The Ministry of Power‘s twelfth annual integrated ratings of power distribution companies (DISCOMs) have revealed notable shifts in financial and operational performance. Out of the 55 DISCOMs evaluated for the financial year (FY) 2023, 17 have shown improvement in their grades, while 14 have been downgraded.

Of the DISCOMs, 14 achieved an A+ grade compared to 10 last year. Notably, six of these top DISCOMs hail from Gujarat, three from Odisha, and two from Haryana. Eight of these top performers are privately owned companies.

Here is a breakdown of the performances of various DISCOMs from some of the key states –

1. Andhra Pradesh

Eastern Power Distribution Company of Andhra Pradesh (APEPDCL) upgraded from a B rating in 2023 to an A in 2024. The company sold 25,988 MU, generating revenue of ₹194.14 billion (~$2.34 billion). APEPDCL’s net profit for FY23 was ₹200 million (~$2.41 million).

APEPDCL’s ACS-ARR gap worsened by ₹0.01 (~$0.00012) to ₹-0.07 (~-$0.00084)/ kWh.

AT&C losses improved to 5.9% from 7.8% YoY due to an improvement in collection efficiency of 100% from 98.8% YoY.

APEPDCL supplies power to 6,772,785 customers, of whom 9.65% are in the C&I segment.

Andhra Pradesh Central Power Distribution Company (APCPDCL) witnessed an improvement from C to B- in 2024. It sold 14,167 MU, generating revenue of ₹136.5 billion (~$1.64 billion). APCPDCL’s net profit for FY23 was ₹4.83 billion (~$58.25 million).

APCPDCL’s ACS-ARR gap improved by ₹0.57 (~$0.0069) to ₹0.07 (~$0.00084)/ kWh.

AT&C losses increased to 11.5% from 10% YoY due to a reduction in collection efficiency to 96.3% from 97.9% YoY.

APCPDCL supplies power to 5,054,193 customers, 9.62% are in the C&I segment.

Southern Power Distribution Company of Andhra Pradesh (APSPDCL) also improved from a C in 2023 to a B- in 2024. The DISCOM sold 31,308 MU, generating revenue of ₹266.04 billion (~$3.21 billion). APSPDCL’s net profit for FY23 was ₹12.34 billion (~$148.85 million).

APSPDCL’s ACS-ARR gap improved by ₹0.92 (~$0.011) to ₹0.4 (~$0.0048)/ kWh.

AT&C losses improved to 8.1% from 13.6% YoY due to an improvement in collection efficiency of 100% from 94.1% YoY.

APSPDCL supplies power to 7,018,084 customers, 8.46% are in the C&I segment.

2. Chhattisgarh

The state’s only DISCOM, Chhattisgarh State Power Distribution Company (CSPDCL), improved to a B- in 2024 from a C in 2023. It sold 32,483 MU, generating revenue of ₹203.43 billion (~$2.45 billion). CSPDCL incurred a net loss of ₹11.33 billion (~$136.68 million) in FY23.

CSPDCL’s ACS-ARR gap improved by ₹0.13 (~$0.0016) to ₹0.11 (~$0.0013)/ kWh.

AT&C losses improved to 16.1% from 18.1% YoY due to an improvement in billing efficiency of 83.9% from 81.9% YoY.

CSPDCL supplies power to 6,155,865 customers. C&I consumers constitute 7.14% of total customers.

3. Gujarat

All the public-owned DISCOMs in Gujarat maintained their A+ ratings consistently year-over-year. The two private DISCOMs under Torrent Power were also rated A+ in 2024.

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 due to an improvement in billing efficiency of 98.4% from 97% YoY.

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

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 was reduced by ₹0.1 (~$0.0012) to ₹0.09 (~$0.0011)/ kWh.

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

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

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.

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.

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 marginally 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.

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.

4. Karnataka

The DISCOMs in Karnataka witnessed ups and downs in ratings, with two maintaining the ratings from the previous year and three downgrading to C.

Bangalore Electricity Supply Company (BESCOM) was downgraded from a B- in 2023 to a C in 2024. It sold 29,356 MU, generating revenue of ₹ 272.93 billion (~$3.29 billion). BESCOM’s net loss for FY23 was ₹17.67 billion (~$213.2 million).

BESCOM’s ACS-ARR gap deteriorated by ₹0.73 (~$0.0088) to ₹0.64 (~$0.0077)/ kWh.

AT&C losses increased to 12.2% from 11.2% YoY due to a reduction in collection efficiency to 96.8%  from 100%.

BESCOM supplies power to 13,901,031 customers. C&I consumers constitute 11.07% of total customers.

Mangalore Electricity Supply Company (MESCOM) managed to maintain its ‘A’ rating YoY in 2024. It sold 5,598 MU, generating revenue of ₹ 47.41 billion (~$572.11 million). MESCOM’s net profit for FY22 was ₹520 million (~$6.27 million).

MESCOM’s ACS-ARR gap deteriorated by ₹0.97 (~$0.012) to ₹-0.55 (~-$0.0066)/ kWh.

AT&C losses increased to 9.2% from 9% YoY due to a reduction in collection efficiency to 99.2% from 100% YoY.

MESCOM supplies power to 2,635,088 customers. C&I consumers constitute 10.76% of total customers.

Chamundeshwari Electricity Supply Company (CHESCOM) was the only other DISCOM in the state to maintain its rating at B in 2024. It sold 6,538 MU, generating revenue of ₹58.58 billion (~$706.88 million). CHESCOM’s recorded a net loss of ₹2.98 billion (~$35.95 million) for FY23.

CHESCOM’s ACS-ARR gap declined by ₹0.89 (~$0.011) to ₹0.01 (~$0.00012)/ kWh.

AT&C losses improved to 10.2% from 11.3% YoY due to an improvement in billing efficiency of 89.8% from 88.7% YoY.

CHESCOM supplies power to 3,695,505 customers. C&I consumers constitute 9.5% of total customers.

Gulbarga Electricity Supply Company (GESCOM) downgraded to a C in 2024 from a B in 2023. The DISCOM sold 8,441 MU, generating revenue of ₹ 78.55 billion (~$947.86 million). GESCOM’s net loss for FY23 was ₹2.96 billion (~$35.71 million).

GESCOM’s ACS-ARR gap deteriorated by ₹1.84 (~$0.022) to ₹1.11 (~$0.013)/ kWh.

AT&C losses increased to 19.3% from 10.5% YoY due to a reduction in collection efficiency to 90.2% from 100% YoY.

GESCOM supplies power to 3,584,699 customers. C&I consumers constitute 11.28% of total customers.

Hubli Electricity Supply Company (HESCOM) also downgraded to a C in 2024 from a B in 2023. It sold 12,335 MU, generating revenue of ₹ 112.2 billion (~$1.35 billion). HESCOM incurred a net loss of ₹8.36 billion (~$100.87 million) in FY23.

HESCOM’s ACS-ARR gap deteriorated by ₹1.32 (~$0.016) to ₹1.04 (~$0.013)/ kWh.

AT&C losses increased to 18.1% from 13.8% YoY.

HESCOM supplies power to 5,893,438 customers. C&I consumers constitute 10.16% of total customers.

5. Madhya Pradesh

Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company (MPPaKVVCL) improved its 2023 rating of B- to an A in 2024. It sold 26,690 MU, generating revenue of ₹ 198.55 billion (~$2.12 billion). MPPaKVVCL incurred a net loss of ₹ 9.04 billion (~$ million) for FY23.

MPPaKVVCL’s ACS-ARR gap improved by ₹0.6 (~$0.0072) to ₹-0.25 (~-$0.003)/ kWh.

AT&C losses increased to 12.6% from 11.6% YoY due to a reduction in billing efficiency to 87.4% from 88.4% YoY.

MPPaKVVCL supplies power to 5,944,035 customers. C&I consumers constitute 8.73% of total customers.

Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company (MPMKVVCL) improved to a B in 2024 from C YoY. It sold 22,444 MU, generating revenue of ₹171.33 billion (~$2.06 billion). MPMKVVCL incurred a net loss of ₹6.59 billion (~$79.26 million) for FY23.

MPMKVVCL’s ACS-ARR gap improved by ₹1.27 (~$0.015) to ₹-0.94 (~-$0.011)/ kWh.

AT&C losses improved to 22.9% from 25.8% YoY due to an improvement in collection efficiency of 100% from 96.6% YoY.

MPMKVVCL supplies power to 4,986,192 customers. C&I consumers constitute 7.99% of total customers.

Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (MPPoKVVCL) also improved from a C in 2023 to a B- in 2024. It sold 18,660 MU, generating revenue of ₹ 141.38 billion (~$1.7 billion). MPPoKVVCL incurred a net loss of ₹ 11.2 billion (~$134.71 million) for FY23.

MPPoKVVCL’s ACS-ARR gap improved by ₹0.45 (~$0.0054) to ₹-0.18 (~$0.0022)/ kWh.

AT&C losses marginally improved to 27.4% from 27.7% YoY due to an improvement in collection efficiency of 100% from 99.4% YoY.

MPPoKVVCL supplies power to 6,514,681 customers. C&I consumers constitute 7.7% of total customers.

6. Maharashtra

Maharashtra State Electricity Distribution Company (MSEDCL) witnessed a downgrade from a B- in 2023 to a C in 2024. It sold 126,741 MU, generating revenue of ₹ 963.19 billion (~$11.62 billion). MSEDCL incurred a net loss of ₹ 51.99 billion (~$627.46 million) in FY23.

MSEDCL’s ACS-ARR gap deteriorated by ₹1.39 (~$0.017) to ₹1.56 (~$0.019)/ kWh.

AT&C losses increased to 19% from 16.8% YoY due to a reduction in collection efficiency of 95.3% from 98.2% YoY.

MSEDCL supplies power to 29,673,679 customers. C&I consumers constitute 8.34% of total customers.

Adani Electricity Mumbai (AEML), the private DISCOM in the state that participated in the ratings, maintained its rating at A+ YoY. It 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.

7. Odisha

Odisha, an upcoming state for renewable energy projects, saw three out of four DISCOMs rated at A+, while one downgraded to a B in 2024.

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 due to improvement in collection efficiency 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.

TP Northern Odisha Distribution (TPNODL) sold 5,415 MU, generating revenue of ₹ 34.53 billion (~$416.71 million). TPNODL’s net profit for FY23 was ₹ 1.16 billion (~$13.99 million).

TPNODL’s ACS-ARR gap improved by ₹0.51 (~$0.0062) to ₹-0.19 (~-$0.0023)/ kWh.

AT&C losses improved to 17.3% from 26.5% YoY due to an improvement in collection efficiency to 99% from 89.2% YoY.

TPNODL supplies power to 2,041,588 customers. C&I consumers constitute 5.63% of total customers.

TP Southern Odisha Distribution (TPSODL) sold 3,154 MU, generating revenue of ₹ 19.17 billion (~$231.35 million). TPSODL’s net profit for FY23 was ₹ 330 million (~$3.98 million).

TPSODL’s ACS-ARR gap deteriorated by ₹0.37 (~$0.0045) to ₹0.74 (~$0.0089)/ kWh.

AT&C losses improved to 31.3% from 34.3% YoY due to an improvement in collection efficiency to 91.5% from 85.8% YoY.

TPSODL supplies power to 2,264,991 customers. C&I consumers constitute 4.55% of total customers.

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.

8. Rajasthan

Jaipur Vidyut Vitran Nigam (JVVNL) upgraded from a B- in 2023 to a B in 2024. It sold 30,569 MU, generating revenue of ₹ 246.72 billion (~$2.97 billion). JVVNL’s net loss for FY23 was ₹ 2.21 billion (~$26.67 million).

JVVNL’s ACS-ARR gap deteriorated by ₹0.51 (~$0.0062) to ₹0.14 (~$0.0017)/ kWh.

AT&C losses improved to 15.8% from 16.8% YoY due to a reduction in collection efficiency of 98.6% from 100% YoY.

JVVNL supplies power to 5,243,065 customers. C&I consumers constitute 9.54% of total customers.

Ajmer Vidyut Vitran Nigam (AVVNL) maintained its B rating YoY in 2024. It sold 24,757 MU, generating revenue of ₹199.13 billion (~$2.4 billion). AVVNL’s net loss for FY23 was ₹7.66 billion (~$92.43 million).

AVVNL’s  ACS-ARR gap deteriorated by ₹0.77 (~$0.0093) to ₹0.18 (~$0.0022)/ kWh.

AT&C losses improved to 10% from 12.7% YoY due to an improvement in billing efficiency of 90% from 87.3% YoY.

AVVNL supplies power to 5,648,206 customers. C&I consumers constitute 7.87% of total customers.

Jodhpur Vidyut Vitran Nigam (JDVVNL) saw a jump in the rating from C in 2023 to B- in 2024. It sold 25,626 MU, generating revenue of ₹ 212.55 billion (~$2.56 billion). JVVNL recorded a net loss of ₹15.26 billion (~$184.15 million) for FY23.

JDVVNL’s ACS-ARR gap improved by ₹0.06 (~$0.00072) to ₹0.12 (~$0.0014)/ kWh.

AT&C losses improved to 21% from 21.9% YoY due to a marginal improvement in billing efficiency of 79% from 78.1% YoY.

JDVVNL supplies power to 4,679,263 customers. C&I consumers constitute 8.04% of total customers.

9. Tamil Nadu

Tamil Nadu Generation and Distribution Corporation (TANGEDCO) maintained its rating of C- YoY. It sold 87,916 MU, generating revenue of ₹ 824 billion (~$9.94 billion). TANGEDCO incurred a net loss of ₹ 91.92 billion (~$1.1 billion) for FY23.

TANGEDCO’s ACS-ARR gap improved by ₹0.05 (~$0.0006) to ₹0.96 (~$0.012)/ kWh.

AT&C losses deteriorated to 10.3% from 11.4% YoY due to a decline in collection efficiency of 98.8% from 99% YoY.

TANGEDCO supplies power to 32,458,625 customers. C&I consumers constitute 13.07% of total customers.

10. Telangana

The two DISCOMs in Telangana slightly improved from a C- in 2023 to a C in 2024.

Southern Power Distribution  Company of Telangana (TSSPDCL) sold 48,765 MU, generating revenue of ₹ 342.55 billion (~$4.13 billion). TSSPDCL incurred a net loss of ₹ 81.47 billion (~$ 983.1 million) in FY23.

TSSPDCL’s ACS-ARR gap improved by ₹0.32 (~$0.0039) to ₹1.08 (~$0.013)/ kWh.

AT&C losses increased to 17.2% from 9.1% YoY due to a reduction in collection efficiency of 90.5% from 100% YoY.

TSSPDCL supplies power to 10,897,451 customers. C&I consumers constitute 11.94% of total customers.

Northern Power Distribution Company of Telangana (TSNPDCL) sold 20,371 MU, generating revenue of ₹ 158.8 billion (~$1.91 billion). TSNPDCL incurred a net loss of ₹ 29.56 billion (~$356.69 million) in FY23.

TSNPDCL’s ACS-ARR gap improved by ₹0.34 (~$0.0041) to ₹1.19 (~$0.014)/ kWh.

AT&C losses increased to 22.2% from 14.1% YoY due to a reduction in collection efficiency of 83.8% from 94.2% YoY.

TSNPDCL supplies power to 6,509,286 customers. C&I consumers constitute 9.2% of total customers.

11. Uttar Pradesh

Paschimanchal Vidyut Vitran Nigam (PVVNL) improved its YoY performance from a B- rating to a B in 2024. It sold 33,437 MU, generating revenue of ₹ 283.49 billion (~$3.42 billion). PVVNL’s net profit for FY23 was ₹9.92 billion (~$119.69 million).

PVVNL’s ACS-ARR gap improved by ₹0.61 (~$0.0074) to ₹-0.06 (~-$0.00072)/ kWh.

AT&C losses improved to 17% from 21.9% YoY due to an improvement in collection efficiency to 96.9% from 94.8% YoY. Billing efficiency also increased to 85.6% from 82.3%.

PVVNL supplies power to 7,211,531 customers. C&I consumers constitute 8.79% of total customers.

Kanpur Electricity Supply Company (KESCO) improved from a C- to B- YoY. It sold 3,836 MU, generating revenue of ₹ 36.02 billion (~$434.63 million). KESCO’s net profit for FY23 was ₹10 million (~$120,665 million).

KESCO’s ACS-ARR gap improved by ₹1 (~$0.012) to ₹0.05 (~$0.0006)/ kWh.

AT&C losses improved to 11.3% from 15.5% YoY due to an improvement in collection efficiency to 97.8% from 93.4% YoY.

KESCO supplies power to 672,805 customers. C&I consumers constitute 15.16% of total customers.

Madhyanchal Vidyut Vitran Nigam (MVVNL) maintained its rating at C- in 2024. It sold 23,228 MU, generating revenue of ₹ 202.41 billion (~$2.44 billion). MVVNL’s net loss for FY23 was ₹ 48.2 billion (~$581.59 million).

MVVNL’s ACS-ARR gap improved by ₹0.12 (~$0.0014) to ₹2.39 (~$0.029)/ kWh.

AT&C losses improved to 24.2% from 35.6% YoY due to an improvement in collection efficiency to 89.2% from 77.9% YoY.

MVVNL supplies power to 8,726,984 customers. C&I consumers constitute 5.18% of total customers.

Purvanchal Vidyut Vitran Nigam (PuVVNL) maintained its C- rating in 2024 from the previous year. It sold 25,714 MU, generating revenue of ₹ 204.96 billion (~$2.47 million). PuVVNL’s net loss for FY23 was ₹66.1 billion (~$797.58 million).

PuVVNL’s ACS-ARR gap deteriorated by ₹1.13 (~$0.014) to ₹2.92 (~$0.035)/ kWh.

AT&C losses improved to 27.3% from 40% YoY due to an improvement in collection efficiency to 88.1% from 75.1% YoY. Billing efficiency also increased to 82.6% from 79.9%.

PuVVNL supplies power to 9,791,156 customers. C&I consumers constitute 5.97% of total customers.

Dakshinanchal Vidyut Vitran Nigam (DVVNL) also stayed on C- in 2024. It sold 22,195 MU, generating revenue of ₹173.97 billion (~$2.09 million). DVVNL’s net loss for FY23 was ₹ 50.74 billion (~$612.26 million).

DVVNL’s ACS-ARR gap deteriorated by ₹0.45 (~$0.0054) to ₹2.08 (~$0.025)/ kWh.

AT&C losses improved to 24% from 31% YoY due to an improvement in collection efficiency to 96.9% from 92.7% YoY. Billing efficiency also increased to 78.4% from 74.4%.

DVVNL supplies power to 12,447 customers. C&I consumers constitute 38.81% of total customers.

The only private utility in the state, Noida Power Company (NPCL), managed to maintain its A+ rating YoY in 2024. It 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.

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