Adani Energy Solutions clocks robust 80 pc PAT growth in Q3, revenue up 24 pc

Ahmedabad, Jan 23 Adani Energy Solutions Ltd (AESL) on Thursday reported an impressive almost 80 per cent profit after tax (PAT) growth at Rs 625 crore in the third quarter (Q3) of FY25, from Rs 348 crore in the year-ago period.

Adjusted Q3 PAT stood at Rs 440 crore and up 26 per cent YoY, aided by a one-time reversal of net deferred tax liability of Rs 185 crore, mainly due to the divestment of Dahanu plant in AEML (Adani Electricity Mumbai Limited).

The robust growth of 24 per cent in total income of Rs 6,000 crore in Q3 was driven by the contributions from the recently commissioned MP Package-II, Kharghar-Vikhroli, Warora-Kurnool, Khavda-Bhuj, Mahan-Sipat lines, higher energy sales in Mumbai and Mundra utilities, said the company, part of the globally-diversified Adani portfolio.

EBITDA increased by 6 per cent to Rs 1,831 crore for the quarter, translating from strong revenue growth, EPC income in transmission, treasury income and steady regulated EBITDA in AEML.

The operational EBITDA of Rs 1,579 crore in Q3 ended 9 per cent higher. The transmission business continues to maintain the industry’s leading operating EBITDA margin of 92 per cent.

“The company stays focused on timely project commissioning as well as achieving operating efficiencies. The key highlight of this quarter is the new project wins in AESL, which not only helps in gaining market share but also strengthens AESL’s pole position as the largest private transmission player in India,” said Kandarp Patel, CEO, Adani Energy Solutions.

“We are confident that despite a large order book of Rs 54,761 crore in transmission and Rs 13,600 crore in smart metering, the company will continue to deliver strong operating and financial performance, thanks to unparallel project and operating excellence coupled with robust capital management programme,” Patel noted.

AEML, the Mumbai distribution business, witnessed an increase in the energy consumed by 3 per cent. Its distribution losses of 4.66 per cent remained low and the utility added new consumers, reaching 3.17 million on the back of reliable and affordable power supply.

During the quarter, the company won two new transmission projects: Khavda Phase IV Part-D with a project cost of Rs 3,455 crore and Rajasthan Phase III Part-I (Bhadla-Fatehpur HVDC) with a preliminary project cost of Rs 25,000 crore, thereby adding 3,044 circuit kilometres (ckm) to under construction network.

With five new project wins so far this year, the under-construction project pipeline has zoomed to Rs 54,761 crore in Q3 FY25 from Rs 17,000 crore at the start of the year, said the company.