Adani Energy Solutions continues robust growth. Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a growing smart metering portfolio, today announced its financial and operational performance for the quarter ended December 31, 2023.
“Our growing portfolio with newly commissioned lines, coupled with favorable energy demand, continues to drive our growth. We are proud of our contribution to developing national transmission infrastructure, which is very critical to facilitate renewable evacuation, especially from the Khavda region. With humility, we welcomed the prestigious Global recognition in the form of Sustainability Leadership Award 2023 from the World Sustainability Congress, demonstrating our outstanding leadership, commitment to reduce environmental impact, and dedication to promote sustainable practices,” said Anil Sardana, MD, Adani Energy Solutions.
“We are very excited about opportunities in all lines of business in AESL. The smart metering segment is consistently growing besides our existing T and D established industry position. To offer smart and tech enabled smart metering solutions, our partnership with Airtel, Esyasoft, AdaniConnex will be very fruitful and will immensely augment our offering,” said Kandarp Patel, CEO, Adani Energy Solutions.
Revenue: Revenues witnessed a double-digit growth of 19% on account of the newly commissioned transmission projects and higher energy consumption in the distribution business.
· Key transmission projects that made progress and were commissioned in Q3:
ü The 765 KV KBTL (Khavda Bhuj line), with 217 circuit kilometers got charged during the quarter. This line, once fully commissioned, will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. The project will help shape one of the country’s largest solar and wind farms.
ü Commissioned 400 KV Kharghar-Vikhroli double circuit transmission line, establishing the first-ever high voltage 400 KV connection in Mumbai. This will enable an additional 1,000 MW power to be brought into Mumbai, thus meeting the city’s fast growing electricity demand.
· Robust system availability of 99.7% in the transmission business.
· AEML, the Mumbai distribution business witnessed an increase in the energy consumed by 14.8%. It saw one of the lowest distribution losses of 5.46% and added new consumers, reaching 3.16 million on the back of reliable and affordable power supply.
EBITDA:
· The operational EBITDA increased by 10.4% to Rs 1,454 crore for the quarter, with incremental revenue contribution from Warora-Kurnool, Karur, Kharghar-Vikhroli and MP-II lines and continuous EBITDA growth with expansion in the asset base in AEML. The transmission business continues to maintain the industry leading EBITDA margin of 92%.
· The total EBITDA of Rs 1,732 crore includes a miscellaneous income of Rs 136 crore on account of the $ 120 million bond buy-back at a discount in the Mumbai distribution business.
PAT: Comparable PAT of Rs 281 crore was 1% higher, supported by miscellaneous income of Rs 136 crore and lower finance cost in AEML. The comparable PAT in Distribution increased by 100%
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