Adani Energy Solutions Limited

rs,

24th April, 2025 BSE Limited P J Towers, Dalal Street, Mumbai – 400001 Scrip Code: 539254 Dear Sir, National Stock Exchange of India Li

87%

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% Yo

Rs 714 crore

nexure 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 2,427 crore

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% FY2

Rs 1506 crore

cord 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

103%

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 momento

Rs 2,262 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 with solid operat

28%

27 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 with solid operating and

Rs 7,746,

xceptional 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 with solid operating and financial performance. With

23%

em 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 with solid operating and financial performance. With its

Rs 59,936 crore

entous year for AESL with solid operating and financial performance. With its strong order book of Rs 59,936 crore in transmission, rising opportunities in distribution business and ramp-up in smart metering busin

42%

p to deliver strong performance in all lines of businesses Editor’s Synopsis • Robust growth of 42% YoY in total income of Rs 24,447 crore in FY25, which is highest ever is driven by the contributio

“Particulars Transmission business Average Availability (%) FY25 FY24 Change 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 (%) Distribution loss (%) Units sold (MU's) Distribution business (MUL) Units sold (MU's)”

“Robust line availability resulted in an incentive income of Rs 34 crore in Q4 FY25.”

“During FY25 the company earned an incentive income of Rs 132 crore reflecting its best-in-class O&M practices in operating and maintaining the transmission infrastructure • During the year, the company won the following seven transmission projects.”

“With seven new projects the total orderbook across 15 projects has reached Rs 59,936 crore as of FY25 Project Cost (Rs crore) 4,102 Levelized Tariff p.a.”

“Project Name 1 2 3 4 5 6 7 Khavda Phase IV Part A Navinal (Mundra) - NES Jamnagar - NES Khavda Phase IV Part D - Pune III 2,495 3,938 3,455 Rajasthan Phase - III Part I (HVDC) 25,000 Navinal (Mundra) Phase I Part B1 Mahan Transmission Ltd Total 2,800 2,200 43,990 299 392 589 3,557 308 363 6,017 • The company has fully commissioned MP package - II transmission line during the year and acquired Mahan Sipat transmission line from Essar.”

“In terms of project progress, the stringing work of Khavda Phase II Part-A and KPS-1 is completed.”

“• 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 Karanpura (NKTL), Narendra-Pune (WRSR), and Khavda Phase III Part-A (Halvad Transco) in FY26 • FY25 saw unprecedented transmission bidding activity to the tune of Rs 1,61,540 crore, in which AESL secured a market share of 28%.”

“AEML’s RAB after Dahanu divestment stands at Rs 9,549 crores (Equity of Rs 5,014 crores and Debt of Rs 4,535 crores) as of FY25, recording a growth of 13% YoY”

“• Installed 31.3 lakh smart meters as of FY25.”

“The company plans to install at least 60 to 70 lakh new meters in FY26, thereby achieving a cumulative number of minimum ~1 crore meters by the end of FY26 • The under-implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenue potential of over Rs 27,195 crore”

Consolidated Financial Performance

1

EBITDA

1

Segment-wise Key Operational Highlights

1

Transmission business

1

Transmission

1

Distribution

1

Smart Meters

1

ESG Updates

1

Achievements

1

UNSDG aligned

1

Consolidated Financial Performance

(Rs crore) Particulars Operational Revenue Total Income Operating EBITDA Total EBITDA PAT Adjusted PAT Cash profit Q4 FY25 Q4 FY24 YoY % 3,560 4,855^ 1,619 1,769 381 381 952 Notes: Total Income = Operational revenue + income from Service Concession Agreement (SCA) assets / EPC / traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation and amortization expenses + Deferred Tax + MTM option loss); #Adjusted for an exceptional item due to carve-out of the Dahanu power plant of Rs 1,506 crore; *Adjusted for regulatory income of Rs 148 crore in Q4 and FY25 in T&D segments and net one-time deferred tax reversal of Rs 469 crore in FY25 in AEML distribution business ^Includes SCA income of Rs 1,804 crore in Q4FY25 vs Rs 743 crore in Q4FY24 and Rs 5,064 crore in FY25 vs Rs 858 crore in FY24 FY25 17,057 24,447^ 6,571 7,746 2,427# 1,810#* 4,292# FY24 14,2

EBITDA

• Consolidated EBITDA for FY25 increased by 23% to Rs 7,746 crore resulting from strong revenue growth, steady regulated EBITDA of Rs 2,611 crore in distribution business which grew in line with the RAB expansion, regulatory income of Rs 148 crore and higher treasury income • Consolidated EBITDA in Q4FY25 was 28% higher at Rs 2,262 crore supported by revenue growth, strong regulated EBITDA in distribution business which was 39% higher YoY at Rs 873 crore in Q4 • The operational EBITDA of Rs 6,571 crore in FY25 ended 15% higher YoY. The transmission business continues to maintain the industry’s leading operating EBITDA margin of 92% PAT: FY25 PAT of Rs 2,427 crore increased by 103% YoY due to strong EBITDA growth and aided by a reversal of Rs 469 crore in net deferred tax liability primarily from divesting AEML’s Dahanu plant and regulatory income of Rs 148 crore in transmission and distribution businesses Segment-wise Financial Highlights: (Rs crore) Segment Particulars Q4 FY25 Q4 FY24

Segment-wise Key Operational Highlights

Particulars Transmission business Average Availability (%) FY25 FY24 Change 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 (%) Distribution loss (%) Units sold (MU's) Distribution business (MUL) Units sold (MU's)

Transmission business

99.99% 99.99% 4.77% 10,558 5.29% 9,916 In line Lower Higher 948 658 Higher • The company reported strong operational parameters during the quarter, with an average system availability of over 99.7%. Robust line availability resulted in an incentive income of Rs 34 crore in Q4 FY25. During FY25 the company earned an incentive income of Rs 132 crore reflecting its best-in-class O&M practices in operating and maintaining the transmission infrastructure • During the year, the company won the following seven transmission projects. With seven new projects the total orderbook across 15 projects has reached Rs 59,936 crore as of FY25 Project Cost (Rs crore) 4,102 Levelized Tariff p.a. (Rs crore) 509 Sr. No. Project Name 1 2 3 4 5 6 7 Khavda Phase IV Part A Navinal (Mundra) - NES Jamnagar - NES Khavda Phase IV Part D - Pune III 2,495 3,938 3,455 Rajasthan Phase - III Part I (HVDC) 25,000 Navinal (Mundra) Phase I Part B1 Mahan Transmission Ltd Total 2,800 2,200 43,990 299 392 589 3,557 308 363 6

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 Karanpura (NKTL), Narendra-Pune (WRSR), and Khavda Phase III Part-A (Halvad Transco) in FY26 • FY25 saw unprecedented transmission bidding activity to the tune of Rs 1,61,540 crore, in which AESL secured a market share of 28%. The near-term tendering pipeline for the industry is solid and upwards of ~Rs 54,000 crore

Distribution

• The distribution business continues to show a steady performance with double digit revenue growth and consistent expansion of EBITDA and RAB (regulatory asset base). AEML’s RAB after Dahanu divestment stands at Rs 9,549 crores (Equity of Rs 5,014 crores and Debt of Rs 4,535 crores) as of FY25, recording a growth of 13% YoY