Adani Energy Solutions Limited (AESL) has reported an impressive 172 per cent growth in net profit, reaching Rs 773 crore for the July-September quarter (Q2) of the current fiscal year. Adjusted profit after tax (PAT), excluding deferred tax reversal (MAT entitlement) of Rs 314 crore, stood at Rs 459 crore, showing a year-on-year (YoY) increase of 61.6 per cent. The company also reported a 31 per cent YoY rise in EBITDA, amounting to Rs 1,891 crore.
Expansion of Transmission Network and Project Pipeline
AESL has demonstrated robust growth in its project pipeline, which expanded from Rs 17,000 crore in the first quarter of FY25 to Rs 27,300 crore in Q2. The company’s transmission network grew significantly, with 23,269 circuit kilometres (ckm) recorded during the July-September period, compared to 19,862 ckm during the same period last year. Key contributors to this growth included the recently commissioned Kharghar-Vikhroli, Warora-Kurnool, and Khavda-Bhuj lines, as well as the acquisition of the Mahan-Sipat line. Additionally, higher energy sales in the Mumbai and Mundra utilities and contributions from smart metering helped drive total income growth by 69 per cent in Q2.
Adani Energy Solutions also secured three new transmission projects—NES in Jamnagar (Gujarat), NES in Navinal (Mundra), and Khavda Phase IVA—adding 2,059 ckm to its under-construction network.
Major Fundraising and Renewable Energy Progress
In August, AESL raised Rs 8,373 crore via the qualified institutional placement (QIP) route, the largest ever in the country’s power sector. The QIP received bids nearly six times the base deal size from a diverse group of investors. AESL continues to focus on timely project execution and improving operational efficiencies. CEO Kandarp Patel noted the encouraging trends in power demand and progress with smart meter installations across its contracts.
The company has also strengthened its position as a leader in India’s energy transition, achieving a 39 per cent renewable power penetration in Mumbai and successfully divesting its Dahanu thermal plant as part of its commitment to cleaner energy. Capital expenditure (capex) for the first half of FY25 (H1) stood at Rs 4,400 crore, a significant rise from Rs 2,622 crore in the same period last year.
“The leverage position remains healthy, with net debt to EBITDA at 3.1 times in H1 FY25,” the company stated, further underscoring its financial stability and future growth prospects.
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