Adani Energy Solutions Consolidated Revenue Increases By 13% To ₹3,421 Cr In Q2FY24

Adani Energy Solutions Limited (AES), part of the globally diversified Adani portfolio, the largest private transmission and distribution company in India with a growing smart metering portfolio, on Monday, announced its financial and operational performance for the quarter and half year ended September 30, 2023, the companya nnounced through an exchange filing.

Financial Highlights Q2 FY24 (YoY)

Adani Energy Solutions Limited reported a 13% increase in consolidated revenue, reaching Rs 3,421 Cr. The company's consolidated operational EBITDA also saw growth, rising by 10% to Rs 1,368 Cr. Profits before tax (PBT) increased by 48% YoY, totaling Rs. 370 Cr, driven by a lower base in the previous year.

However, Q2 FY23 PBT was affected by adverse forex movement, with a mark-to-market (MTM) adjustment of Rs 138 Cr on foreign currency loans. The profit after tax (PAT) surged by 47% to Rs 284 Cr, and the company reported a consolidated cash profit of Rs 757 Cr for the quarter. The net debt to EBITDA ratio stood at 3.8x as of September 2023.

Operational Highlights Q2 FY24

Transmission Business

The Warora Kurnool (WKTL) and Karur (KTL) transmission lines have been fully commissioned, and the 400 kV Kharghar Vikhroli line has been charged. The transmission system boasts strong availability, with a rate of 99.68%. Additionally, the company has expanded its operational network by 219 circuit kilometers (ckms), bringing the total network length to 19,862 ckms.

Distribution Business (AEML)

The energy demand, measured in units sold, has increased by 9.56% year-over-year, reaching 2,446 million units. The company has maintained a high supply reliability rate of 99.9% (ASAI). Distribution losses have improved, decreasing to 5.81% from 6.0% in the corresponding quarter. Notably, electronic payments as a percentage of total collections have risen to 79.2% in Q2 FY24, up from 74.9% the previous year, indicating a strong push towards digital adoption.

Smart Metering Business

The energy demand, measured in units sold, has increased by 9.56% year-over-year, reaching 2,446 million units. The company has maintained a high supply reliability rate of 99.9% (ASAI). Distribution losses have improved, decreasing to 5.81% from 6.0% in the corresponding quarter. Notably, electronic payments as a percentage of total collections have risen to 79.2% in Q2 FY24, up from 74.9% the previous year, indicating a strong push towards digital adoption.

Adani Energy Solutions Limited shares

The shares of Adani Energy Solutions Limited on Moinday at 3:30 pm IST closed at Rs 775, up by 1.24 percent.