Adani Energy Solutions Ltd.'s stock jumped as high as 2.67% to Rs 1637 in trade on Wednesday, after the company bagged a Rs 4,700 crore transmission project in Maharashtra.
The stock pared some gains to trade 0.84% higher at Rs 1,608 apiece as of 11:42 a.m.
The project will facilitate evacuation of up to 4.5 gigawatt (GW) of pumped storage potential in Maharashtra and strengthen the inter-regional transmission corridor between Western and Southern grids, according to the company's press release.
It also adds 562 circuit kilometres (ckm) of transmission lines and 9,000 MegaVolt-Ampere (MVA) of transformation capacity to AESL's transmission portfolio. The company's transmission orderbook now stands at Rs 85,000 crore.
The project, called "Network Expansion Scheme in Western Region to Cater to Pumped Storage Potential near Satara (up to 4500 MW) - Part A", was won through the Tariff Based Competitive Bidding (TBCB) process, where AESL emerged as the lowest bidder.
"Pumped storage projects are emerging as a critical enabler of India's clean energy transition by providing the flexibility and reliability required to integrate large-scale renewable energy into the grid," said Adani Energy CEO Kandarp Patel.
He added that the Satara transmission project will create a vital transmission backbone to supports both renewable energy evacuation and energy storage deployment, strengthening power flows between Southern and Western India.
Adani Energy Q1
Adani Energy Solutions Ltd. reported a sharp rise in first-quarter earnings, with consolidated net profit more than doubling from a year earlier, while its revenue increased across its transmission and distribution businesses.
The company posted a consolidated net profit of Rs 1,149 crore for the quarter, compared with Rs 513 crore in the corresponding period last year, according to its notification to the exchanges. Revenue grew 42.4% year-on-year to Rs 9,711 crore from Rs 6,819 crore.
The operating income or earnings before interest, tax, depreciation and amortisation rose 30% to Rs 3,008 crore from Rs 2,314 crore a year earlier.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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