 "Adani Green Ltd")
Adani Energy Solution (AEML) on Monday posted over 27 per cent decline in its consolidated net profit to Rs 348.25 crore in the October-December quarter compared to the year-ago period.
The country's e largest private power transmission and distribution company had reported a consolidated net profit of Rs 478.07 crore in the quarter ended on December 31, 2022, driven by a one-time regulatory income of Rs 240 crore.
AEML in an exchange filing explained that the net profit in the third quarter of this fiscal includes a miscellaneous income of Rs 136 crore on account of the USD 120 million bond buy-back. The comparable PAT of Rs 281 crore was 1 per cent higher compared to Rs 280 crore in the year-ago quarter.
Total income rose to Rs 4,824.42 crore in the third quarter of FY24 from Rs 3,719.31 crore in the same period a year ago.
On operational parameters, it was a strong quarter with an average system availability of over 99.7 per cent, it stated.
The business added 302 circuit kilometres during the quarter and ended with a transmission network of 20,422 circuit km.
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The company sold 2,489 million units against 2,169 million units last year on account of an uptick in energy demand primarily driven by higher industrial share.
Distribution loss has been improving consistently and stands at 5.46 per cent in the third quarter of FY24 and maintained supply reliability at over 99.9 per cent.
It has under-construction transmission pipeline worth Rs 17,000 crore and is well on track from the execution point of view. The company is on track to commission the MP-II package (partial), the Khavda-Bhuj (partial), and the WRSR lines in the coming quarters.
The near term (12-24 months), tendering pipeline for the industry is buoyant and upwards of Rs 1.10 lakh crore under various stages of bidding.
The distribution business continues to show a steady performance with double digit growth and consistently increasing RAB (regulatory asset base), supported by internal accruals. Total RAB for the distribution business has now reached Rs. 7,823 crores from Rs. 5,532 crores at the time of acquisition in 2018.
The under-implementation pipeline now stands at 21.1 million smart meters, comprising nine projects with a contract value of over Rs. 25,000 crores.
The untapped market comprises 135 million smart meters, as the government's official target is 250 million by 2026, it added.
"Our growing portfolio with newly commissioned lines, coupled with favourable energy demand, continues to drive our growth," said Anil Sardana, MD, Adani Energy Solutions in a statement.
Kandarp Patel, the CEO of Adani Energy Solutions Ltd said that the smart metering segment is consistently growing besides the existing T and D established industry position.
To offer smart and tech-enabled smart metering solutions, our partnership with Airtel, Esyasoft, AdaniConnex will be very fruitful and will immensely augment our offering, Patel added.
AEML, the Mumbai distribution business witnessed an increase in the energy consumed by 14.8 per cent.
It saw one of the lowest distribution losses of 5.46 per cent and added new consumers, reaching 3.16 million on the back of reliable and affordable power supply.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
