Adani Energy Solutions Limited announces its financial and operational performance for the quarter and half year

Bilkul Online

3 years ago

BILKULONLINE

Ahmedabad, Nov 6: 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, today announced its financial and operational performance for the quarter and half year ended September 30, 2023.

Financial Highlights – Consolidated (Transmission and Distribution:

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%

Consolidated revenue in Q2 FY24 witnessed double-digit growth on account of newly commissioned lines (WKTL, JKTL, WRSS, and LBTL), commissioning of elements at NKTL and MP-II lines, an increase in energy consumption in the Mumbai Distribution business (AEML), and new customer additions
Consolidated EBITDA increased to Rs 1,443 Cr in the first quarter, a 6% YoY increase
PBT came in at Rs 370 Cr, an increase of 48% YoY; In Q2 FY24, the consolidated PAT of Rs 284 Cr was 46% higher YoY

Segment-wise Financial Highlights:

Particulars (Rs Crores)	Q2 FY24	Q2 FY23	YoY %	1H FY24	1H FY23	YoY%
Transmission Segment
Operational Revenue	941	868	8.4%	1,825	1,704	7.1%
Operational EBITDA	854	786	8.6%	1,661	1,553	7.0%
Margin (%)	91%	91%	–	91%	91%	–
Total EBITDA	907	834	8.8%	1,769	1,644	7.6%
PBT	305	305	0.0%	600	607	-1.1%
PAT	259	239	8.5%	421	473	-11.0%
Cash Profit	501	480	4.2%	918	948	-3.1%

Distribution Segment⁽¹⁾
Revenue	2,480	2,164	14.6%	5,217	4,377	19.2%
Operational EBITDA	514	455	12.9%	961	901	6.7%
Total EBITDA	536	528	1.5%	1,052	1,044	0.8%
PBT	65	-55	217.8%	113	-155	173%
PAT	25	-45	155.1%	45	-110	141%
Cash Profit	256	268	-4.2%	488	531	-8.0%

The increase in distribution revenue is on account of higher units sold and on account of customer acquisitions
The distribution business continued to deliver strong performance, with double-digit growth in revenue and operational EBITDA during the quarter
PAT in the transmission business in 1H FY24 declined due to a higher tax outgo of Rs. 65 Cr on dividend income at the parent AESL level

Segment-wise Key Operational Highlights:

Particulars	Q2 FY24	Q2 FY23	Change
Transmission business
Average Availability (%)	99.7%	99.7%	In line
Transmission Network Added (ckm)	219	352	Lower
Distribution business (AEML)
Supply reliability (%)	99.99%	99.99%	In line
Distribution loss (%)	5.81%	6.0%	Higher
Units sold (MU’s)	2,446	2,233	Higher

Anil Sardana, MD, Adani Energy Solutions Ltd., said, “AESL remains steadfast in its performance and continues to expand into multiple energy solution areas. It has been demonstrating its execution prowess by commissioning assets despite significant inherent challenges. AESL’s growth trajectory remains significant despite a challenging macroeconomic environment. Our pipeline of projects in both transmission and smart metering will further strengthen our pan-India presence and consolidate our position. AESL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards. The journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”