Adani Energy Solutions won 3 new transmission projects worth Rs 10,300 cr in Q2: CEO Kandarp Patel
Oct 22, 2024
Ahmedabad (Gujarat) [India], October 22 : Adani Energy Solutions won three new transmission projects at a cumulative project cost of Rs 10,300 crore, adding 2,059 circuit kilometres to its under construction network, said Kandarp Patel, CEO of the company.
Patel said that the company added 140 circuit kilometre to the company's network during the quarter, taking total network to 23,269 circuit kilometres.
Currently, work is on for 12 projects with a capex cost of Rs 27,300 crore, expected to be fully commissioned in the current financial year.
Adani Group company Adani Energy Solutions Limited on Tuesday reported that its net profit or Profit After Tax during the July-September quarter rose 172.2 per cent to Rs 773 crore. In the same quarter of last fiscal, it was at Rs 284 crore.
Both April-June and July-September combined, the net profits rose 133.4 per cent to about Rs 1,088 crore.
The Adani Group company's total income during the quarter rose 68.9 per cent year-on-year to Rs 6,360 crore from Rs 3,766 crore in the year ago quarter.
The company said that the total income witnessed robust growth on account of the contribution of the newly operationalized transmission assets (KVTL, KBTL, WKTL lines), partial completion of lines at underconstruction projects (MP-II) and an increase in energy sales because of strong demand growth in distribution business at Mumbai and Mundra and growing contribution from smart metering business.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization), increased by 31 per cent to Rs 1,891 crore for the quarter translating from strong revenue growth across all segments, EPC (Engineering, Procurement, and Construction) income in transmission, treasury income and steadily regulated EBITDA from the Distribution business.
Adani Energy Solutions, a key private transmission and distribution company in India with a growing smart metering portfolio, on Tuesday announced its financial and operational performance for the quarter and half year ended September 30, 2024.
"The company remains focused on timely project commissioning as well as achieving operating efficiencies. The power demand trends in both utilities and new transmission project wins are very encouraging and we are making progress with the installation of smart meters in all our contracts," said Kandarp Patel, CEO, Adani Energy Solutions.
"Our credible steps of successfully divesting the Dahanu thermal plant in line with our commitment and achieving an all-time high share of 39 per cent renewable power penetration in Mumbai strengthens our position as true energy transition leader in India," added Kandarp Patel.
During the quarter, the company won three new transmission projects with a project cost of Rs 10,300 crore - NES in Jamnagar Gujarat, NES in Navinal (Mundra), Khavda Phase IVA adding 2,059 ckm to under construction network.
In the quarter, it added 140 circuit kilometers during the quarter and ended with a total transmission network of 23,269 circuit kilometers.
AESL has a presence across 16 states of India and a cumulative transmission network of 23,269 ckm and 70,686 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.
