Adani Energy Solutions ends Q4 and FY25 on record high

Q4 PAT up 87% at Rs 714 crore

FY25 PAT of Rs 2,427 crore excluding exceptional item of Rs 1506crore, up 103% YoY

Q4 EBITDA at Rs 2,262 crore, up 28%

FY25 EBITDA at Rs 7,746, up 23% YoY

FY25 was a momentous year for AESL with solid operating and financialperformance. With its strong order book of Rs 59,936 crore in transmission, rising opportunities in distributionbusiness and ramp-up in smart metering business, AESL not only consolidated its position but is also fullygeared up to deliver strong performance in all lines of businesses

Ahmedabad, 24 April 2025: Adani Energy Solutions Limited ("AESL"), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a large smart metering portfolio, today announced its financial and operational performance for the quarter and year ended March 31, 2025.

"AESL delivered strong operating and financial performance in FY25 backed by its distinguished ability to execute the complex projects, compete and outperform peers in the project bids and remain financially prudent at the same time. As we embark on the next fiscal year, the company remains focused on incremental project commissioning, significantly increase the meter installation as well as achieving operating efficiencies in all lines of businesses. The integrated business model and underlying power demand trends in our areas of operation are encouraging and complements our capital allocation policy. We are confident that the growth opportunity visible across all our business segments will help us further consolidate our market position. In terms of our ESG pursuit, we remain committed to sustainable business practices and continue to achieve feats," said KandarpPatel, CEO, Adani Energy Solutions.

Q4 FY25 and FY25 Highlights:

Consolidated Financial Performance: (Rs Crore)

Notes: Total Income = Operational revenue + income from Service Concession Agreement (SCA) assets / EPC / traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation and amortization expenses + Deferred Tax + MTM option loss); #Adjusted for an exceptional item due to carve-out of the Dahanu power plant of Rs 1,506 crore; *Adjusted for regulatory income of Rs 148 crore in Q4 and FY25 in T&D segments and net one-time deferred tax reversal of Rs 469 crore in FY25 in AEML distribution business ^Includes SCA income of Rs 1,804 crore in Q4FY25 vs Rs 743 crore in Q4FY24 and Rs 5,064 crore in FY25 vs Rs 858 crore in FY24

Income: During FY25, the total income of Rs 24,447 crore witnessed robust growth of 42% and operational revenue of Rs 17,057 crore grew by 20% YoY on account of the contribution of the newly operationalized transmission assets (MP Package–II, KVTL, KBTL, WKTL lines), contribution from acquired Mahan Sipat line and an increase in energy sales led by positive demand growth in distribution business at Mumbai and Mundra and growing contribution from smart metering business

• Strong transmission system availability of 99.7% at the portfolio level
• AEML, the Mumbai distribution business, witnessed an increase in energy consumed by 6% to 10,558 million units.Its distribution losses of 4.77% remain low. The energy consumed in the Mundra utility increased by 44% YoY to948 million units

EBITDA:

• Consolidated EBITDA for FY25 increased by 23% to Rs 7,746 crore resulting from strong revenue growth, steadyregulated EBITDA of Rs 2,611 crore in distribution business which grew in line with the RAB expansion,regulatory income of Rs 148 crore and higher treasury income
• Consolidated EBITDA in Q4FY25 was 28% higher at Rs 2,262 crore supported by revenue growth, strong regulatedEBITDA in distribution business which was 39% higher YoY at Rs 873 crore in Q4

• The operational EBITDA of Rs 6,571 crore in FY25 ended 15% higher YoY. The transmission business continues tomaintain the industry's leading operating EBITDA margin of 92%

PAT: FY25 PAT of Rs 2,427 crore increased by 103% YoY due to strong EBITDA growth and aided by a reversal of Rs 469 crore in net deferred tax liability primarily from divesting AEML's Dahanu plant and regulatory income of Rs 148 crore in transmission and distribution businesses

Segment-wise Financial Highlights: (Rs Crore)

Notes: #Adjusted for an exceptional item because of carve-out of the Dahanu power plant in line with Ind AS 105 of Rs 1,506 crore. KVTL – Kharghar Vikhroli, KBTL – Khavda Bhuj, WKTL: Warora Kurnool, MP-II: Madhya Pradesh Package II; ATSTL: Adani Transmission Step-Two Limited Ltd (Mahan Sipat), AEML: Adani Electricity Mumbai Ltd; MUL: MPSEZ (Mundra) Utility Ltd

Segment-wise Key Operational Highlights:

Transmission business:

• The company reported strong operational parameters during the quarter, with an average system availability ofover 99.7%. Robust line availability resulted in an incentive income of Rs 34 crore in Q4 FY25. During FY25 thecompany earned an incentive income of Rs 132 crore reflecting its best-in-class O&M practices in operatingand maintaining the transmission infrastructure
• During the year, the company won the following seven transmission projects. With seven new projects the totalorderbook across 15 projects has reached Rs 59,936 crore as of FY25

• The company has fully commissioned MP package - II transmission line during the year and acquired Mahan Sipattransmission line from Essar. In terms of project progress, the stringing work of Khavda Phase II Part-A andKPS-1 is completed. Once the remaining elements are completed during Q1 FY26, the projects will be fullycommissioned
• Added 695 circuit kilometers of transmission lines during the year and with total transmission network at 26,696circuit kilometers

Distribution business (AEML Mumbai and MUL Mundra):

• On the back of strong power demand trend, energy demand (units sold) in Mumbai circle (AEML), ended 6% higherYoY to 10,558 MUs and increased by 44% YoY at Mundra Utility (MUL) to 948 MUs
• The distribution loss at AEML further improved to 4.77% in FY25 from 5.29% in FY24

Segment-wise Progress and Outlook:

Transmission:

• Robust under construction project pipeline of 15 projects worth Rs 59,936 crore are currently under theexecution phase
• The company expects to fully commission the Sangod (STSL), Khavda Phase-II Part-A, KPS (Khavda Pooling Station)– 1, North Karanpura (NKTL), Narendra-Pune (WRSR), and Khavda Phase III Part-A (Halvad Transco) in FY26
• FY25 saw unprecedented transmission bidding activity to the tune of Rs 1,61,540 crore, in which AESL secured amarket share of 28%. The near-term tendering pipeline for the industry is solid and upwards of ~Rs 54,000 crore

Distribution:

• The distribution business continues to show a steady performance with double digit revenue growth and consistentexpansion of EBITDA and RAB (regulatory asset base). AEML's RAB after Dahanu divestment stands at Rs 9,549crores (Equity of Rs 5,014 crores and Debt of Rs 4,535 crores) as of FY25, recording a growth of 13% YoY

Smart Meters:

• Installed 31.3 lakh smart meters as of FY25. The company plans to install at least 60 to 70 lakh new meters inFY26, thereby achieving a cumulative number of minimum ~1 crore meters by the end of FY26
• The under-implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenuepotential of over Rs 27,195 crore

ESG Updates:

• The share of renewable power supplied to the Mumbai circle stands at 36% as of FY25, and AEML is on track toachieve 60% by FY27
• AESL concluded the divestment of 500 MW of Adani Dahanu Thermal Power Station in line with its ESG philosophy.This landmark step places AESL closer to its aspiration to be amongst the top 20 global companies in ESG ratingsamongst the global utility industry
• AESL has joined UNEZA, a global alliance for clean energy and renewable infrastructure development. The companyis first in power and utilities segment in India to join the global alliance, focused on developing gridinfrastructure for green energy evacuation
• AESL's CSA score from S&P Global has improved to 73/100 as of November 2024, surpassing the globalelectricity utilities average at 42/100. This was driven by improvements in product stewardship, climatestrategy, and human capital engagement categories
• Scored 97% in the World Disclosure Initiative (WDI) survey, by Thomson Reuters Foundation well above the energysector and country averages of 76% and 60% respectively
• Adani Electricity and Adani Foundation organized health check-ups across 94 locations which benefitted 3,000underprivileged women under "Swabhimaan Initiative" and over 17,320 children under "UtthanInitiative"
• Adani Electricity and Adani Foundation, through their CSR initiative ‘Swabhimaan,' has empoweredover 4,000 underprivileged women, providing them with skill development training and opportunities to earn asustainable livelihood

Achievements:

• Fitch Rating affirms Adani Energy Solutions Limited's (AESL) Long Term Foreign- and Local-Currency Issuer at'BBB-' and removed from Rating Watch Negative (RWN) in a positive development and assigned a Negative Outlookand the 'BBB-' ratings on the US dollar senior secured notes issued by Adani Electricity Mumbai Limited havebeen affirmed and removed from Rating Watch Negative (RWN)
• AESL singed an MoU with MAHAPREIT to implement cooling solutions in the Mumbai and nearby areas, aimed to reducecarbon footprint and support India's net zero goals
• For the third year in a row, AEML ranked No. 1 utility in 13 edition of integrated ratings of DISCOMs for FY24.The award by PFC is based on financial sustainability, performance excellence and external environment
• AEML has been recognized with a Gold Award by Brandon Hall at the 2024 Brandon Hall HR Excellence Awards forexcellence in leadership development
• AEML secured an A+ ratings in the 4th edition of CSRD report for FY24. This award by REC is centered aroundoperational reliability and grievance redressal. This achievement underscores our customer first approach
• AESL won the 5th CII's CAP 2.0 award 2024 under Resilient category in the Energy Mining and HeavyManufacturing sector, highlighting the company's commitment climate action and sustainability goals