Adani Energy Solutions Ltd (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.
The company recorded a revenue of INR 3,615 crore ($434.78 million) in Q3 FY 2024, 19% up year-on-year, boosted by the newly commissioned transmission projects and higher energy consumption in the distribution business. Operational EBITDA at INR 1,454 crore was up 10% YoY. Profit after tax (PAT), at INR 281 crore, grew by 1%. During the quarter, the company posted a robust cash profit of INR 786 crore
Key transmission projects that made progress and were commissioned in Q3, included the 765 kV KBTL (Khavda Bhuj line), with 217 circuit kilometers charged during the quarter. This line, once fully commissioned, will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. The company also commissioned a 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 GW of power to be brought into Mumbai, meeting the city’s fast growing electricity demand.
AEML, the Mumbai distribution business, witnessed a 14.8% increase in the energy consumed. It saw one of the lowest distribution losses of 5.46% and added new consumers.
“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,” 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.
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