Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q4 FY25 Earnings Presentation
51 slides from Adani Energy Solutions's earnings presentation, Apr 25, 2025
Slide 1: Cover letter to stock exchanges
24th April, 2025 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 539254 Scrip Code: ADANIENSOL Dear Sir, Sub: Submission of Media Release and Investors’ Presentation on Audite
Slide 2: Adani Energy Solutions ends Q4 and FY25 on record high
Annexure A Media Release 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 1506 crore, 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
Slide 3: Q4 FY25 and FY25 Highlights: Consolidated Financial Performance
Q4 FY25 and FY25 Highlights: Consolidated Financial Performance: (Rs crore) Particulars Q4 FY25 Q4 FY24 YoY % FY25 FY24 YoY % Operational Revenue 4,116 3,560 15.6 17,057 14,217 20.0 Total Income 6,596^ 4,855^ 35.9 24,447^ 17,218^ 42.0 Operating EBITDA 1,757 1,619 8.5 6,571 5,696 15.4 Total EBITDA 2,
Slide 4: Segment-wise Key Operational Highlights
Segment-wise Key Operational Highlights: Particulars FY25 FY24 Change Transmission business Average Availability (%) 99.7% 99.6% Higher Transmission Network Added (ckm) 695 1,244 Lower Total Transmission Network (ckm) 26,696 20,509 Higher Distribution business (AEML) Supply reliability (%) 99.99% 99
Slide 5: Segment-wise Progress and Outlook
Segment-wise Progress and Outlook: Transmission: • Robust under construction project pipeline of 15 projects worth Rs 59,936 crore are currently under the execution phase • The company expects to fully commission the Sangod (STSL), Khavda Phase-II Part-A, KPS (Khavda Pooling Station) – 1, North Kara
Slide 6: Achievements and About AESL
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 Outlook and the 'BBB-' ratings on the US dollar senior secured notes iss
Slide 7: Q4 and FY25 Results Presentation
Annexure B Adani Energy Solutions Limited (Formerly known as Adani Transmission Limited) Q4 and FY25 Results Presentation April 2025
Slide 8: Contents
CONTENTS Executive Summary – Q4 and 04 FY25 04 Financial Highlights – Q4 and 06 06-16 FY25 18-19 Debt and Capex Profile 18 21-23 Operational Highlights – FY25 21 AESL – ESG Framework and 25-31 Updates 25 Annexure – Rating and AESL’s 33-38 Asset Portfolio 33 40 40-43 Annexure – Adani Portfolio
Slide 9: AESL – Q4 and FY25 Executive Summary
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL – Q4 and FY25 Executive Summary 14
Slide 10: Executive Summary – Q4 and FY25
AESL: Executive Summary – Q4 and FY25 Key Highlights for FY25 Key Operating Metrics Key Financial Metrics – Financial Performance update Transmission Q4 FY25 FY25 – Total income grew by 42% YoY, driven by the contribution from the recently commissioned lines and acquired asset, higher energy sales i
Slide 11: FY25 Financial Highlights (YoY)
Total Revenue EBITDA PAT Rs. 24,447 Cr Rs. 7,746 Cr Rs. 2,427 Cr 42% up YoY 23% up YoY 103% up YoY FY25 Financial Highlights (YoY) 5
Slide 12: Consolidated Financial Highlights - FY25 YoY
AESL: Consolidated Financial Highlights - FY25 YoY (In Rs Cr) Total Income Operational Revenue Total EBITDA 17,057 24,447^ 7,746 14,217 6,323 17,218^ FY24 FY25 FY24 FY25 FY24 FY25 Operational EBITDA PAT Adjusted PAT 6,571 2,427# 1,810#* 5,696 1,195 1,195 FY24 FY25 FY24 FY25 FY24 FY25 Note:^Includes
Slide 13: Segment–wise Financial Highlights – FY25 YoY
AESL: Segment–wise Financial Highlights – FY25 YoY (In Rs Cr) Operational Revenue Total EBITDA Operational EBITDA 12,234 4,366 4,991 10,173 3,688 3,962 2,611 2,007 2,175 4,774 2,359 4,045 Transmission Distribution Transmission Distribution Transmission Distribution FY24 FY25 FY24 FY25 FY24 FY25 PAT
Slide 14: Segment wise revenue bridge – FY25 YoY
AESL: Segment wise revenue bridge – FY25 YoY Transmission Distribution Trading Others Consolidated Particulars (INR Cr) FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Operating Revenue 4,774 4,045 12,234 10,173 - - 49 - 17,057 14,217 Revenue under Service Concession 3,540 568 - - - - 1,523 291 5,
Slide 15: Transmission – Operating Revenue and EBITDA Bridge FY25 YoY
AESL: Transmission – Operating Revenue and Operating EBITDA Bridge FY25 YoY (In Rs Cr) Operating revenue (ex incentive) up 18% supported by revenue contribution Operating EBITDA up 18% driven by strong revenue growth from recently commissioned lines and acquisition of Mahan Sipat line 863 702 115 18
Slide 16: Distribution – Operating Revenue and EBITDA Bridge FY25 YoY
AESL: Distribution (AEML and MUL) – Operating Revenue and Operating EBITDA Bridge FY25 YoY (In Rs Cr) Revenue up 20% driven by higher energy demand Operating EBITDA rose by 8% supported by growth in asset base 1,089 911 2,061 39 22 740 2,007 228 12,234 2,175 695 10,173 104 97 29 FY25 Fuel adjustment
Slide 17: Q4 FY25 Financial Highlights (YoY)
Total revenue EBITDA PAT Rs. 6,596 Rs. 2,262 Cr Rs. 714 Cr 36% up YoY 28% up YoY 87% up YoY Q4 FY25 Financial Highlights (YoY) 11
Slide 18: Consolidated Financial Highlights – Q4FY25 YoY
AESL: Consolidated Financial Highlights – Q4FY25 YoY (In Rs Cr) Total Income Operational Revenue Total EBITDA 6,596^ 2,262 4,116 4,855^ 3,560 1,769 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Operational EBITDA PAT Adjusted PAT 714 566* 1,757 1,619 381 381 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Not
Slide 19: Segment–wise Financial Highlights – Q4FY25 YoY
AESL: Segment–wise Financial Highlights – Q4FY25 YoY (In Rs Cr) Operational Revenue Total EBITDA Operational EBITDA 1,326 1,108 2,875 1,059 1,138 2,396 873 634 630 559 1,164 1,213 Transmission Distribution Transmission Distribution Transmission Distribution Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25
Slide 20: Segment wise revenue bridge – Q4FY25 YoY
AESL: Segment wise revenue bridge – Q4FY25 YoY Transmission Distribution Trading Others Consolidated Particulars (INR Cr) Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Operating Revenue 1,213 1,164 2,875 2,396 - - 28 - 4,116 3,560 Revenue under Service Concession 1,023 452 -
Slide 21: Transmission – Operating revenue and EBITDA Bridge Q4 YoY
AESL: Transmission – Operating revenue and Operating EBITDA Bridge Q4 YoY (In Rs Cr) Operating revenue (ex incentive ) up 4% supported by revenue contribution Operating EBITDA up 5% driven by strong revenue growth from recently commissioned lines and acquisition of Mahan Sipat line 40 24 6 105 35 9
Slide 22: Distribution – Revenue and Operating EBITDA Bridge Q4 YoY
AESL: Distribution (AEML and MUL) - Revenue and Operating EBITDA Bridge Q4 YoY (In Rs Cr) Revenue up 20% driven by higher energy sales Operating EBITDA ended 13% higher due to strong growth in asset base 208 479 299 287 2,875 33 58 634 58 9 559 66 101 62 2,396 20 Q4 FY25 Fuel adjustment Sale of ener
Slide 23: Debt and Capex Profile
Debt and Capex Profile 17
Slide 24: Capital Management Program elongates debt maturity and improves credit quality
AESL’s Capital Management Program elongates debt maturity and significantly improves credit quality Refinancing risk minimized1- above 5-year maturity increased from 12% to 52% 12% As of As of 31 March 25 31 March 16 < 1 Y - 19% < 1 Y - 5% (year of inception) 1 to 5 Y - 69% 1 to 5 Y - 43% 89% > 5 Y
Slide 25: Capex Profile: Significant ramp-up in capital expenditure
Capex Profile: Significant ramp-up in the capital expenditure to tap the underlying growth opportunity (In Rs Cr) Capex: Q4FY25 vs Q4FY24 3,972 1,130 637 1,829 291 572 2,205 • Backed by its robust project and operating excellence and prudent 966 capital management program, AESL significantly increas
Slide 26: FY25 Operational Highlights (YoY)
▪ Average Transmission System Availability 99.7% ▪ Transmission Network at 26,696 ckm added 695 ckm ▪ Supply Reliability (ASAI) in AEML 99.99% ▪ Distribution Loss in AEML further improved to 4.77% FY25 Operational Highlights (YoY) 20
Slide 27: Transmission Utility – Key Operating Metrics FY25
AESL: Transmission Utility – Key Operating Metrics FY25 (YoY) Transmission Network Length(2) (ckm) Power Transformation Capacity(2) (MVA) 26,696 90,236 20,509 New order wins led to an 57,011 increase in the transmission network, highlighting strong Transformation capacity bidding capabilities and ro
Slide 28: AEML: Distribution Utility – Key Operating Metrics FY25
AEML: Distribution Utility – Key Operating Metrics FY25 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.996% 31.58 30.63 Maintained supply 21.27 21.26 Reliability parameters reliability of more remains in line with the
Slide 29: AEML: Distribution Utility – Key Operating Metrics FY25
AEML: Distribution Utility – Key Operating Metrics FY25 (YoY) Consumer Base (million) Distribution Loss (%)(1) E-payment (% of total collection) 5.29% 3.18 3.18 4.77% 83.34% 79.57% Maintained the Distribution loss is Rising share of e- consumer base on constantly improving and payments highlights ac
Slide 30: AESL - ESG Framework and Updates
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission AESL is now certified ESG Updates Continue to maintain Sustainalytics ESG score improved to Best-in-class ESG ratings from Single Use Plastic (SUP) Free 27.9 with ‘Medium Risk’ ratings in January 2025, surpassing the gl
Slide 31: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Integrated Reporting Policies Guiding Principles and TCFD framework CDP principle Disclosure Standards UN Sustainable TNFD GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as part of IMS po
Slide 32: Environment: Key Indicators and Milestones
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity - RE share in power procurement AEML has achieved 36% renewable in power mix as of FY25 3% FY19 60% by FY27 70% by FY30 AEML has reduced i
Slide 33: Social Philosophy and Focus Areas
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2,830 students benefited) & School Uniforms Tiroda, Dahanu and to Anganwadi children (5,780 students benefi
Slide 34: Social: Key Indicators and Milestones
AESL: Key Social Indicators and Milestones Material Actual Target Material Themes Key Performance Indicators Baseline Categories (FY24-25) (FY24-25) Zero Number of fatalities 1 Zero (FY 20-21) Work related injury Rate of recordable work-related injuries per 0.33 0.01 Zero million man-hours worked (F
Slide 35: Governance Philosophy and Focus Areas
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate Governance • Due –diligence for CoC, HR, ESG etc Responsibility Committ
Slide 36: Governance: Key Indicators and Milestones
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals 16.6% - women Board Gender Balance the board composition in terms of men • % of women directors in board improved to Board Gender Diversity directors in boar
Slide 37: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q4FY25 Safety Performance in Q4FY25 • Safety training: 43,209 man-hours of safety training and awareness during Q4FY25 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q4FY25 Q4FY24 Q4FY25 Q4FY24 o The Mumbai HVDC p
Slide 38: Annexure– Rating and Asset Portfolio
Adani Energy Solutions Limited Debt Presentation | February 2 0 2 0 Transmission Annexure– Rating and Operational and Under-construction Asset Portfolio 14
Slide 39: AESL and AEML Credit Ratings
AESL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) Domestic – AESL and AEML (Long term ratings) Rating Agency Facility Rating/Outlook Company Rating Agency Rating/Outlook AESL India Ratings/CRISIL/ICRA AA+, AA+, A1+/ Stable Fitch Dollar Bond BBB-/N
Slide 40: Operational Asset Portfolio as of March 2025 (1/2)
AESL’s Operational Asset Portfolio as of March 2025 (1/2) Adani Energy Solutions Limited 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% ATSCL & WTGL, PPP Bikaner ATIL MEGPTCL AEML MUL ATBSPL ATRL RRWTL CWRTL FBTL GTL APTL STL Khetri Discom Discom MTSCL WTPL 8/9/10 Mun
Slide 41: Operational Asset Portfolio as of March 2025 (2/2)
AESL’s Operational Asset Portfolio as of March 2025 (2/2) Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Obra-C Lakadia WRSS – XXI Jam Karur Kharghar Khavda- MP WKTL AESML Badaun (A) Khambaliya Transmission - Vikhroli Bhuj Package II Banaskantha Obra Lakadia Lakadia
Slide 42: Transmission Under-construction Asset Portfolio as of March 2025
AESL‘s Transmission Under-construction Asset Portfolio as of March 2025 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Khavda – Khavda Navinal – AEMIL Khavda – Bhadla - Line & SS Mahan NKTL WR-SR KTL KPS-1 STSL III – A Navinal Jamnagar Phase
Slide 43: Smart Metering Under-construction Portfolio as of March 2025
AESL‘s Smart Metering Under-construction Portfolio as of March 2025 Adani Energy Solutions Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% MSEDCL MSEDCL BEST APDCL APEPDCL APCPDCL APSPDCL NBPDCL UPCL NSC-05 NSC-06 BEST Smart NE Smart Adani Adani Adani Adani Adani Adani Energy Adani Metering Ltd
Slide 44: Recent Business Updates and Awards
AESL: Recent Business Updates and Awards Joined the UNEZA, a global alliance for clean energy and renewable infrastructure development. During the year, the company won seven The company has fully commissioned MP package - The company is first in power and utilities segment transmission projects. Wi
Slide 45: Adani Portfolio
adani Energy Solutions Adani Portfolio
Slide 46: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (73.97%) (100%) (50.00%) (100%) (100%) ANIL AdaniConneX3
Slide 47: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 3x 6 EBITDA 72% 1,2,3 EBITDA 92% 1,3,4 AEL APSEZ Growth 4x 6 Growth 3x 6 AGEL ATGL Adani’s Core Infra. Plat
Slide 48: Adani: Repeatable, robust & proven transformative model
Adani: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Op
Slide 49: A platform well-positioned to leverage growth opportunities in energy domain
AESL: A platform well-positioned to leverage growth opportunities in energy domain RAB expansion through Execution Prowess Strategic Presence Asset Hardening in Discoms Transmission Network of Transmission - Presence in 14 states 8% CAGR growth in RAB in Mumbai Development 26,696 ckm(1) Distribution
Slide 50: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided by Adani Energy Solutions Limited (together with its subsidiaries, the “Company” or “AESL”) to you solely for your reference and for information purposes only. This presentation is highly confidential and is being given sole
Slide 51: Thank You
MUSHKILON KI adani NAHI SUNTE, HUM KARKE DIKHATE HAIN. #HumKarkeDikhateHain — adani Energy Solutions Thank You
Adani Energy Solutions — Q4 FY25 Earnings Presentation on 6ix