Adani Energy Q2 Results: PAT Attributable To Owners Rise By 34% YoY To Rs 276 Crore

Adani Group-backed energy company, Adani Energy Solutions reported double-digit growth in the bottomline during Q2 earnings of FY24. The company earned a net profit of Rs 275.88 crore in Q2FY24, registering a growth of 57.6% from Rs 175.06 crore in the preceding quarter. Year-on-year, the Q2 PAT was up by 33.81%. The profitability was attributed to the owners of the company.

In Q2 of FY23. the company's PAT stood at Rs 206.17 crore.

Consolidated revenue from generation, transmission and distribution business stood at Rs 3,497 crore in Q2FY24, rising from Rs 3,032.07 crore in Q2 of the previous fiscal, however, was lower from Rs 3,663.90 crore in Q1FY24.

It said 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. Net debt to EBITDA stands at 3.8x as of September 2023.

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."

He further added, "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."

Here are the operational highlights of Q2FY24:

1. Transmission Business:

- Fully commissioned Warora Kurnool (WKTL) and Karur (KTL) transmission lines and charged 400 kV Kharghar Vikhroli line

- Robust transmission system availability at 99.68%

- Added 219 ckms to the operational network, with the total network at 19,862 ckms

2. Distribution Business (AEML):

- Energy demand (units sold) is up 9.56% YoY to 2,446 million units

- Maintained supply reliability at 99.9% (ASAI)

- Distribution losses were 5.81%, improved from 6.0% in the corresponding quarter

- E-payment as a percentage of total collection was 79.2% in Q2 FY24 vs. 74.9% last year, driven by the digital adoption push

3. Smart Metering Business:

- Received LOA for four smart metering projects in Maharashtra, AP and Bihar totalling 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 Rs. 232 billion

On Monday, Adani Energy's share price stood at Rs 771.25 apiece on BSE, up by 0.80% with m-cap of Rs 86,032.37 crore.