Adani Energy Solutions Ltd reports impressive growth in Q2 FY24

Ahmedabad (Gujarat) [India], November 6 (ANI): AdEnergy Solutions Limited (AESL), a significant player in the energy sector, announced its consolidated financial results for the second quarter (Q2) and the first half (1H) of the fiscal year 2024.

The company showcased remarkable growth with a focus on the transmission and distribution of energy as well as smart metering services.

In Q2 FY24, AESL reported substantial financial and operational performance, affirming its position as the largest private transmission and distribution company in India.

Q2 FY24 (Year-on-Year) Consolidated revenue increased by 13 percent to reach Rs 3,421 crore, consolidated operational EBITDA grew by 10 per cent to reach Rs 1,368 crore, Profit Before Tax (PBT) rose by 48 percent to Rs 370 crore. PAT saw an impressive 46 per cent growth, reaching Rs 284 crore, consolidated cash profit for the quarter stood at Rs 757 crore.

AESL-commissioned Warora Kurnool (WKTL) and Karur (KTL) transmission lines achieved robust transmission system availability at 99.68 per cent added 219 circuit kilometres (ckms) to the operational network, bringing the total network to 19,862 km.

Energy demand (units sold) increased by 9.56 per cent YoY to 2,446 million units, maintaining supply reliability at 99.9 per cent (Average Service Availability Index), distribution losses improved from 6.0 per cent to 5.81 per cent, e-payment as a percentage of total collection increased to 79.2 per cent in Q2 FY24, driven by digital adoption.

Received the Letter of Award (LOA) for four smart metering projects in Maharashtra, AP, and Bihar, totaling 14.76 million smart meters with a contract value of Rs 174 billion.

The total smart metering under-construction pipeline stood at 19.4 million smart meters, consisting of eight projects with a contract value of Rs 232 billion.

These strong results reflect AESL's continued focus on growth, innovation, and expanding its services in India's energy sector. The company's strong order pipeline of Rs 150 billion in the transmission business and Rs 230 billion in the smart metering business reinforces its robust and resilient business model.

AESL is determined to deliver the best-in-class energy solutions while practising high governance standards, which are crucial for enhancing long-term value creation for all stakeholders. (ANI)