Adani Energy falls 2% from day high as TN govt scraps smart meter tender

Adani Energy Solutions share: The tenders were floated as four packages in August 2023 to provide the smart meters under the central government's revamped distribution sector scheme

Adani Energy share: Adani Energy Solutions share price was buzzing in trade today, January 1, 2025. Adani Energy share price fell 2.3 per cent from its intraday high of Rs 819.9 per share to hit a low of Rs 800.9 per share on the National Stock Exchange (NSE) on Wednesday.

 

The decline in the stock price came amid a report that the Tamil Nadu state government has cancelled a global tender floated for procuring smart meters, citing the high cost quoted by Adani Energy Solutions Ltd (AESL).

 

According to a PTI report, the tenders were floated as four packages in August 2023 to provide the smart meters under the central government's revamped distribution sector scheme.

 

 

"AESL was the lowest bidder for package 1 of the tender covering eight districts, including Chennai. It had to install over 8.2 million smart meters," PTI reported.

 

That apart, the proposed package cost Rs 19,000 crore, provided by the Centre under the Revamped Distribution Sector Scheme. This project aimed to install smart metres across all electricity connections in the state barring agriculture.

 

Notably, all four tenders issued in August 2023 have been cancelled due to 'administrative reasons', reports said. The government reportedly plans to reissue the tenders soon. READ HERE

 

Adani Energy Solutions, however, is yet to issue any statement to the stock exchanges.

 

At 12:25 PM, Adani Energy shares were up just 0.14 per cent at Rs 807.3 per share as against 0.46 per cent rise in the benchmark Nifty50 index.

 

Financially, Adani Energy Solutions reported a 69-per cent surge in total income in the September quarter (Q2FY25) to Rs 6,360 crore. Its Ebitda surged 31 per cent year-on-year to Rs 1,891 crore, on the back of strong revenue growth, EPC income in transmission, and treasury income.

 

Net profit, meanwhile, grew 172 per cent Y-o-Y to Rs 773 crore. Adjusting for the one-time deferred tax reversal (MAT entitlement of previous years) of Rs 314 crore, Adani Energy Solution’s Q2 net profit was Rs 459 crore, up nearly 62 per cent Y-o-Y.

 

"Adani Energy secured three new transmission projects - NES in Jamnagar Gujarat; NES in Navinal (Mundra); and Khavda Phase IVA, thereby adding 2,059 ckm to the under construction network. With three new project wins, the under-construction project pipeline has increased from Rs 17,000 crore in Q1FY25 to roughly Rs 27,300 crore in Q2FY25," Adani Energy said.