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Consulting Services company EKI Energy Services announced Q3FY24 results:

Financial Highlights:

• Q3FY24 Total Revenues significantly decreased from Q3FY23 of Rs 395.44 crore to Rs 43.52 crore.
• Q3FY24 EBIDTA is negative (Rs -22.77 crore) with a notable negative EBIDTA Margin of -52.32%.
• Q3FY24 Profit After Tax (Rs -23.33 crore) and PAT Margin (-53.62%).

Operational Highlights:

• The company mobilized more than 12 million carbon credits till Q3FY24.
• There has been an investment of around Rs 120 crore in community-based greenhouse gas reduction programs in India and Africa.
• A strong emphasis on community-based projects, with registered projects starting to issue credits in Q4FY24.
• There was a 45% growth YoY in the unique client base and an approximate 15% global market share in the carbon industry.
• Management commentary highlighted addressing the valuation of inventory at Net Realizable Value to facilitate profitable deals in upcoming quarters and a positive outlook for change in the carbon market.

Manish Dabkara, Chairman & MD of EKI Energy Services, said, "The recent deceleration in international carbon markets after years of rapid growth, is attributed to persistent uncertainties related to inflation and the broader macroeconomic landscape. Further, the outcomes of COP28 fell short of the essential measures needed to meet climate goals. Despite high expectations for progress under Article 6.2 and Article 6.4, negotiations faced challenges and did not result in a deal.”

"On a positive note, significant developments took place within India's Carbon Credit Trading Scheme 2023. The recent amendments by the Government of India, introducing the Offset Market and allowing non-obligated entities to participate in CCTS, mark a progressive step. This change is anticipated to open new opportunities for Indian decarbonization project developers within the national carbon market. In Q3FY24, EKI continued its commitment to environmental stewardship and active participation in global climate action. With the sector’s transformative potential and strategic positioning, EKI aims to capitalize on the growing Carbon Market of the future.”

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