Adani Energy Solutions reports a net loss of Rs 824 crore in its first quarter’s financial performance.

Adani Enterprises, the renewable energy arm of the Adani Group, has reported a net loss of Rs 824 crore for the first quarter (Q1) of 2022-23. The company’s total revenue declined 13.6% year-on-year to Rs 2,454 crore in Q1. The loss in the quarter is due to higher operating expenses and higher finance costs. The company’s operational costs increased 25.7% year-on-year to Rs 4,644 crore, while its finance costs rose 54.6% to Rs 1,134 crore. Adani Energy Solutions also reported a significant decline in its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin, which fell to 7.2% compared to 14.2% in Q1 of the previous year. The company attributed the decline in profitability to the presence of highly competitive and volatile markets, as well as the impact of COVID-19-related restrictions on project execution. However, Adani Energy Solutions remains optimistic about its future growth prospects, citing its strong order book and ongoing efforts to diversify its revenue streams.