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 and half year ended September 30, 2024.
“We are pleased to have delivered another quarter with robust operating and financial performance. The company remains focused on timely project commissioning as well as achieving operating efficiencies. The power demand trends in both utilities and new transmission project wins are very encouraging and we are making progress with the installation of smart meters in all our contracts. Our credible steps of successfully divesting the Dahanu thermal plant in line with our commitment and achieving an all-time high share of 39% renewable power penetration in Mumbai strengthens our position as true energy transition leader in India. We are also pleased to share that prestigious business magazine Businessworld has recognized AESL as one of the India’s Most Sustainable Companies with a 2nd position in the Energy and Mining Sector and 23rd in the overall list. This demonstrates our unwavering dedication to reduce our carbon footprint and promote sustainable business practices,” said Kandarp Patel, CEO, Adani Energy Solutions.
Q2 FY25 Highlights:
(Note: Total Income = Operational revenue + income from SCA/EPC/traded goods + One time income/expense + Other
Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit
calculated as PAT + Depreciation and amortization expenses + Deferred Tax + MTM option loss); #Adjusted for an exceptional
item due to carve-out of the Dahanu power plant of Rs 1,506 crore; ^Includes deferred tax reversal (MAT entitlement of
previous years) of Rs 314 crore in Q2FY25; *Adjusted for one-time deferred tax reversal (MAT entitlement of previous years)
of Rs 314 crore
Income:
Total income witnessed robust growth of 69% on account of the contribution of the newly operationalized transmission assets (KVTL, KBTL, WKTL lines), partial completion of lines at underconstruction projects (MP-II) and an increase in energy sales because of strong demand growth in distribution business at Mumbai and Mundra and growing contribution from smart metering business
• Strong transmission system availability of 99.7% at the portfolio level
• AEML, the Mumbai distribution business, witnessed an increase in the energy consumed by 7%. Its distribution losses of 4.85% remain low and the utility added new consumers, reaching 3.17 million on the back of reliable and affordable power supply
EBITDA:
• EBITDA increased by 31% to Rs 1,891 crore for the quarter translating from strong revenue growth across all segments, EPC income in transmission, treasury income and steadily regulated EBITDA from the Distribution business
• The operational EBITDA of Rs 1,626 crore in Q2 ended 19% higher. The transmission business continues to maintain the industry’s leading operating EBITDA margin of 92%
PAT:
PAT of Rs 773 crore in Q2FY25 was 172% higher YoY, translating from a strong EBITDA growth and boosted by deferred tax reversal (MAT entitlement of previous years) of Rs 314 crore
Transmission business:
• On operational parameters, it was a strong quarter, with an average system availability of over 99.7%. Robust line availability resulted in an incentive income of Rs 35 crore in Q2FY25
• During the quarter, the company won three new transmission projects with a project cost of ~Rs. 10,300 crore – NES in Jamnagar Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to under construction network
• Added 140 circuit kilometers during the quarter and ended with a total transmission network of 23,269 circuit kilometers
Distribution business (AEML Mumbai and MUL Mundra):
• Sold 2,609 million units in AEML vs. 2,446 million units YoY on account of an uptick in energy demand
• The distribution loss at AEML has been improving consistently and stands at 4.85% in Q2FY25. Maintained supply reliability at over 99.9%
• The units sold in MUL (Mundra) utility was 234 MUs in Q2FY25 as against 156 MUs on the back of strong industrial demand
