Adani Energy Solutions Ltd

Adani Energy Solutions announced that the 11th Annual General Meeting (AGM) of the company will be held on 25 June 2024.

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The key equity indices traded with moderate gains in mid-afternoon trade. The Nifty traded near the 22,650 mark. Pharma shares rallied after declining in the past trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 154.96 points or 0.21% to 74,629.06. The Nifty 50 index added 56.70 points or 0.25% to 22,661.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.88% and the S&P BSE Small-Cap index added 0.28%.

The market breadth was positive. On the BSE, 1,914 shares rose and 1,881 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.20% to 13.54.

Economy:

Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) signalled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).

The Indian manufacturing sector started the first fiscal quarter in a high gear, according to the latest HSBC PMI data. Firms experienced a sharp upturn in new business intakes, and scaled up production accordingly.

April's rise in raw material stocks was supported by a further increase in buying levels. Inputs were purchased to the greatest degree since June 2023. Another factor that facilitated this was suppliers' ability to deliver items in a timely manner. Vendor performance improved for the second straight month.

Pranjul Bhandari, Chief India Economist at HSBC, said: “On the price front, higher costs of raw materials and labour led to a modest uptick in input costs, but inflation remains below the historical average. However, firms passed these increases onto consumers through higher output charges, as demand remained resilient, resulting in improved margins.

Meanwhile, the Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.

In the month of April, 2024, the central government settled Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This translates to total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April, 2024 after regular settlement.

Buzzing Index:

The Pharma index advanced 0.88% to 19,138.40. The index fell 0.66% in the past trading session.

Biocon (up 4.32%), Sanofi India (up 3.78%), Zydus Lifesciences (up 2.06%), Sun Pharmaceuticals Industries (up 1.46%) and Torrent Pharmaceuticals (up 1.39%) were the top gainers.

Among the other gainers were Cipla (up 1.22%), Dr Reddys Laboratories (up 1.2%), Abbott India (up 0.84%), Ipca Laboratories (up 0.48%) and Aurobindo Pharma (up 0.4%).

Numbers to track:

The yield on India's 10-year benchmark federal paper shed 0.39% to 7.167 from previous close of 7.195.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4475, compared with its close of 83.4350 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.02% to Rs 70,740.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 105.72.

The United States 10-year bond yield advanced 0.52% to 4.616.

In the commodities market, Brent crude for June 2024 settlement rose 72 cents or 0.86% to $84.08 a barrel.

Stocks in Spotlight:

Adani Energy Solutions fell 0.87% The company said that its consolidated net profit declined 13.3% to Rs 381.29 crore in Q4 FY24 as compared with Rs 439.60 crore in Q4 FY23.

Ester Industries jumped 4.81% after the company announced the signing of a joint venture agreement with Loop Industries Inc. for setting up manufacturing facility in India to produce rDMT, rMEG and speciality polymers.

TVS Motor Company rose 0.78%. The two-wheeler maker reported monthly sales of 383,615 units in April 2024, registering a growth of 25% as against 306,224 units sold in April 2023.

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The said profit includes one-time bilateral charge and provision of Rs 6 crore in Q4FY24 and Rs 1 crore of net impact from one time income, provision, and tax on dividend income.

Revenue jumped 17.4% YoY to Rs 3560 crore in Q4 FY24, on account of the contribution from the newly operationalized transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

Profit before tax fell 16.32% to Rs 551.95 crore in Q4 FY24 as against 659.62 crore posted in Q4 FY23.

Total EBITDA stood at Rs 1,769 crore in Q4 FY24, registering the growth of 3.7% as compared with Rs 1,706 crore posted in corresponding quarter last year.

On the segmental front, the operational revenue from transmission business stood at Rs 1,164 crore, (up 26.6%YoY) and the revenue from distribution business (up 13.5%YoY) during the period under review.

On financial year basis, the company’s consolidated net profit declined 6.7% to Rs 1,195 crore in FY24 as compared with Rs 1281 crore in FY23. Revenue jumped 17%YoY to Rs 14,217 crore in FY24.

Under transmission business, on operational parameters, it was a strong year, with an average system availability of over 99.6%. Robust line availability resulted in an incentive income of Rs 104 crore in FY24.

Energy demand (units sold) in Adani Electricity Mumbai in FY24 ended 9.4% higher YoY to 9,916 million units.

Within the smart metering business segment, the order book has further expanded to 22.8 million smart meters, with a revenue potential of Rs 27,195 crore. The meter deployment activity is pacing up well. During the year, the company received contracts of 21 million meters from Andhra Pradesh, Maharashtra, Bihar, and Uttarakhand DISCOMs.

Anil Sardana, MD, Adani Energy Solutions, said, “AESL’s consistent progress in commissioning of new lines, along with robust energy demand, and our ability to recognize and tap market opportunities within the areas of interest continues to propel our growth and keeps us at the forefront of energy transition in India. We are proud of our contribution to developing critical transmission infrastructure, to facilitate renewable evacuation and as well as strengthening the existing grid.

An ESG score of 25.3 from Sustainalytics in their recent assessment placed us to be one of the amongst top 20 electric utilities and helped surpass global and industry averages. This demonstrates our unwavering dedication to reduce environmental impact and promote sustainable practices.”

Adani Transmission (ATL) is the transmission and distribution business arm of the Adani Group. ATL is the country's largest private transmission company with a cumulative transmission network of 20,422 ckm and 54,661 MVA transformation capacity.

The scrip fell 0.75% to Rs 1056.70 on the BSE.

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Net profit of Adani Energy Solutions declined 7.19% to Rs 361.44 crore in the quarter ended March 2024 as against Rs 389.45 crore during the previous quarter ended March 2023. Sales rose 40.18% to Rs 4706.85 crore in the quarter ended March 2024 as against Rs 3357.66 crore during the previous quarter ended March 2023.

For the full year,net profit declined 9.48% to Rs 1137.28 crore in the year ended March 2024 as against Rs 1256.33 crore during the previous year ended March 2023. Sales rose 24.94% to Rs 16607.36 crore in the year ended March 2024 as against Rs 13292.72 crore during the previous year ended March 2023.

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Adani Energy Solutions Ltd gained for a third straight session today. The stock is quoting at Rs 1055, up 1.16% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.29% on the day, quoting at 22402.05. The Sensex is at 73858.28, up 0.28%. Adani Energy Solutions Ltd has risen around 0.87% in last one month.

Meanwhile, Nifty Energy index of which Adani Energy Solutions Ltd is a constituent, has risen around 2.96% in last one month and is currently quoting at 39570.05, down 0.01% on the day. The volume in the stock stood at 4.91 lakh shares today, compared to the daily average of 15.91 lakh shares in last one month.

The PE of the stock is 201.7 based on TTM earnings ending December 23.

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Adani Energy Solutions will hold a meeting of the Board of Directors of the Company on 30 April 2024.

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Adani Wilmar Ltd, Mahindra Holidays & Resorts India Ltd, Galaxy Surfactants Ltd, Coromandel International Ltd are among the other stocks to see a surge in volumes on BSE today, 26 February 2024.

Adani Energy Solutions Ltd registered volume of 3.65 lakh shares by 10:47 IST on BSE, a 5.6 fold spurt over two-week average daily volume of 65261 shares. The stock rose 5.51% to Rs.1,141.50. Volumes stood at 68607 shares in the last session.

Adani Wilmar Ltd saw volume of 11.84 lakh shares by 10:47 IST on BSE, a 2.46 fold spurt over two-week average daily volume of 4.81 lakh shares. The stock increased 3.73% to Rs.405.15. Volumes stood at 11.41 lakh shares in the last session.

Mahindra Holidays & Resorts India Ltd clocked volume of 30314 shares by 10:47 IST on BSE, a 2.19 times surge over two-week average daily volume of 13818 shares. The stock gained 5.82% to Rs.433.70. Volumes stood at 10099 shares in the last session.

Galaxy Surfactants Ltd recorded volume of 1749 shares by 10:47 IST on BSE, a 2.1 times surge over two-week average daily volume of 831 shares. The stock lost 1.50% to Rs.2,439.15. Volumes stood at 450 shares in the last session.

Coromandel International Ltd clocked volume of 14202 shares by 10:47 IST on BSE, a 1.92 times surge over two-week average daily volume of 7405 shares. The stock lost 0.83% to Rs.1,072.55. Volumes stood at 6533 shares in the last session.

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Revenue from operations rose 16.7% to Rs 3,824.43 crore in Q3 FY24 as compared with Rs 3,277.03 crore in Q3 FY23, on account of the newly commissioned transmission projects and higher energy consumption in the distribution business.

Profit before tax stood at Rs 514.65 crore in Q3 FY24, up 14.27% as against with Rs 600.32 crore posted in Q3 FY23.

Total EBITDA stood at Rs 1,732 crore in Q3 FY24, registering the growth of 1.4% as compared with Rs 1,708 crore posted in corresponding quarter last year.

On the segmental front, the operational revenue from Transmission business was at Rs 1,264.54 crore (up 7.79% YoY) and the revenue from the Distribution business (AEML) stood at Rs 2,559.89 crore (up 21.68% YoY).

Energy demand (units sold) in Adani Electricity Mumbai in Q3 grew by 14.8% YoY to 2,489 million units, on account of strong demand.

AEML said that it witnessed one of the lowest distribution losses of 5.46% and added new consumers, reaching 3.16 million on the back of reliable and affordable power supply.

The proportion of renewable power in the total energy mix further stood at 35% as of December 2023.

The under-implementation pipeline now stands at 21.1 million smart meters, comprising nine projects with a contract value of over Rs 25,000 crore.

Anil Sardana, MD, Adani Energy Solutions (ASEL), said, “Our growing portfolio with newly commissioned lines, coupled with favorable energy demand, continues to drive our growth. We are proud of our contribution to developing national transmission infrastructure, which is very critical to facilitate renewable evacuation, especially from the Khavda region.”

Kandarp Patel, CEO, Adani Energy Solutions said, “We are very excited about opportunities in all lines of business in AESL. The smart metering segment is consistently growing besides our existing T and D established industry position. To offer smart and tech enabled smart metering solutions, our partnership with Airtel, Esyasoft, AdaniConnex will be very fruitful and will immensely augment our offering.”

Meanwhile, the power – transmission company has incorporated a wholly owned subsidiary, ‘Adani Energy Solutions Step-Twelve’ in Gujarat on 25 January 2024. The firm is incorporated for transmission, distribution and supply of power and other infrastructure services relating thereto.

Adani Transmission (ATL) is the transmission and distribution business arm of the Adani Group. ATL is the country's largest private transmission company with a cumulative transmission network of 20,422 ckm and 54,661 MVA transformation capacity.

The scrip ended 3.50% higher at Rs 1,097.40 on the BSE.

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Net profit of Adani Energy Solutions declined 31.56% to Rs 324.90 crore in the quarter ended December 2023 as against Rs 474.72 crore during the previous quarter ended December 2022. Sales rose 16.70% to Rs 3824.43 crore in the quarter ended December 2023 as against Rs 3277.03 crore during the previous quarter ended December 2022.

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Adani Energy Solutions will hold a meeting of the Board of Directors of the Company on 29 January 2024.

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