Adani Energy Solutions Ltd. reported on Monday that, in comparison to Rs 474.72 crore in the same quarter of last year, its consolidated net profit for the December quarter decreased by 31.55 percent year over year (YoY) to Rs 324.90 crore.
In comparison to the same quarter previous year, when total income was Rs 3,719.31 crore, this quarter's income was Rs 4,824.42 crore. The Adani group company reported a 19% increase in revenue, which it attributed to the commissioning of new transmission lines and an increase in energy consumption in the Mumbai distribution sector.
With additional revenue contributions from the Warora-Kurnool, Karur, Kharghar-Vikhroli, and MP-II lines as well as ongoing Ebitda growth due to the expansion of AEML's asset base, the operating Ebitda increased 10.4% to Rs 1,454 crore for the quarter. The gearbox company keeps its Ebitda margin of 92%, which leads the industry. A miscellaneous revenue of Rs 136 crore is included in the overall EBITDA of Rs 1,732 crore due to the $ 120 million bond buy-back in the Mumbai distribution business at a discount.
The order book for the smart metering business segment, according to Adani Energy Solutions, has expanded quickly to 21.1 million smart metres with a contract value of more than Rs 25,000 crore. According to the statement, the deployment of smart metres is now under way. Long-term strategic partnerships with Airtel, Esyasoft, and AdaniConnex will fortify AESL's smart metering platform and facilitate a seamless rollout.
"We are really enthusiastic about the prospects in every business area at AESL. Aside from T and D's established business position, the smart metering segment is rising steadily. The CEO of Adani Energy Solutions, Kandarp Patel, stated, "Our partnership with Airtel, Esyasoft, and AdaniConnex will be very fruitful and will immensely augment our offering to offer smart and tech enabled smart metering solutions." Growth was sustained, according to MD Anil Sardana, by the Adani company's expanding portfolio of recently commissioned lines and positive energy demand.
"We take great pride in our role in building the nation's transmission system, which is essential to enabling the evacuation of renewable energy sources, particularly from the Khavda region. We received the prestigious Global Recognition in the shape of the Sustainability Leadership Award 2023 from the World Sustainability Congress with humility, he said. "This award shows how committed we are to promoting sustainable practices, reducing our environmental impact, and exhibiting exceptional leadership," he said.
The transmission segment's order book increased to Rs 17,000 crore after it received a letter of intent for two recently awarded projects, Khavda Phase-III Part-A and KPS - 1 (Khavda Pooling Station) Augmentation.
Due to high demand, Adani Electricity Mumbai's energy demand (measured in units sold) increased 14.8% YoY in Q3 to 2,489 million units, the business reported in a BSE filing. According to Adani Energy Solutions, Mumbai is among the top megacities in the world for the share of renewable energy (RE) in the power mix, with AEML's REmix being at 35% as of December 2023 (compared to a baseline of 3% in 2019).
Adani Green Energy inked a share purchase agreement with PFC Consulting Ltd. during the current quarter to purchase all 100 shares of Halvad Transmission Limited. According to Adani Energy Solutions, the acquisition included building a 765 kV Halvad switching station with two 330 MVAr bus reactors and a 765 kV D/C line that was connected to the Lakadia-Ahmedabad line.
