Adani Electricity Mumbai emerges as No. 1 discom in Centre’s ranking list

Adani Electricity Mumbai Ltd (Adani Electricity) has emerged as the top-most electricity distribution company in India among 71 such discoms. The company secured Grade A+ and got the highest integrated score of 99.6 out of 100 as per the power ministry's 11th edition of the ‘Annual Integrated Rating and Ranking’ of the power distribution utilities across India. The report was compiled by McKinsey and Company, which assessed the accounts of electricity distribution companies for three financial years from 2019-2020 to 2022-2023. 

According to a statement issued by the company, all the discoms were judged on the basis of its exemplary governance, encompassing financial sustainability, performance excellence, and external environment. 

Adani Electricity emerged as the only private utility to make it to the top five on the list.  

The company recently announced the lowest tariff hike among all the distribution companies (discoms) in Maharashtra for the period reviewed under the Multi-Year Tariff mechanism. 

"Over the last five years, our customer-centric focus has enabled us to reduce and stabilise tariffs, optimise power purchase costs, and improve operational efficiencies through technology interventions, automated workflow management and a digital-first approach," Kandarp Patel, Managing Director of Adani Electricity Mumbai Ltd, said. 

The Annual Integrated Rating and Ranking research is done by the Power Finance Corporation, which acts as the nodal agency. It came into effect following the framework approved by the Ministry of Power in 2012. 

The comprehensive evaluation covers a total of 71 power distribution utilities, including 45 state distribution companies (discoms), 14 private discoms, and 12 power departments across India. 

 Earlier in the day, it was found that retail investors in India bought most Adani Group companies even after the scathing report by short-seller Hindenburg Research eroded over $100 billion in Adani group's market capitalisation. Individual investors raised their holdings in eight of the 10 companies related to the conglomeorate in the three months through March, including its group's main firm Adani Enterprises and Adani Ports, according to regulatory filings.

Retail holding in Ambuja Cements jumped to 7.23 per cent from 5.52 per cent while it soared to 17.54 per cent in NDTV from 14.11 per cent QoQ.

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