EKI Energy Services Limited (EKI Energy), a developer and supplier of carbon credit in the World today announced its results for the third quarter and 9 months period ending December 31, 2021 for FY 21-22.
The company continued a strong growth momentum and reported total revenues of Rs. 1,325 crores for the 9 months period of FY 21-22. The strong business performance has been supported by higher demand and pricing of carbon credits driven by changing regulations for climate control, increasing awareness of GHG emissions reduction, carbon neutrality pledges and widening carbon credit demand-supply gap.
9M FY2022 Performance Highlights:
· Revenues from operations of Rs. 1,325 crores (Rs. 191 crores for full year FY2021)
· EBITDA of Rs. 370 crores; margins expanded to 27.9 % (Rs. 25 crores for full year FY2021)
· PAT of Rs. 278 crores with margins of 21.0% (Rs. 19 crores for full year FY2021)
Q3 FY2022 Performance Highlights:
· Revenues from operations of Rs. 688 crores
· EBITDA of Rs. 213 crores; margins 31.0%
· PAT of Rs. 161 crores with margins of 23.4%
Commenting on the business performance, 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.
As a brand we are always innovating for newer green technologies and projects with which we can offer a wider range of offerings to our customers globally. In line with this, we have been consistently launching strategic projects including a JV with a unit of oil major Royal Dutch Shell for Nature-based Solutions; apart from the incorporation of an associate for the backward integration of carbon credit supply. We promise to continue pioneering state-of-the-art green initiatives that can help companies globally to reduce their carbon footprint and significantly contribute towards building a greener tomorrow.
We are certain that higher global carbon credit demand, new demand generation from CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) and cryptocurrencies, coupled with a positive outcome of the recently concluded COP26, are all together expected to widen the carbon credit demand-supply gap further enabling increased market opportunities. With strong business fundamentals and cutting-edge offerings, we are confident of maintaining our current growth momentum and maximizing value for all our stakeholders”.
The company recently announced the incorporation of its new associate – GHG Reduction Technologies Private Limited, for the backward integration of carbon credit supply through EKIESL’s Green Cooking initiative. The associate will oversee the implementation of the green cooking initiative for the manufacture and distribution of cook stoves while EKIESL will manage the carbon credit consultancy. The green cooking initiative is a sustainable community development programme that provides efficient cook stoves free of cost to economically weaker families in remote locations across the globe. The project aligns with multiple UN Sustainable Development Goals (SDGs) including – climate action, reduction in firewood consumption, forest and biodiversity conservation, good health & well being, employment creation, savings in health cost, enhancement of indoor air quality inside homes amongst others.
EKI Energy also joined hands with Shell Overseas Investments BV (a unit of Fortune 5 company Royal Dutch Shell plc) to launch a joint venture to work on reducing carbon emissions in India through Nature based solutions. Expanding its offshore presence, the company also established its wholly owned subsidiary – Enking International FZCO in Dubai free zone.
