs 910 crore in the previous quarter.
Profit before rate-regulated activities, tax and deferred assets stood at Rs 1,412 crore, up from Rs 1,162 crore in the same quarter last year. The company also reported net income of Rs 28 crore from movement in regulatory deferral account balances, compared with an expense of Rs 504 crore in the year-ago period.
Expenses rise with business scale
Total expenses rose to Rs 8,440 crore from Rs 5,864 crore a year earlier. The increase was led by higher power purchase costs and construction expenses linked to service concession arrangements.
Cost of power purchased stood at Rs 3,561 crore, compared with Rs 1,724 crore in the year-ago quarter. Construction expenses relating to service concession arrangements were Rs 2,138 crore, against Rs 1,742 crore a year earlier.
Finance costs rose to Rs 1,152 crore from Rs 894 crore. Depreciation and amortisation expense increased to Rs 585 crore from Rs 465 crore. Employee benefit expenses stood at Rs 228 crore, compared with Rs 231 crore a year earlier. Other expenses rose to Rs 709 crore from Rs 616 crore. Tax expense for the quarter stood at Rs 156 crore, compared with Rs 117 crore a year earlier.
