Adani Energy Solutions Ltd (AESL) closed the third quarter of FY25 with a sparkling performance, posting a 73% leap in consolidated net profit at ₹562 crore, up from ₹325 crore in the same period last year. The magic formula? A hefty tax reversal of ₹66 crore and slashed fuel costs—down to zero from ₹281 crore a year ago. Revenue from operations surged 28% year-on-year to ₹5,830.3 crore, while total income touched ₹6,000.39 crore, riding high on robust project wins and operational efficiencies. AESL’s CEO, Kandarp Patel, hailed the quarter as a testament to the company’s growth streak, emphasizing its expanding market share and dominance as India’s largest private transmission player. Among the headline wins was the Rajasthan Phase III Part-I HVDC project—a mammoth ₹25,000 crore venture that stands as the largest in AESL’s history. Together with the Khavda Phase IV project, these additions have catapulted the company’s under-construction pipeline to an eye-popping ₹54,761 crore, a significant jump from ₹17,000 crore earlier this fiscal year. Operationally, the transmission segment remains a star performer, boasting a 92% EBITDA margin and adding 225 circuit kilometers this quarter, raising the total to 25,778 CKM. Meanwhile, the Mumbai distribution business added more consumers, now reaching 3.17 million, thanks to reliable and affordable power. The capex for the first nine months of FY25 stands at ₹7,475 crore, underscoring AESL’s ambitious growth plans.