Adani Energy Solutions Ltd (AESL) has reported a 13.26 per cent decline in its consolidated net profit at ₹381.29 crore during January-March 2024 on account of increased expenses.

Its net profit after tax was at ₹439.60 crore in the January-March period of the preceding 2022-23 financial year, the company said in an exchange filing on Tuesday.

For the whole financial year (FY24), the company's net profit stood at ₹1,195.61 crore, down from ₹1,280.60 crore registered in FY23.

During the fourth quarter, the company's total income surged to ₹4,855.18 crore from ₹3,494.84 crore a year ago.

The company's income was ₹17,218.31 crore in FY24 as against ₹13,840.46 crore in FY23. The expenses stood at ₹4,358.83 crore in the period under review, as against ₹3,200.50 crore in the year-ago period.

In FY24, the expenses rose to ₹14,978.74 crore from ₹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.

Business portfolio in FY24

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, 1,000 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 ₹1,334 crore and reduced its long-term debt by ₹855 crore through a bond buyback programme during the year.

AEML sold 9,916 million units in FY24, as against 9,062 million units a year ago, 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 metres 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 ₹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.