Ahmedabad, October 22
Adani Energy Solutions won three new transmission projects at a cumulative project cost of Rs 10,300 crore, adding 2,059 circuit kilometres to its under construction network, said Kandarp Patel, CEO of the company.
Patel said that the company added 140 circuit kilometres to the company's network during the quarter, taking the total network to 23,269 circuit kilometres. Currently, work is on for 12 projects with a capital expenditure (capex) cost of INR 27,300 crore, expected to be fully commissioned in the current financial year. Adani Group company Adani Energy Solutions Limited reported that its net profit or Profit After Tax during the July-September quarter rose 172.2 per cent to INR 773 crore. In the same quarter of the last fiscal year, it was at INR 284 crore. Both April-June and July-September combined, the net profits rose 133.4 per cent to about INR 1,088 crore. The Adani Group company's total income during the quarter increased by 68.9 per cent year-on-year to INR 6,360 crore from INR 3,766 crore in the year-ago quarter. The company stated that the total income witnessed robust growth due to the contribution of newly operationalized transmission assets (KVTL, KBTL, WKTL lines), partial completion of lines at under-construction projects (MP-II), and an increase in energy sales because of strong demand growth in the distribution business at Mumbai and Mundra. Additionally, there was growing contribution from the smart metering business. Its EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 31 per cent to INR 1,891 crore for the quarter, translating from strong revenue growth across all segments, EPC (Engineering, Procurement, and Construction) income in transmission, treasury income, and steadily regulated EBITDA from the distribution business. Adani Energy Solutions, a key private transmission and distribution company in India with a growing smart metering portfolio, announced its financial and operational performance for the quarter and half-year ended September 30, 2024. "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," said Kandarp Patel, CEO of Adani Energy Solutions. "Our credible steps of successfully divesting the Dahanu thermal plant in line with our commitment and achieving an all-time high share of 39 per cent renewable power penetration in Mumbai strengthens our position as a true energy transition leader in India," added Kandarp Patel. During the quarter, the company won three new transmission projects with a project cost of INR 10,300 crore - NES in Jamnagar Gujarat, NES in Navinal (Mundra), and Khavda Phase IVA, adding 2,059 circuit kilometres to the under-construction network. In this quarter, it added 140 circuit kilometres and ended with a total transmission network of 23,269 circuit kilometres. AESL has a presence across 16 states of India and a cumulative transmission network of 23,269 ckm and 70,686 MVA transformation capacity. In its distribution business, AESL serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. AESL is ramping up its smart metering business and is on course to become India's leading smart metering integrator with an order book of over 22.8 million meters.