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Adani Energy Solutions Limited (AESL) has ended the financial year 2024-25 (FY25) on a record high, posting stellar operational and financial performance across all its business verticals transmission, distribution, and smart metering. Backed by strategic project execution, regulatory gains, and expanding market share, the company delivered its best-ever annual results.
Robust Financial Growth in Q4 and FY25
In Q4 FY25, Adani Energy Solutions reported a Profit After Tax (PAT) of ₹714 crore, a sharp 87% increase year-on-year. The company’s full-year PAT stood at ₹2,427 crore, up 103% YoY, excluding an exceptional item of ₹1,506 crore. Adjusted PAT, excluding one-time tax items and regulatory income, grew by 51% YoY to ₹1,810 crore.
EBITDA for Q4 FY25 surged 28% YoY to ₹2,262 crore, while the full-year EBITDA rose 23% to ₹7,746 crore. Operational EBITDA reached ₹6,571 crore, reflecting a 15% YoY increase.
Record Revenues and Operational Highlights
AESL reported its highest-ever total income of ₹24,447 crore in FY25, registering a 42% YoY growth, driven by the contribution of newly commissioned transmission assets and higher energy sales in Mumbai and Mundra utilities. Of this, ₹5,064 crore was generated under the Service Concession Arrangement (SCA) income, a significant jump from ₹858 crore in FY24.
In Q4, AESL’s adjusted PAT (excluding regulatory income of ₹148 crore) stood at ₹566 crore, up 48% YoY.
Transmission, Distribution, and Smart Metering Milestones
AESL secured seven new transmission projects in FY25 worth ₹43,990 crore, including Navinal (Mundra) Phase I Part B1 and Mahan Transmission Ltd, raising the cumulative order book to ₹59,936 crore. The company fully commissioned the MP Package-II transmission line and acquired the Mahan Sipat line.
FY25 witnessed unprecedented transmission bidding activity worth ₹1,61,540 crore, with AESL capturing 28% market share. The near-term tendering pipeline remains strong at ~₹54,000 crore.
In distribution, Adani Electricity Mumbai Ltd (AEML) recorded a 6% increase in energy consumption to 10,558 MU and maintained low distribution losses at 4.77%. Energy consumption in the Mundra utility saw a massive 44% YoY jump to 948 MU.
The smart metering business has been scaling rapidly, with 31.3 lakh meters installed as of FY25. AESL aims to cross 1 crore installations by FY26, with a current under-implementation pipeline of 22.8 million meters, offering a revenue potential of over ₹27,195 crore.
Capex and Leverage
FY25 capital expenditure doubled to ₹11,444 crore from ₹5,613 crore in FY24. The company maintains a comfortable net debt to EBITDA ratio of 3.2x, aligning with its guidance.
ESG and Sustainability Push
AESL is pushing boundaries in ESG. The renewable power share in Mumbai has reached 36%, with a target of 60% by FY27. The company divested its 500 MW Dahanu Thermal Power Station in line with its clean energy goals and joined UNEZA, a global alliance for green infrastructure.
AESL’s S&P Global CSA score improved to 73/100, beating the industry average of 42. It also scored 97% in the World Disclosure Initiative survey by Thomson Reuters Foundation.
CSR and Awards
Under CSR initiatives like Swabhimaan and Utthan, AESL impacted over 20,000 women and children through healthcare and skill development. It bagged several accolades including:
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Fitch affirms AESL’s BBB- rating, removing it from Rating Watch Negative.
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Gold Award at 2024 Brandon Hall HR Excellence Awards.
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A+ rating in CSRD report by REC for FY24.
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No. 1 DISCOM rating for AEML by PFC for the third year in a row.
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5th CII’s CAP 2.0 Award under the Resilient category.
CEO’s Statement
Kandarp Patel, CEO of AESL, stated:
“FY25 was a landmark year as we delivered robust financial and operational results, reflecting our execution capabilities, prudent financial planning, and strategic expansion in smart metering and transmission. Our integrated model and strong capital allocation policy position us well for FY26 and beyond.”
As India’s largest private power transmission company, AESL is well-positioned to leverage the country’s rising energy demand and digital transformation in utilities. With a transmission network of 26,696 ckm, transformation capacity of 90,236 MVA, and service to over 12 million consumers, AESL is poised to play a critical role in India’s energy future.
For more information, visit www.adanienergysolutions.com
