- The company has a robust and resilient business model and a strong order pipeline of ₹150 billion in transmission business and ₹230 billion in smart metering business
- Consolidated revenue increased by 13% to ₹3,421 Cr
- Consolidated operational EBITDA grew by 10% to ₹ 1,368 Cr
- PBT of ₹370 Cr was 48% higher YoY from a lower base. Q2 FY23 PBT was lower on account of adverse forex movement (MTM) of ₹138 Cr (MTM adjustment on foreign currency loans)
- Consolidated cash profit of ₹757 Cr during the quarter was marginally higher
- Net debt to EBITDA stands at 3.8x as of September 2023
NE BUSINESS BUREAU
AHMEDABAD, NOV 7
Adani Energy Solutions Limited, part of the globally diversified Adani portfolio, the largest private transmission and distribution company in India with a growing smart metering portfolio, on Monday reported a consolidated net profit of ₹284 crore in the second quarter of fiscal year 2023-24 (Q2FY24), 47% higher compared to ₹194 crore recorded in the year-ago period.
The company’s consolidated revenue in Q2FY24 came in at ₹3,421 crore, up 13% from ₹3,032 crore clocked in the corresponding quarter of the previous fiscal.
The total earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at ₹1,443 crore, an increase of 6% as against ₹1,362 crore in the comparable year-ago period.
“Net debt to EBITDA stands at 3.8x as of September 2023,” the electric power transmission company said in a press release.
Sharing the highlights related to its distribution business during the quarter, Adani Energy said the amount of energy units sold was up 9.56% on-year to 2,446 million units.
“Our pipeline of projects in both transmission and smart metering will further strengthen our pan-India presence and consolidate our position,” said Anil Sardana, MD, Adani Energy Solutions Ltd.
The company said it maintained supply reliability at 99.9%. Distribution losses were at 5.81%, improving from 6% in the corresponding quarter of the last fiscal.
In its transmission business, the highlight of the quarter was the full commissioning of Warora Kurnool (WKTL) and Karur (KTL) transmission lines and the charged 400 kV Kharghar-Vikroli Line in Mumbai.
In the smart metering business segment, Adani Energy said it received letter of acceptance for four smart metering projects in Maharashtra, Andhra Pradesh and Bihar totaling 14.76 million smart meters with a contract value of Rs.174 billion during the quarter.
“The total smart metering under-construction pipeline stands at 19.4 million smart meters, consisting of eight projects with a contract value of ₹232 billion,” the release added.
Financial Highlights
| Particulars (Rs Crore) | Q2 FY24 | Q2 FY23 | YoY % | 1H FY24 | 1H FY23 | YoY% |
| Revenue | 3,421 | 3,032 | 12.8% | 7,042 | 6,081 | 15.8% |
| Operational EBITDA | 1,368 | 1,241 | 10.2% | 2,622 | 2,454 | 6.9% |
| Total EBITDA | 1,443 | 1,362 | 6.0% | 2,821 | 2,688 | 5.0% |
| PBT | 370 | 250 | 48.1% | 713 | 452 | 57.9% |
| PAT | 284 | 194 | 46.1% | 466 | 363 | 28.5% |
| EPS (Rs) | 2.47 | 1.85 | 33.5% | 4.04 | 3.35 | 20.6% |
| Cash Profit | 757 | 748 | 1.2% | 1,406 | 1,479 | -4.9% |
