Latest News | Adani Energy Solutions Posts Rs 1,190 Cr Loss in Q1
Get latest articles and stories on Latest News at LatestLY. Adani Energy Solutions Ltd on Thursday reported a net loss of Rs 1,190.66 crore for the April-June quarter of 2024-25 mainly due to exceptional losses related to the divestment of an asset.
New Delhi, Jul 25 (PTI) Adani Energy Solutions Ltd on Thursday reported a net loss of Rs 1,190.66 crore for the April-June quarter of 2024-25 mainly due to exceptional losses related to the divestment of an asset.
The company had posted a net profit of Rs 181.98 crore during the April-June period of 2023-24, the company said in a regulatory filing.
The total income rose to Rs 5,489.97 crore in the quarter under review from Rs 3,772.25 crore in the year-ago period. Expenses surged to Rs 4,443 crore from Rs 3,124.69 crore a year ago.
The company reported profit before tax of Rs 1,046.97 crore for the quarter under review against a PBT of Rs 496.35 crore in the year ago period.
In a separate statement, the company said, "Honoring its ESG commitment it has decided to divest Dahanu thermal plant resulting an exceptional item in line with Ind AS 105, of Rs 1,506 crore."
Adani Electricity Mumbai Limited (AEML), a subsidiary of the company, is in the process of divesting Dahanu Thermal Power Plant. The AEML board has approved the transaction for carving the power plant to one of the related parties at a price of Rs 815 crore against the carrying value in books of Rs 2,321.02 crore.
Hence Rs 1,506.02 crores has been charged in the statement of profit and loss as an exceptional item, the company stated.
During the said quarter, its transmission business completed acquisition of Mahan Sipat transmission assets thereby adding 673 ckm to its operational network.
The company added 190 circuit kilometres during the quarter and ended with a total transmission network of 21,187 circuit kilometres.
In the distribution business, the loss at AEML (Mumbai) has been improving consistently and stands at 5.18 per cent in Q1 FY25.
The units sold in MUL (Mundra) utility was 226 MUs in Q1FY25 as against 133 MUs in June quarter FY24, on the back of strong industrial demand.
The company's new business smart metering is evolving well. The under-implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a contract value of over Rs 27,195 crore.
Adani Energy Solutions Ltd is a leading transmission company in India.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)