Adani Energy Solutions Reports 2 Million Smart Meter Contracts, Shares Dip

17 Jan 2024 , 12:19 PM

Adani Energy Solutions shares saw a 1.03 % decline at the opening on January 17 following the company’s Q3 report of securing 2 million smart meter contracts worth Rs 2,300 crore.

At the time of writing, the stock was trading at Rs 1085.00 which is a 3.67% dip than the previous close.

In a regulatory filing on January 16, Adani Energy Solutions disclosed that its transmission and smart metering business achieved a system availability of 99.67 % in Q3FY24, adding 302 ckms to the operational network, bringing the total to 20,422 ckms.

The company reported receiving contracts for 2 million smart meters with a total value of Rs 2,300 crore during the quarter.

The under-construction pipeline for smart metering stood at 21.1 million, covering eight projects with a contract value of Rs 25,100 crore.

In the distribution utility segment, Adani Energy Solutions noted a consistent improvement in distribution loss to 5.46 % in Q3FY24 from 5.60 % in Q3FY23.

Adani Transmission (now Adani Energy Solutions) is expected to be the biggest beneficiary of this reform, according to the report. Adani Transmission was renamed Adani Energy Solutions in July 2023.

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