EKI Energy Services saw a profit of Rs 161 crore for December quarter
19/01/2022
new delhi, jan 18: EKI Energy Services Ltd reported a net profit of Rs 161.21 crore for the December 2021 quarter. The financial figure for the previous quarter was not provided by the company.
However, the company reported that its net profit for the quarter ending September 30, 2021 was Rs 81.25 crore. In the quarter ending December 2021, its total income was Rs 688.52 crore.
EKI Energy Services Ltd (EKI Energy) is a market leader in the development and distribution of carbon credits. The company said it maintained its strong growth pace and generated total revenues of Rs 1,325 crores for the fiscal year 2021-22's first nine months.
Manish Dabkara, CMD and CEO, EKI Energy Services Ltd. said, “We are truly delighted to report that we have continued our outstanding performance in Q3 FY2022 as well with revenue from operations for the 9M FY2022 at Rs. 1,325 Cr, up from Rs. 637 Cr in H1 FY2022. Robust business growth has been supported by higher demand and increasing carbon credits prices along with changing climate related regulations, increasing awareness of GHG emissions reduction and carbon neutrality pledges by corporates.
During the 9M FY2022, our EBITDA and PAT margins almost doubled from FY2021 levels to 27.9% and 21.0% respectively.
Carbon credit demand and pricing have increased as a result of changing regulations for climate control, increased awareness of GHG emissions reduction, carbon neutrality pledges, and a widening carbon credit demand-supply gap, according to the company.
EKI Energy has also formed a joint venture with Shell Overseas Investments BV (a subsidiary of Fortune 5 company Royal Dutch Shell plc) to work on lowering carbon emissions in India using natural solutions. Enking International FZCO, a wholly owned subsidiary of the corporation, was founded in the Dubai free zone to expand the company's offshore footprint.
Its net profit, or profit after tax (PAT), was Rs 278 crore with margins in the first nine months of this fiscal year (April to December 2021), compared to Rs 19 crore in the previous fiscal year.
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