Adani Energy Solutions (ADANIENSOL) Q1 24/25 earnings summary

Executive summary

• Achieved 47% year-over-year revenue growth to Rs 5,379 crore, driven by new transmission lines, higher energy demand, and smart metering business.

• Operational EBITDA rose 30% year-over-year to Rs 1,628 crore; PAT surged 73% year-over-year to Rs 315 crore.

• Entered a high growth phase with a robust project pipeline in transmission, distribution, and smart metering.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2024, with statutory auditor's limited review completed.

• Carved out the Dahanu power plant at INR 815 crore, aligning with the strategy to become a pure transmission and distribution utility.

Financial highlights

• Revenue from operations increased 47% year-over-year to Rs 5,379 crore, excluding the one-time impairment from Dahanu.

• Adjusted EBITDA rose 28% year-over-year to Rs 1,762 crore; operational EBITDA up 30%.

• Adjusted PAT up 73% year-over-year to Rs 315 crore, excluding exceptional loss on asset held for sale.

• Transmission availability remained at 99.7%, and distribution at over 99.9%.

• Distribution sales increased significantly due to strong demand in key geographies.

Outlook and guidance

• Targeting installation of 5-6 million smart meters in FY25, ramping up to 10 million annually from FY26.

• Expecting to maintain 20% annual growth at the consolidated level, supported by a strong order book and market opportunities.

• Transmission EBITDA projected to grow by 50% by FY27 based on projects in hand.

• On track to increase renewable power share in Mumbai to 60% by FY27 (37% as of June 2024).

• ESG targets include reducing GHG emission intensity by 40% by FY25 and achieving zero waste to landfill.