- Adjusted Q3 PAT at ₹440 crore, excluding one-time tax reversal, up 26% YoY
- Q3 EBITDA at ₹1,831 crore, up 6% YoY
- Robust growth of 24% in total income of Rs 6,000 crore in Q3 is driven by the contributions from the recently commissioned MP Package-II, Kharghar-Vikhroli, Warora-Kurnool, Khavda-Bhuj, Mahan-Sipat lines, higher energy sales in Mumbai and Mundra utilities
- With five new project wins so far this year, the under-construction transmission pipeline has zoomed to ~₹54,761 crore in Q3FY25 from ₹17,000 crore
NE BUSINESS BUREAU
AHMEDABAD, JAN 24
Adani Energy Solutions Limited (AESL), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a large smart metering portfolio, on Thursday announced its October-December quarter results for fiscal 2024-25 (Q3FY25) reporting a rise of 80 per cent in terms of PATt to ₹625 crore, led by lower fuel costs and tax reversal, compared to ₹325 crore in the corresponding period last year.
“Continuing the growth momentum, AESL reported another strong quarter on both operating and financial metrics. The company stays focused on timely project commissioning as well as achieving operating efficiencies. The key highlight of this quarter is the new project wins in AESL, which not only helps in gaining market share but also strengthens AESL’s pole position as the largest private transmission player in India. The power demand trends in both utilities are encouraging and we are making progress with the installation of smart meters in all our contracts with daily average installation consistently improving. We are confident that despite a large order book of ₹ 54,761 crore in transmission and ~₹ 13,600 crore in smart metering, the company will continue to deliver strong operating and financial performance, thanks to unparallel project and operating excellence coupled with robust capital management program,” said Kandarp Patel, CEO, Adani Energy Solutions.
The company’s revenue from operations in the third quarter of the current fiscal rose 28 per cent to ₹5,830.3 crore, compared to ₹4,562.7 crore in the year-ago period. A tax reversal of ₹66 crore and zero fuel costs, compared to a ₹281 crore expense in the base quarter, contributed to the bottom line.
Q3 FY25 and 9M FY25 Highlights
Consolidated Financial Performance: (Rs crore)
| Particulars | Q3 FY25 | Q3 FY24 | YoY % | 9M FY25 | 9M FY24 | YoY % |
| Operational Revenue | 4,173 | 3,615 | 15.4 | 12,941 | 10,657 | 21.4 |
| Total Income | 6,000 | 4,824 | 24.4 | 17,850 | 12,363 | 44.4 |
| Operating EBITDA | 1,579 | 1,454 | 8.6 | 4,814 | 4,077 | 18.1 |
| Total EBITDA | 1,831 | 1,732 | 5.7 | 5,484 | 4,553 | 20.4 |
| PAT | 625 | 348 | 79.5 | 1,714# | 814 | 110.4 |
| Adjusted PAT | 440* | 348 | 26.3 | 1,244#* | 814 | 52.8 |
| Cash profit | 999 | 899 | 11.1 | 2,933# | 2,306 | 27.2 |
AESL’s Mumbai distribution business recorded a three per cent increase in energy consumption. Its distribution losses of 4.66 per cent remain low, and the utility added new consumers, reaching 3.17 million, due to a reliable and affordable power supply.
During the quarter, the company won two new transmission projects: Khavda Phase IV Part-D with a project cost of ₹3,455 crore and Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC) with a preliminary project cost of ₹25,000 crore, adding 3,044 ckm to under construction network. This marked the largest project in the company’s operating history.
With five new project wins this year, the under-construction project pipeline has zoomed to ₹54,761 crore in Q3FY25 from ₹17,000 crore at the start of the year. The company added 225 circuit kilometres (CKM) during the quarter, bringing its total transmission network to 25,778 CKM. The capex as of 9MFY25 has increased to ₹7,475 crore.
The smart meter deployment is progressing with the current average run rate of 15,000 meters per day and is expected to reach an average of 20,000 meters per day by the next quarter. The company was the lowest bidder in the cancelled smart metering tender of 8.2 million meters in Tamil Nadu.
The under-implementation pipeline stands at 22.8 million smart metres, comprising nine projects with a revenue potential of over ₹27,195 crore. The operational EBITDA of ₹1,579 crore in the December quarter ended nine per cent higher. The transmission business continues to maintain the industry’s leading operating EBITDA margin of 92 per cent.
