Adani Energy March Quarter Soars 79% On New Projects, Smart Meters Push 

Adani Energy Solutions Ltd. capped off the March quarter with a strong set of numbers, driven by robust performance in its core transmission business and growing momentum in its smart meter vertical. The company on Thursday reported a 79.1% jump in consolidated net profit to ₹6.47 billion, its third straight quarter of profit growth. On a sequential basis too, the bottomline was up 15.1%.

Helping fuel this strong quarterly show was a 35% on-year rise in consolidated revenue, which came in at ₹63.75 billion. This marked the company’s 16th consecutive quarter of annual revenue growth, underlining the steady scale-up of its energy infrastructure business.

Adani Energy said growth during the quarter was led by recently commissioned transmission projects and a sharp increase in contributions from the smart meters division. The company’s distribution business also delivered, with regulated EBITDA from that segment rising 39% on year to ₹8.73 billion.

Overall consolidated EBITDA for the quarter stood at ₹22.62 billion, up 28% on year. However, operating margins compressed to 32% from 34.4% a year ago, as operating expenses climbed in tandem with revenue.

The transmission business saw revenue rise nearly 37% on year to ₹22.47 billion during the quarter, while distribution brought in ₹29.07 billion, up over 21%. Revenue from the power trading segment more than tripled to ₹3.8 billion.

Despite the stellar quarterly performance, the company’s full-year net profit for 2024-25 fell 6.8% to ₹10.60 billion. Revenue for the full year, however, surged 43% to ₹237.67 billion, reflecting heavy investments and commissioning of key infrastructure projects.

Finance costs in the March quarter stood at ₹8.26 billion, up 10.2%, while power purchase costs surged 30% to ₹13.33 billion. The company’s tax outgo for the quarter was also significantly higher at ₹2.87 billion, compared to ₹1.69 billion a year ago.

As of March end, Adani Energy’s consolidated net debt stood at ₹301 billion. The average maturity of its debt was 6.6 years, with an interest cost of 9.3%.

Operationally, the company sold 105.6 billion units of electricity in 2024-25, a 6% rise from the previous year. Capital expenditure during the March quarter jumped 117% on year to ₹39.7 billion, while full-year capex stood at ₹114.4 billion;more than double that of 2023-24.

Adani Energy continued to expand its transmission network, adding 695 circuit kilometres in 2024-25 to take the total to 26,696 circuit km. It currently has 16 operational projects worth ₹384 billion and 10 newly commissioned ones valued at ₹126 billion. Additionally, it has 15 projects under construction, worth ₹599 billion, which are expected to be completed in phases by June 2029.

The company’s smart meter business is also scaling up rapidly. With orders in hand for 22.8 million meters over the next decade, Adani has so far installed 3.1 million meters and aims to hit the 10 million mark by the end of2025-26. It plans to install 6–7 million meters in the ongoing financial year.

With a growing portfolio of transmission lines and a sizeable smart meter pipeline, Adani Energy Solutions is betting on consistent infrastructure upgrades and digitalisation to power its next phase of growth.