The Ministry of Power has released the twelfth annual integrated ratings and rankings report for the financial year (FY) 2023, which assessed the financial and operational performance of 55 power distribution companies (DISCOMs).

The evaluation was based on parameters such as Average Cost of Supply (ACS) – Average Realizable Revenue (ARR) gap, Aggregate Technical and Commercial (AT&C) loss, billing efficiency, collection efficiency, governance, subsidy realized, and adherence to tariff cycle timelines.

The top ten DISCOMs ranked by the report are:

• 1. Adani Electricity Mumbai (AEML) sold 9,033 MU, generating revenue of ₹ 80.26 billion (~$968.64 million). AEML’s net profit for FY23 was ₹10.78 billion (~$130.1 million).

AEML’s ACS-ARR gap deteriorated by ₹0.44 (~$0.0053) to ₹-0.07 (~-$.00084)/ kWh.

AT&C losses marginally improved to 6.5% from 6.7% YoY due to a marginal improvement in billing efficiency to 93.7% from 93.3% YoY.

AEML supplies power to 3,104,046 customers. C&I consumers constitute 14.79% of total customers.

• 2. Torrent Power Surat sold 3,692 MU, generating revenue of ₹30.08 billion (~$362.94 million). Its net profit for FY23 was ₹1.17 billion (~$14.11 million).

Torrent Power Surat’s ACS-ARR gap worsened by ₹0.3 (~$0.0036) to ₹-0.24 (~-$0.0029)/ kWh.

AT&C losses decreased to 3.7% from 3.8% YoY due to its billing efficiency improving to 96.8% from 96.6% YoY.

Torrent Power Surat supplies power to 631,695 customers. C&I consumers constitute 32.64% of total customers.

• 3. Torrent Power Ahmedabad sold 8,274 MU, generating revenue of ₹73.92 billion (~$891.88 million). Its net profit for FY23 was ₹5.1 billion (~$61.53 million).

Torrent Power Ahmedabad’s ACS-ARR gap improved by ₹0.1 (~$0.0012) to ₹-0.55 (~-$0.0066)/ kWh.

AT&C losses decreased to 4% from 4.8% YoY due to its collection efficiency improving to 99.7% from 99.4% YoY. Billing efficiency also increased to 96.3% from 95.8%.

Torrent Power Ahmedabad supplies power to 2,071,181 customers. C&I consumers constitute 23.16% of total customers.

• 4. Dakshin Gujarat Vij Company (DGVCL) sold 28,517 MU, generating revenue of ₹218.48 billion (~$2.63 billion). PGVCL’s net profit for FY23 was ₹440 million (~$5.31 million).

DGVCL’s ACS-ARR gap deteriorated by ₹0.11 (~$0.0013) to ₹-0.02 (~-$0.00024)/ kWh.

AT&C losses improved to 1.7% from 3% YoY, with billing efficiency going up to 98.4% from 97% YoY.

DGVCL supplies power to 3,614,273 customers, of whom 14.98% are in the C&I segment.

• 5. Uttar Gujarat Vij Company (UGVCL)sold 28,134 MU, generating revenue of ₹189.41 billion (~$2.28 billion). UGVCL’s net profit for FY23 was ₹370 million (~$4.46 million).

UGVCL’s ACS-ARR gap reduced by ₹0.1 (~$0.0012) to ₹0.09 (~$0.0011)/ kWh.

AT&C losses increased to 9.3% from 6.7% YoY as collection efficiency fell to 98.1%% from 99.4% YoY. Billing efficiency also dropped to 92.4% from 93.9%.

UGVCL supplies power to 4,099,965 customers, 12.57% of whom are in the C&I segment.

• 6. Madhya Gujarat Vij Company (MGVCL) sold 12,979 MU, generating revenue of ₹95.56 billion (~$1.15 billion). MGVCL’s net profit for FY23 was ₹320 million (~$3.86 million).

MGVCL’s ACS-ARR gap deteriorated by ₹0.05 (~$0.0006) to ₹0.01 (~$0.00012)/ kWh.

AT&C losses increased to 9.3% from 8.7% YoY, driven by a reduction in billing efficiency at 91.6% from 92.3% YoY.

MGVCL supplies power to 3,486,812 customers, 11.62% of whom are C&I consumers.

• 7. Noida Power Company (NPCL) sold 2,870 MU, generating revenue of ₹ 23.25 billion (~$280.55 million). NPCL’s net profit for FY23 was ₹1.61 billion (~$19.42 million).

NPCL’s ACS-ARR gap deteriorated by ₹0.32 (~$0.0039) to ₹-0.78 (~-$0.0094)/ kWh.

AT&C losses marginally improved to 8.4% from 8.5% YoY due to marginal improvement in billing efficiency to 92% from 92.4% YoY.

NPCL supplies power to 135,214 customers. C&I consumers constitute 7.1% of total customers.

• 8. Paschim Gujarat Vij Company (PGVCL) sold 34,449 MU, generating revenue of ₹251.14 billion (~$3.03 billion). PGVCL’s net profit for FY23 was ₹340 million (~$4.1 million).

PGVCL’s ACS-ARR gap deteriorated by ₹0.08 (~$0.00097) to ₹0.05 (~$0.0006)/ kWh.

AT&C losses increased to 18.3% from 16.7% YoY due to its collection efficiency falling to 98.9%% from 99.6% YoY. Billing efficiency also fell to 82.6% from 83.6%.

PGVCL supplies power to 6,594,912 customers. C&I consumers constitute 12.14% of total customers.

• 9. TP Central Odisha Distribution (TPCODL) sold 7,661 MU, generating revenue of ₹ 49.04 billion (~$591.81 million). TPCODL’s net profit for FY23 was ₹ 130 million (~$1.56 million).

TPCODL’s ACS-ARR gap improved by ₹0.57 (~$0.0069) to ₹-0.1 (~-$0.0012)/ kWh.

AT&C losses improved to 22.6% from 33.8% YoY with collection efficiency going up to 100% from 86.7% YoY. Billing efficiency also increased to 77.4% from 76.4%.

TPCODL supplies power to 2,782,979 customers. C&I consumers constitute 8.01% of total customers.

• 10. TP Western Odisha Distribution (TPWODL) sold 10,610 MU, generating revenue of ₹ 70.23 billion (~$847.56 million). TPCODL’s net profit for FY23 was ₹910 million (~$10.98 million).

TPCODL’s ACS-ARR gap improved by ₹0.53 (~$0.0064) to ₹-0.55 (~-$0.0066)/ kWh.

AT&C losses improved to 20.5% from 30.7% YoY due to an improvement in collection efficiency to 97.5% from 87.8% YoY.

TPCODL supplies power to 2,068,560 customers. C&I consumers constitute 5.03% of total customers.

Adani Electricity Mumbai, UGVCL, and MGVCL were ranked the top three DISCOMs in the previous integrated ratings and rankings report.

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