New Delhi, Apr 30 (PTI) Adani Energy Solutions Ltd (AESL) on Tuesday posted a 13.26 per cent fall in its consolidated net profit to Rs 381.29 crore during the quarter ended 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.

Also Read | UK Board Results 2024 Out at ubse.uk.gov.in: Uttarakhand Board Exam Results Announced; Priyanshi Rawat Tops Class 10, Piyush Kholia and Kanchan Joshi top 12.

For the whole Financial Year (FY) 24, the company reported a net profit of Rs 1195.61 crore, down from Rs 1280.60 crore in FY 23.

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.

Also Read | Bird Flu in US: Cats Suffer Blindness, Death After Catching H5N1 Virus by Drinking Cow Milk in Texas.

The income in FY 24 was at Rs 17,218.31 crore as against Rs 13,840.46 crore in FY 23. The expenses were Rs 4,358.83 crore in the period under review, as against Rs 3,200.50 crore in the year-ago period.

In FY 24, 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.

"An ESG score of 25.3 from Sustainalytics in their recent assessment placed us to be one of the top 20 electric utilities and helped surpass global and industry averages," Sardana said.

Some of the key transmission projects the company commissioned in FY24 are the 765 kV Warora-Kurnool transmission line, the 765 kV KBTL (Khavda Bhuj line), with 217 circuit km, 400 kV Kharghar-Vikhroli double circuit transmission line, and Karur Transmission Ltd (KTL) project by establishing the 400/230 kV, 1000 MVA (mega volt ampere) pooling station and an associated transmission line in Tamil Nadu.

The company's distribution business AEML invested capital expenditure of over Rs 1,334 crore and reduced its long-term debt by Rs 855 crore through a bond buyback programme during the year.

AEML sold 9,916 million units over 9,062 million units last year on account of an uptick in energy demand. The distribution loss has been improving consistently and stands at 5.29 per cent in FY24 as against 5.93 per cent in FY23 and maintained supply reliability at over 99.9 per cent.

During the year, it received contracts of 21 million meters from Andhra Pradesh, Maharashtra, Bihar, and Uttarakhand DISCOMs (power distribution companies).

The under-implementation pipeline now stands at 22.8 million smart meters, comprising nine projects with a contract value of over Rs 27,195 crore.

In transmission, the company operationalised 1,244 circuit km during the year and ended with a total transmission network of 20,509 circuit km.

Part of the Adani Group, AESL is the country's largest private transmission company, with a presence across 17 states of India and a cumulative transmission network of 20,509 ckm and 57,011 MVA transformation capacity.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)