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Adani Energy Solutions Limited, Consolidated Results for Q1FY24

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Ahmedabad, 31 July 2023: Adani Energy Solutions Limited (“AESL”), the largest private transmission and distribution company in India and part of the globally diversified Adani portfolio, today announced its financial and operational performance for the quarter and year ended June 30, 2023.

Financial Highlights – Consolidated (Transmission and Distribution(1)):

Particulars (Rs Crore) Q1FY24 Q1FY23 YoY %
Revenue 3,622 3,049 19%
Operational EBITDA 1,254 1,213 3%
Total EBITDA 1,378 1,326 4%
PBT 343 202 70%
PAT 182 168 8%
EPS (Rs) 1.57 1.50 5%
Cash Profit# 649 730 -11%

#Consolidated cash profit of Rs 649 Cr during the quarter was 11% lower YoY due to the one-time tax impact of Rs. 65 Cr on dividend from its subsidiary AEML and additional cash out go of Rs. 20 Cr for hedging cost on moving to CCS from option contracts. Dividend income from the subsidiary is eliminated at the consolidated level.

Segment-wise Financial Highlights:

Particulars (Rs Crore)  Q1FY24 Q1FY23 Change YoY %
Transmission
Operational Revenue 884 836 6%
Operational EBITDA 808 767 5%
Margin (%) 91% 92%
Total EBITDA 862 810 6%
PBT 295 302 -2%
PAT 162 234 -31%
Cash Profit 417 467 -11%
Distribution(1)
Revenue 2,738 2,213 24%
Operational EBITDA 447 446 0.3%
Total EBITDA 516 516 0.1%
PBT 48 -100 148%
PAT 20 -66 131%
Cash Profit 232 263 -12%

Segment-wise Key Operational Highlights:

Particulars Q1FY24 Q1FY23
Transmission business
Average Availability (%) 99.77% 99.18%
Transmission Network Added (ckm) 550 372
Distribution business (AEML)
Supply reliability (%) 99.99% 99.99%
Distribution loss (%) 4.85% 6.95%
Units sold (MU’s) 2,754 2,560

Recent Developments, Achievements and Awards:

Notes: 1) Distribution segment includes AEML Mumbai and Mundra Utilities Ltd. (MUL). MUL was acquired in December 2021 and included in Distribution segment from Q4FY22 onwards; CCS: Cross Currency Swap

Mr. Anil Sardana, MD, Adani Energy Solutions Ltd., said, “AESL is constantly evolving and is already a significant player in the T&D sector. AESL’s growth trajectory remains firm despite the challenging macroeconomic environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission and distribution company in India. AESL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards. The journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”