Adani Transmission Rebranded as Adani Energy Solutions Ltd
Adani Transmission Limited, the prominent power transmission and distribution company under the Adani Group, has undergone a name change and will now be known as Adani Energy Solutions Limited. This change in name was confirmed through a regulatory filing in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The new name became effective on July 27, 2023, following the receipt of the “Certificate of Incorporation pursuant to change of name” from the Registrar of Companies.
The decision to change the company’s name was previously approved by the board, subject to necessary approvals. Gautam Adani, the chairman of the Adani Group, expressed confidence in the company’s potential for exponential growth and its dedication to fulfilling India’s substantial electricity requirements while striving to become a world-class utility.Adani Transmission Limited, now Adani Energy Solutions Limited, holds the distinction of being the country’s largest private transmission company, with a widespread presence across 14 states.
Its cumulative transmission network spans 19,779 circuit kilometers (ckm), out of which 15,371 ckm are already operational, and 4,408 ckm are in various stages of construction.As part of its commitment to sustainability, the company has pledged to achieve Net Zero status by 2050, aiming to limit global warming to 1.5 °C above pre-industrial levels through tangible actions. Adani Energy Solutions Limited has also become a Signatory to the UN Energy Compact, supporting Sustainable Development Goal 7 (Affordable and Clean Energy).
With a focus on transitioning to a sustainable and reliable grid, the company aims to ensure continuous and dependable power supply across all regions of India using its assets.In terms of financial performance, the company experienced significant revenue growth in its transmission business during the fourth quarter, driven by newly-commissioned lines, and a rise in distribution revenue due to a consistent increase in energy demand.
In Q4FY23, the transmission EBITDA rose by 9 per cent to ₹872 crore, while distribution EBITDA witnessed an impressive 43 per cent increase to ₹834 crore. The Profit After Tax (PAT) for the transmission business grew by 11 per cent to ₹221 crore, and distribution PAT surged by a substantial 478 per cent year-on-year, aided by a mid-term true-up order from the regulator. Notably, the company maintained an impressive system availability of 99.68 per cent while operationalizing 609 ckm of circuit kilometers during the same quarter.