Adani Transmission’s share price increased by 0.8%

19 Jul 2023 , 12:55 PM

When Adani Transmission revealed in its Q1 business update that it had landed three smart metering projects during the quarter, the company’s shares increased by 2% on July 19.

During the quarter, the company won letters of award for three smart metering projects totaling 2.7 million smart meters in Andhra Pradesh with a contract value of Rs 3700 crore, according to the company’s business report. It further stated that the pipeline for smart meters and near-term transmission is still extremely strong and is prepared to take part in the next auctions.

To improve power networks, governments all around the world are investing in smart grids and meters. As a result of developments in software, cloud computing, and the Internet of Things (IoT), analysts predict that the smart metering market will experience rapid expansion in the next years.

Shares of the business were up 0.8% to Rs 789.1 at 12:23 p.m. on the BSE.

The distribution loss has decreased steadily and is now 4.85% in Q1 FY24 compared to 6.95% in Q1 FY23. According to the corporation, seasonal considerations caused the loss to be lower than usual.

Losses in transmission and distribution occur when electricity is produced but does not reach clients as a result of energy loss in the machinery used for power transmission and distribution.

Additionally, Adani Transmission said that in the first quarter of FY24, its operational network had grown by 550 circuit km. At the end of June, there were 19,778 circuit kilometres in the entire network.

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