Adani Energy Solutions reports rise in smart meter contracts, decline in distribution loss for Q3; stock falls 1%

Transmission and smart metering business has maintained system availability of 99.67 percent in Q3FY24 and added 302 ckms to operational network during Q3FY24.

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Shares of Adani Energy Solutions fell 1.03 percent at open on January 17, a day after the company reported 2 million smart meters contracts worth Rs 2,300 crore in Q3. At 9:20 am, the stock was trading at Rs 1,114.70.

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In a regulatory filing on January 16, Adani Energy Solutions reported that its transmission and smart metering business has maintained system availability of 99.67 percent in Q3FY24 and added 302 ckms to the operational network during the quarter with a total network at 20,422 ckms. The segment has also received total contracts of 2 million smart meters with a contract value of Rs 2,300 crore during the quarter, the filing added.

Also read: Green hydrogen key to India’s net zero journey: Adani

The total smart metering under-construction pipeline stood at 21.1 million (Eight projects with a contract value of Rs 25,100 crore). In the distribution utility segment, the company said that the distribution loss had been improving consistently to 5.46 percent in Q3FY24 against 5.60 percent in Q3FY23.

On January 4, foreign brokerage firm Jefferies said that the Electricity Distribution Act which aims to promote privatisation (currently with the Parliamentary Standing Committee) will see private sector participation in distribution rising and also strengthen the weak financials of distribution in the long run. Adani Transmission ( Adani Energy Solutions) will be the biggest beneficiary of this reform, the report added. In July 2023, Adani Transmission was renamed Adani Energy Solutions.

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