Adani Energy Solutions Ltd on Monday said its consolidated net profit fell 31.55 per cent year-on-year (YoY) to Rs 324.90 crore for the December quarter compared with Rs 474.72 crore in the same quarter last year.
Total income for the quarter came in at Rs 4,824.42 crore against Rs 3,719.31 crore in the same quarter last year. The Adani group firm said its revenue was up 19 per cent, boosted by newly commissioned transmission lines and rise in energy consumption in the Mumbai distribution business.
The operational Ebitda rose 10.4 per cent 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 per cent.
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.
Adani Energy Solutions said under the smart metering business segment, the order book has rapidly grown to 21.1 million smart meters, with a contract value of over Rs 25,000 crore. The smart metering deployment is underway, it said adding that long term strategic tie-ups with Airtel, Esyasoft, AdaniConnex will strengthen AESL’s smart metering platform and enable the smooth roll-out.
“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.
MD Anil Sardana said the Adani firm's growing portfolio with newly commissioned lines, coupled with favorable energy demand, continued to drive 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,” he said.
Within the transmission segment, it received a letter of intent for newly won projects, Khavda Phase-III Part-A and KPS - 1 (Khavda Pooling Station) Augmentation, which lifted the order book to Rs 17,000 crore for transmission projects.
Energy demand (units sold) in Adani Electricity Mumbai in Q3 grew 14.8 per cent YoY to 2,489 million units, on account of strong demand, the company said in a BSE filing.Adani Energy Solutions said AEML’s renewable mix at 35 per cent as of December 2023 (baseline of 3 percent in 2019) positioned Mumbai among top megacities in the world for RE share in power mix.
During the current quarter, Adani Green Energy signed share purchase agreement with PFC Consulting Ltd. and acquired 100 per cent shares of Halvad Transmission Limited. The acquisition involved setting up a 765 kV Halvad switching station with a 2x330 MVAr bus reactors and Line-in, Line-Out of Lakadia-Ahmedabad 765 kV D/c line at Halvad, Adani Energy Solutions said.
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