Adani Energy Solutions’ net profit in the June quarter was dragged down by a higher tax outgo, that was 4.7 times of year ago. Revenue from operations rose by a fifth, mainly from generation, transmission and distribution.
The company, formerly called Adani Transmission, reported a net profit of ₹175 crore, down about 6 per cent on year while revenue came in at ₹3,664 crore.
On a sequential basis, net profit was down 55 per cent and revenue was up over 15 per cent.
The company’s tax outgo in the quarter under review was ₹160.4 crore.The company said that it had a one-time tax impact of ₹65 crore on dividend from its subsidiary . There was also an additional cash outgo of ₹20 crore as hedging costs on moving to cross currency swaps from option contracts.
Revenue increase
The rise in revenue was attributed to incremental revenue from newly commissioned lines, partial commissioning of a few elements, and an increase in energy consumption in the Mumbai Distribution business.
During the quarter, the company added 550 circuit km (ckm) to its operational network, taking the total transmission network to 19,778 ckm.
In the distribution business, it sold 2.8 billion units, up 7.6 per cent on year.
During the quarter, the company received orders for three smart metering projects in Andhra Pradesh to supply 2.7 million smart meters worth ₹3,700 crore. In the pipeline are orders for 4.6 million smart meters worth ₹5,800 crore.