New Delhi, Oct 28 (PTI) EKI Energy Services Ltd (EKI Energy) on Thursday posted a net profit of Rs 81 crore in the September quarter, helped by higher revenues.

The company had a net profit of Rs 19 crore in the entire 2020-21 fiscal, a company statement said.

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The company did not provide the year on year quarterly figures.

According to the statement, its revenues from operations stood at Rs 443 crore in the quarter under review.

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The revenue from operations in the entire 2020-21 was Rs 191 crore.

EKI Energy chairman and managing director Manish Dabkara said in the statement, "This strong growth is supported by growing global carbon credit demand, increasing net-zero commitments by various countries and voluntary emission reduction pledges by corporates."

He stated that considering the higher demand for carbon credits and a widening demand-supply gap in the global markets, the company had entered in a major deal to purchase carbon credits in H1 FY22 (April-September).

EKI Energy is exploring attractive business opportunities arising from the proposed Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

The scheme is applicable from 2021 and voluntary for all countries until 2027 but many countries including the US and China have already implemented the scheme and other countries to follow in the near term.

The implementation of CORSIA will increase global carbon credit demand substantially and will increase the demand-supply gap further, he added.

With improving market dynamics, the current carbon offsetting demand is sustainable and expected to increase in future.

He stated, "We are positively looking forward to the scheduled COP26, which is expected to bring more stringent guidelines to control emission and increase emission reduction targets. The increasing awareness for reduction in global emissions and collective efforts of various regulatory bodies is expected to increase the pricing and scope of carbon pricing instruments over time."

He further said, "Going forward, with strong business fundamentals, higher demand for carbon credits supported by evolving global carbon credit markets and economic recovery from the Covid-19 pandemic, we are confident of continuing strong growth momentum and maximizing shareholder value."

Founded in 2011, EKI Energy is one of the leading company in the carbon credit industry in India with an established global footprint.

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