Adani Energy Solutions ends the FY24 on a strong note

 Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a growing smart metering portfolio, today announced its financial and operational performance for the quarter and year ended March 31, 2024.

“AESL’s consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognize and tap market opportunities within the areas of interest continues to propel our growth and keeps us at the forefront of energy transition in India. We are proud of our contribution to developing critical transmission infrastructure, to facilitate renewable evacuation and as well as strengthening the existing grid. An ESG score of 25.3 from Sustainalytics in their recent assessment placed us to be one of the amongst top 20 electric utilities and helped surpass global and industry averages. This demonstrates our unwavering dedication to reduce environmental impact and promote sustainable practices,” said Anil Sardana, MD, Adani Energy Solutions.

Q4 FY24 Highlights:

Consolidated Financial Performance                                                                                                (Rs crore)

(Note: Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss;) #Includes one-time regulatory income and provision of Rs 21 crores (net-off tax) in Q4FY23 and one-time regulatory income and provision of Rs 210 crores (net-off tax) in FY23. ^Includes one-time bilateral charge and provision of Rs 6 crores in Q4FY24 and Rs 1 crores of net impact from one time income, provision, and tax on dividend income

Revenue:  Revenues witnessed a double-digit growth of 17% on account of the contribution from the newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

• Key transmission projects that were commissioned in FY24:

ü  Commissioned largest 765 kV Warora-Kurnool transmission line strengthening the national grid and facilitating the seamless flow of 4,500 MW of power between Western and Southern regions and bolstering the Southern region’s grid for efficient integration of renewable energy sources

ü   The 765 kV KBTL (Khavda Bhuj line), with 217 circuit kilometers, will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. The project will help shape one of the country’s largest solar and wind farms

ü  Commissioned 400 kV Kharghar-Vikhroli double circuit transmission line, establishing the first-ever high voltage 400 kV connection in Mumbai. This will enable an additional 1,000 MW power to be brought into Mumbai, thus meeting the city’s fast-growing electricity demand

ü  Completed the Karur Transmission Ltd (KTL) project by establishing the 400/230 kV, 1000 MVA Pooling Station and an associated transmission line in Tamil Nadu

• Strong transmission system availability of 99.6% at the portfolio level

• AEML, the Mumbai distribution business witnessed an increase in the energy consumed by 9.4%. It saw one of the lowest distribution losses of 5.29% in its history and added new consumers, reaching 3.18 million on the back of reliable and affordable power supply

EBITDA:

• The operational EBITDA increased by 3% to Rs 1,619 crore for the quarter, with incremental revenue contribution from Warora-Kurnool, Karur, Kharghar-Vikhroli and MP-II lines and steadily regulated EBITDA from the Distribution business. For the full year, the operational EBITDA grew by 7% to Rs 5,695 crore. The transmission business continues to maintain the industry’s leading EBITDA margin of 91%

• The total EBITDA of Rs 1,769 crore in Q4 and Rs 6,322 crore in FY24 ended 4% higher

PAT: Comparable PAT of Rs 1,197 crore in FY24 was 12% higher YoY. The PAT last year had a net one-time positive impact of Rs 210 crore (net-off tax) from regulatory income and provisions

Segment-wise Financial Highlights:                                                                                                                     (Rs crore)

Segment-wise Key Operational Highlights: