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Adani Transmission Q1 results: Impressive Q1FY24 performance with 19% YoY revenue growth and 70% YoY rise
Adani Energy Solutions Limited (AESL) has released its consolidated results for Q1FY24
Adani Energy Solutions Limited (AESL) has released its consolidated results for Q1FY24, showing a notable 19 per cent year-on-year increase in revenue. The company also reported substantial growth in profit before tax (PBT) of ₹343 crore, representing a 70 per cent YoY rise. Additionally, the quarterly net profit after tax (PAT) showed an 8 per cent increase. AESL recently changed its name from Adani Transmission Ltd. to better reflect its comprehensive presence in various aspects of the energy sector, effective from July 27, 2023.
In terms of financial performance, the company achieved a year-on-year increase in consolidated revenue, reaching ₹3,622 crore. The operational EBITDA also saw growth, rising by 3 per cent to ₹1,254 crore, while the EBITDA reached ₹1,378 crore, showing a 4 per cent increase. The profit before tax (PBT) surged by 70 per cent YoY, amounting to ₹343 crore, and the net profit after tax (PAT) ended 8 per cent higher at ₹182 crore.
However, the consolidated cash profit during the quarter was 11% lower YoY at ₹649 crore, primarily due to a one-time tax impact of ₹65 crore on dividend from its subsidiary AEML and an additional cash outgo of ₹20 crore for hedging cost on moving to CCS from option contracts. It's worth noting that dividend income from the subsidiary is eliminated at the consolidated level.
In terms of operational highlights, AESL's transmission business demonstrated robust performance, with a transmission system availability of 99.77 per cent. The company added 550 circuit kilometers to its operational network, bringing the total network to 19,778 circuit kilometers. In the distribution business (AEML), supply reliability remained high at 99.9 per cent (ASAI), and energy demand (units sold) witnessed a significant 7.6 per cent YoY increase, amounting to 2,754 million units. Distribution losses were contained at 4.85 per cent, which was lower than usual due to seasonality. The company also saw a rise in e-payment as a percentage of total collection, reaching 78.5 per cent in Q1FY24 compared to 74.7 per cent last year, driven by a push towards digital adoption.
In the smart metering business, AESL received a Letter of Award (LOA) for three smart metering projects in Andhra Pradesh, totaling 2.7 million smart meters, with a contract value of ₹37 billion during the quarter. The total smart metering under-construction pipeline stands at 4.6 million smart meters, comprising five projects with a contract value of ₹58 billion. These developments indicate the company's efforts to expand and improve its presence in the energy sector.
Anil Sardana, MD, Adani Energy Solutions Ltd., said in a press release that, "AESL is constantly evolving and is already a significant player in the T&D sector. AESL’s growth trajectory remains firm despite the challenging macroeconomic environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission and distribution company in India. 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."
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Business NewsCompaniesCompany ResultsAdani Transmission Q1 results: Impressive Q1FY24 performance with 19% YoY revenue growth and 70% YoY rise
First Published:31 Jul 2023, 05:30 PM IST
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