Adani Energy Solutions experienced a 1.50 percent decline in share value at the opening of trading on January 17, a day after the company announced securing contracts for 2 million smart meters worth Rs 2,300 crore in Q3. As of 10:03 am, the stock was trading at ₹1,109, reflecting a 1.54 percent decrease.
According to a regulatory filing on January 16, Adani Energy Solutions reported robust performance in its transmission and smart metering business, maintaining a system availability of 99.67 percent in Q3FY24. The company added 302 ckms to its operational network during the quarter, resulting in a total network spanning 20,422 ckms. The filing disclosed that the segment had secured contracts for 2 million smart meters, amounting to Rs 2,300 crore in the same quarter.
The under-construction pipeline for smart metering projects totaled 21.1 million, comprising 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, which decreased to 5.46 percent in Q3FY24 compared to 5.60 percent in Q3FY23. Despite these positive developments, the market responded with a slight dip in the company’s share value at the start of the trading day.
