Ahmedabad-based energy company AdEnergy Solutions Limited (AESL) has announced its financial results for the second quarter (Q2) and first half (1H) of the fiscal year 2024. The company has shown impressive growth in the areas of energy transmission and distribution, as well as smart metering services.
In Q2 FY24, AESL reported significant financial and operational performance, solidifying its position as the largest private transmission and distribution company in India. Consolidated revenue for Q2 FY24 increased by 13% to reach Rs 3,421 crore, while consolidated operational EBITDA grew by 10% to reach Rs 1,368 crore. Profit Before Tax (PBT) rose by 48% to Rs 370 crore, and PAT (Profit After Tax) saw a notable growth of 46% to reach Rs 284 crore. The consolidated cash profit for the quarter stood at Rs 757 crore.
AESL’s transmission lines, Warora Kurnool (WKTL) and Karur (KTL), achieved a robust transmission system availability rate of 99.68%. These lines added 219 circuit kilometers (ckms) to the operational network, bringing the total network to a staggering 19,862 km.
The energy demand (units sold) in Q2 FY24 increased by 9.56% YoY to 2,446 million units. AESL also maintained an impressive supply reliability rate of 99.9% (Average Service Availability Index). Additionally, distribution losses improved from 6.0% to 5.81%, reflecting the company’s dedication to efficiency. The adoption of digital payment methods also saw a significant increase, with e-payment as a percentage of total collection reaching 79.2% in Q2 FY24.
Furthermore, AESL has received the Letter of Award (LOA) for four smart metering projects in Maharashtra, Andhra Pradesh, and Bihar. These projects involve the installation of a total of 14.76 million smart meters, with a contract value of Rs 174 billion. The company’s under-construction pipeline for smart metering stands at 19.4 million smart meters, encompassing eight projects valued at Rs 232 billion.
These impressive results demonstrate AESL’s commitment to growth, innovation, and the expansion of its services in India’s energy sector. The company’s strong order pipeline, valued at Rs 150 billion in the transmission business and Rs 230 billion in the smart metering business, further exemplifies AESL’s robust and resilient business model.
AESL is dedicated to delivering top-quality energy solutions while upholding high governance standards. These practices are essential for creating long-term value for all stakeholders.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years.