Results - Analysis

25-Apr-2025, 06:13
Consolidated net sales (including other operating income) of Adani Energy Solutions for the quarter ended Mar 2025 has increased 35.43% to Rs 6374.58 crore.  Sales of Transmission segment has gone up 17.87% to Rs 2,246.70 crore (accounting for 35.24% of total sales).  Sales of Trading segment rose 230.64% to Rs 378.28 crore (accounting for 5.93% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 36.81% to Rs 1,578.31 crore.  PBIT of Transmission segment rose 15.19% to Rs 920.03 crore (accounting for 58.29% of total PBIT).  PBIT of Trading reported profit of Rs 11.91 crore compared to loss of Rs 0.30 crore.  

PBIT margin of Transmission segment fell from 41.90% to 40.95%.  PBIT margin of Trading segment rose from negative 0.26% to 3.15%.  Overall PBIT margin rose from 24.51% to 24.76%.  

Operating profit margin has declined from 34.44% to 32%, leading to 25.84% rise in operating profit to Rs 2,039.96 crore.  Purchase of finished goods cost rose from 2.44% to 5.74%.   Employee cost decreased from 3.81% to 3.67%.   Other expenses fell from 60.49% to 55.28%.   Power and Oil fuel cost fell from 26.94% to 20.91%.   Other direct service cost rose from 15.64% to 26.09%.   

Other income rose 49.54% to Rs 221.81 crore.  PBIDT rose 27.82% to Rs 2261.77 crore.  Provision for interest rose 10.16% to Rs 826.17 crore.  Loan funds rose to Rs 40,275.28 crore as of 31 March 2025 from Rs 37,069.65 crore as of 31 March 2024.  Inventories rose to Rs 625.24 crore as of 31 March 2025 from Rs 255.28 crore as of 31 March 2024.  Sundry debtors were higher at Rs 4,217.86 crore as of 31 March 2025 compared to Rs 3,744.54 crore as of 31 March 2024.  Cash and bank balance rose to Rs 3,618.68 crore as of 31 March 2025 from Rs 2,228.14 crore as of 31 March 2024.  Investments rose to Rs 2,638.41 crore as of 31 March 2025 from Rs 766.48 crore as of 31 March 2024 .  

PBDT rose 40.82% to Rs 1435.6 crore.  Provision for depreciation fell 1.25% to Rs 461.65 crore.  Fixed assets increased to Rs 44,658.70 crore as of 31 March 2025 from Rs 41,324.14 crore as of 31 March 2024.  Intangible assets stood at Rs 598.29 crore.  

Profit before tax grew 76.46% to Rs 973.95 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 260.29 crore, compared to Rs 170.66 crore.  Effective tax rate was 26.73% compared to 30.92%.

Minority interest increased 235.06% to Rs 66.51 crore.  Net profit attributable to owners of the company increased 79.05% to Rs 647.15 crore.  

 Full year results analysis.

Net sales (including other operating income) of Adani Energy Solutions has increased 43.11% to Rs 23767.09 crore.  Sales of Transmission segment has gone up 78.37% to Rs 8,330.59 crore (accounting for 35.05% of total sales).  Sales of Trading segment rose 34.08% to Rs 1,380.44 crore (accounting for 5.81% of total sales).  Sales of Distribution segment has gone up 1,569.79% to Rs 12,266.48 crore (accounting for 51.61% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 7.13% to Rs 3,654.55 crore.  PBIT of Transmission segment rose 27.52% to Rs 3,428.66 crore (accounting for 93.82% of total PBIT).  PBIT of Trading segment rose 2,121.88% to Rs 14.22 crore (accounting for 0.39% of total PBIT).  PBIT of Distribution segment fell 98.41% to Rs 19.10 crore (accounting for 0.52% of total PBIT).  PBIT of Others segment rose 332.45% to Rs 192.57 crore (accounting for 5.27% of total PBIT).  

PBIT margin of Transmission segment fell from 57.57% to 41.16%.  PBIT margin of Trading segment rose from 0.06% to 1.03%.  PBIT margin of Distribution segment fell from 163.53% to 0.16%.  Overall PBIT margin fell from 23.70% to 15.38%.  

Operating profit margin has declined from 34.39% to 29.73%, leading to 23.73% rise in operating profit to Rs 7,066.54 crore.  Purchase of finished goods cost fell from 6.20% to 5.75%.   Employee cost decreased from 5.73% to 4.35%.   Other expenses rose from 50.91% to 54.53%.   Power and Oil fuel cost fell from 32.87% to 26.12%.   Other direct service cost rose from 5.07% to 19.94%.   

Other income rose 11.21% to Rs 679.46 crore.  PBIDT rose 22.52% to Rs 7746 crore.  Provision for interest rose 17.81% to Rs 3259.16 crore.  Loan funds rose to Rs 40,275.28 crore as of 31 March 2025 from Rs 37,069.65 crore as of 31 March 2024.  Inventories rose to Rs 625.24 crore as of 31 March 2025 from Rs 255.28 crore as of 31 March 2024.  Sundry debtors were higher at Rs 4,217.86 crore as of 31 March 2025 compared to Rs 3,744.54 crore as of 31 March 2024.  Cash and bank balance rose to Rs 3,618.68 crore as of 31 March 2025 from Rs 2,228.14 crore as of 31 March 2024.  Investments rose to Rs 2,638.41 crore as of 31 March 2025 from Rs 766.48 crore as of 31 March 2024 .  

PBDT rose 26.19% to Rs 4486.84 crore.  Provision for depreciation rose 7.31% to Rs 1905.95 crore.  Fixed assets increased to Rs 44,658.70 crore as of 31 March 2025 from Rs 41,324.14 crore as of 31 March 2024.  Intangible assets stood at Rs 598.29 crore.  

Profit before tax grew 45.03% to Rs 2,580.89 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 153.16 crore, compared to Rs 583.95 crore.  Effective tax rate was 14.25% compared to 32.81%.

Net profit attributable to owners of the company decreased 6.80% to Rs 1,059.97 crore.  

Equity capital increased from Rs 1,115.49 crore as of 31 March 2024 to Rs 1,201.28 crore as of 31 March 2025.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 69.94% as of 31 March 2025 ,compared to 73.22% as of 31 March 2024 .  Promoters pledged stake was 0.81% as of 31 March 2025 ,compared to 2.58% as of 31 March 2024 .  

Cash flow from operating activities increased to Rs 8,695.22 crore for year ended March 2025 from Rs 6,037.62 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 9,378.14 crore, compared to Rs 5,429.54 crore during the year ended March 2024.  

Adani Energy Solutions : Consolidated Results

Quarter ended Year ended Particulars 202503 202403 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 6,374.58 4,706.85 35.43 23,767.09 16,607.36 43.11 OPM (%) 32.00 34.44 -244 bps 29.73 34.39 -466 bps OP 2,039.96 1,621.12 25.84 7,066.54 5,711.20 23.73 Other Inc. 221.81 148.33 49.54 679.46 610.95 11.21 PBIDT 2,261.77 1,769.45 27.82 7,746.00 6,322.15 22.52 Interest 826.17 749.99 10.16 3,259.16 2,766.51 17.81 PBDT 1,435.60 1,019.46 40.82 4,486.84 3,555.64 26.19 Depreciation 461.65 467.51 -1.25 1905.95 1776.08 7.31 PBT 973.95 551.95 76.46 2580.89 1779.56 45.03 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 973.95 551.95 76.46 2580.89 1779.56 45.03 EO Income 0 0 - -1506.04 0 - PBT after EO 973.95 551.95 76.46 1074.85 1779.56 -39.60 Taxation 260.29 170.66 52.52 153.16 583.95 -73.77 PAT 713.66 381.29 87.17 921.69 1195.61 -22.91 Minority Interest (MI) 66.51 19.85 235.06 -138.28 58.33 LP Net profit 647.15 361.44 79.05 1059.97 1137.28 -6.80 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 647.15 361.44 79.05 1059.97 1137.28 -6.80 EPS (Rs)* 5.39 3.01 79.05 21.19 9.47 123.79 * EPS is on current equity of Rs 1,201.28 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Adani Energy Solutions : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202503 202403 Var.(%) % of (Total) 202503 202403 Var.(%) Sales Transmission 35.24 2,246.70 1,906.06 17.87 35.05 8,330.59 4,670.39 78.37 GTD Business 0.00 0.00 2,395.52 - Trading 5.93 378.28 114.41 230.64 5.81 1,380.44 1,029.59 34.08 Smart Meeting 0.00 0.00 290.86 - Distribution 45.61 2,907.17 0.00 - 51.61 12,266.48 734.61 1,569.79 Others 13.22 842.43 0.00 - Total Reported Sales 100.00 6,374.58 4,706.85 35.43 100.00 23,767.09 16,607.36 43.11 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00 - Net Sales 100.00 6,374.58 4,706.85 35.43 100.00 23,767.09 16,607.36 43.11 PBIT Transmission 58.29 920.03 798.71 15.19 93.82 3,428.66 2,688.64 27.52 GTD Business 0.00 0.00 353.54 - Trading 0.75 11.91 -0.30 LP 0.39 14.22 0.64 2,121.88 Smart Meeting 0.00 0.00 1.66 - Distribution 36.30 572.99 0.00 - 0.52 19.10 1,201.31 -98.41 Others 4.65 73.38 0.00 - 5.27 192.57 44.53 332.45 Total PBIT 100.00 1,578.31 1,153.61 36.81 100.00 3,654.55 3,935.12 -7.13 Less : Interest 826.17 749.99 10.16 3,259.16 2,766.51 17.81 Add: Other un-allcoable 221.81 148.33 49.54 679.46 610.95 11.21 PBIT Margin(%) Transmission   40.95 41.90 -95.34   41.16 57.57 -1,641.03 GTD Business   0.00 14.76 -1,475.84 Trading   3.15 -0.26 341.07   1.03 0.06 96.79 Smart Meeting   0.00 0.57 -57.07 Distribution   19.71 0.00 1,970.95   0.16 163.53 -16,337.46 Others   8.71 0.00 871.05   10.76 0.00 1,076.06 PBT 100.00 973.95 551.95 76.46 100.00 1,074.85 1,779.56 -39.60

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