Adani Energy Solutions Ends FY24 On Strong Note - Vibes Of India

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Adani Energy Solutions Ends FY24 On Strong Note

| Updated: May 1, 2024 13:29

Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a growing smart metering portfolio, announced its financial and operational performance for the quarter and year ended March 31, 2024.

“AESL’s consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognise and tap market opportunities within the areas of interest continues to propel our growth and keeps us at the forefront of energy transition in India. We are proud of our contribution to developing critical transmission infrastructure, to facilitate renewable evacuation and as well as strengthening the existing grid. An ESG score of 25.3 from Sustainalytics in their recent assessment placed us to be one of the amongst top 20 electric utilities and helped surpass global and industry averages. This demonstrates our unwavering dedication to reduce environmental impact and promote sustainable practices,” said Anil Sardana, MD, Adani Energy Solutions.

Revenues witnessed a double-digit growth of 17% on account of the contribution from the newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

AESL, however, reported a 13.26 per cent decline in its consolidated net profit at Rs 381.29 crore during January-March 2024 on account of increased expenses.

Its net profit after tax was at Rs 439.60 crore in the January-March period of the preceding 2022-23 financial year, the company said in an exchange filing on Tuesday.

For the whole financial year (FY24), the company’s net profit stood at Rs 1,195.61 crore, down from Rs 1,280.60 crore registered in FY23. During the fourth quarter, the company’s total income surged to Rs 4,855.18 crore from Rs 3,494.84 crore a year ago.

AESL, part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. AESL is the country’s largest private transmission company, with a presence across 17 states of India and a cumulative transmission network of 20,509 ckm and 57,011 MVA transformation capacity. In its distribution business, AESL serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. AESL is ramping up its smart metering business and is on course to become India’s leading smart metering integrator with an order book of over 22.8 million meters. AESL, with its integrated offering through the expansion of its distribution network through parallel licenses and competitive and tailored retail solutions, including a significant share of green power, is revolutionizing the way energy is delivered to the end consumer. AESL is a catalyst for transforming the energy landscape in the most reliable, affordable, and sustainable way.

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