ADANIENSOL · Power
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +172.2% on the year; profit before other income, exceptional items and tax +50.9%.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 27.7%, −901 bps on the year (−296 bps on the quarter).
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹594 cr; tax −₹178 cr, a credit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,563 cr | ₹4,707 cr | ₹5,379 cr | ₹6,184 cr | ₹5,830 cr | ₹6,375 cr | ₹6,819 cr | ₹6,596 cr | ₹6,730 cr | ₹7,443 cr | ₹9,711 cr | ₹10,076 cr |
| YoY | — | — | +47% | +68% | +28% | +35% | +27% | +7% | +15% | +17% | +42% | +53% |
| EBITDA margin | 32.2% | 33.3% | 30.7% | 27.7% | 28.5% | 32.0% | 26.6% | 29.6% | 29.6% | 28.8% | 31.0% | 30.8% |
| Other income, % of PBT | 51% | 37% | — | 30% | 30% | 23% | 31% | 23% | 27% | 25% | 12% | 25% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 31% | — | −30% | −12% | 27% | 18% | 25% | 28% | 21% | 14% | 23% |
| Net profit | ₹348 cr | ₹381 cr | −₹1,191 cr | ₹773 cr | ₹625 cr | ₹714 cr | ₹539 cr | ₹557 cr | ₹574 cr | ₹723 cr | ₹1,237 cr | ₹1,364 cr |
| YoY | — | — | −754% | +172% | +80% | +87% | — | −28% | −8% | +1% | +129% | +145% |
| Core profit YoY | — | — | +46% | +51% | +54% | +116% | +32% | +38% | +51% | −9% | +181% | +130% |
| EPS | ₹2.91 | ₹3.24 | −₹7.39 | ₹5.62 | ₹4.68 | ₹5.39 | ₹4.27 | ₹4.44 | ₹4.60 | ₹5.69 | ₹9.57 | ₹10.82 |
| Flags | 1 | 1 | 2 | 3 | 3 | ✓ | 2 | ✓ | ✓ | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Adani Energy Solutions Ltd. reported revenue of ₹6,184 cr (+68.3% on the year) and net profit of ₹773 cr (+172.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +50.9% on the year, against +172.2% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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