Adani Energy Solutions ends FY24 on strong note; operational revenue up by 17%

Ahmedabad: Adani Energy Solutions Limited (AESL) has reported operational revenue at Rs 14,217 crore for the year ended March 31, up 17 per cent (year-on-year).

According to the data released by the company on Tuesday, the revenue for the fourth quarter of 2023-24 grew by 17.4 percent YoY to Rs 3,560 crore.

Coming to the company's net profit, it declined 6.7 per cent during the entire year to 1195 crore and declined by 13.3 percent in the fourth quarter to Rs 381 crore.

The company attributed the revenue growth to 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.

Earnings Before Interest Tax Depreciation and Amortisation for the Adani Group company grew 2.4 percent YoY to Rs 1,565 crore for Q4FY24.

Anil Sardana, the managing director of the Adani Energy Solutions said that an ESG score of 25.3 from Sustainalytics in their recent assessment placed the company to be one of the amongst top 20 electric utilities and helped surpass global and industry averages.

"AESL's consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognize 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," he said.

"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 added.

Adani Energy Solutions Limited announced its financial and operational performance for the quarter and year ended March 31, 2024 on Tuesday.

Key transmission projects that were commissioned in FY24 include commissioned largest 765 kV Warora-Kurnool transmission line strengthening the national grid and facilitating the seamless flow of 4,500 MW of power between Western and Southern regions and bolstering the Southern region's grid for efficient integration of renewable energy sources.

"The 765 kV KBTL (Khavda Bhuj line), with 217 circuit kilometers, will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. The project will help shape one of the country's largest solar and wind farms," the company said in an official statement.

The company also commissioned 400 kV Kharghar-Vikhroli double circuit transmission line, establishing the first-ever high voltage 400 kV connection in Mumbai, enabling an additional 1,000 MW power to Mumbai, meeting city's fast-growing electricity demand.

It also completed the Karur Transmission Ltd (KTL) project by establishing the 400/230 kV, 1000 MVA Pooling Station and an associated transmission line in Tamil Nadu.