The Ministry of Power has released the eleventh annual integrated ratings and rankings report for the financial year (FY) 2022, which assessed the financial and operational performance of 71 power distribution companies (DISCOMs).

Only 51 were included in the ranking because the others consisted of state power departments and DISCOMs that have not yet completed three full years of operations.

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, according to the report, are:

Maharashtra

Adani Electricity Mumbai (AEML) secured the top rank among 51 utilities. The DISCOM sold 7,956 million units (MU), generating revenue of ₹71.2 billion (~$866.9 million). AEML’s net profit for FY22 was ₹10.8 billion (~$131.6 million).

AEML’s ACS-ARR gap improved significantly to ₹-0.55 (~-$0.0067)/ kWh in FY22 from ₹0.37 (~$0.0045)/ kWh year-over-year (YoY).

AT&C losses improved to 6.7% compared with 8.9% YoY, primarily driven by an improvement in billing efficiency, reaching 93.3% from 91.7% YoY.

AEML supplies power to 3,072,704 customers comprising 14.8% commercial and industrial (C&I) consumers.

Tata Power Mumbai (TPML) secured the eighth rank. The DISCOM had sold 4,730 MU generating revenue of ₹34.8 billion (~$423.7 million). TPML’s net profit for FY22 was ₹1.48 billion (~$18 million).

TPML’s ACS-ARR gap improved to ₹-0.10 (~-$0.0012)/ kWh from ₹0.10 (~$0.0012)/ kWh YoY.

However, AT&C losses worsened to 2.1% from 0.2% YoY due to a decline in billing efficiency at 98.7% from 100% YoY.

TPML supplies power to 1,885,578 customers, 14.17% are C&I consumers.

Gujarat

Uttar Gujarat Vij Company (UGVCL) secured the second rank. The DISCOM sold 26,157 MU, generating revenue of ₹156.87 billion (~$1.9 billion). UGVCL’s net profit for FY22 was ₹780 million (~$9.5 million).

UGVCL’s ACS-ARR gap deteriorated significantly to ₹-0.01 (~-$0.00012)/ kWh from ₹-0.23 (~$0.0028)/ kWh YoY.

AT&C losses improved to 6.7% from 6.8% YoY due to its billing efficiency currently at 93.9%.

UGVCL supplies power to 3,936,893 customers, 12.3% of who are in the C&I segment.

Madhya Gujarat Vij Company (MGVCL) secured the third rank. The DISCOM sold 12,209 MU, generating revenue of ₹79.92 billion (~$973.6 million). MGVCL’s net profit for FY22 was ₹1.03 billion (~$12.5 million).

MGVCL’s ACS-ARR gap deteriorated marginally to ₹-0.05 (~-$0.00061)/ kWh from ₹-0.13 (~$0.0016)/ kWh YoY.

AT&C losses improved to 8.7% from 10% YoY– driven by an improvement in billing efficiency at 92.3% from 90% YoY.

MGVCL supplies power to 3,409,802 customers, 11.51% of whom are C&I consumers.

Paschim Gujarat Vij Company (PGVCL) secured the fifth rank. The DISCOM sold 32,213 MU, generating revenue of ₹211.11 billion (~$2.5 billion). PGVCL’s net profit for FY22 was ₹970 million (~$11.8 million).

PGVCL’s ACS-ARR gap improved to ₹-0.22 (~-$0.0027)/ kWh from ₹-0.04 (~-$0.00049)/ kWh YoY.

AT&C losses improved to 16.7% from 17.9% YoY due to improvement in billing efficiency of 83.6% from 82.1% YoY.

PGVCL supplies power to 6,385,410 customers. C&I consumers constitute 12.09% of total customers.

Dakshin Gujarat Vij Company (DGVCL) secured the sixth rank. The DISCOM sold 24,748 MU, generating revenue of ₹173.96 billion (~$2.1 billion). PGVCL’s net profit for FY22 was ₹950 million (~$11.5 million).

DGVCL’s ACS-ARR gap deteriorated to ₹0.07 (~$0.00085)/ kWh from ₹-0.25 (~-$0.0030)/ kWh YoY.

AT&C losses improved to 4.8% from 7.4% YoY due to an improvement in billing efficiency of 97% from 92.6% YoY.

DGVCL supplies power to 3,512,052 customers, 14.68% are in the C&I segment.

Dadra & Nagar Haveli

DNH Power Distribution Corporation (DNHPDCL) secured the fourth rank. The DISCOM sold 6,648 MU, generating revenue of ₹35.88 billion (~$437.2 million). DNHPDCL’s net profit for FY22 was ₹1.06 billion (~$13 million).

DNHPDCL’s ACS-ARR gap deteriorated to ₹-0.14 (~-$0.0017)/ kWh from ₹-0.39 (~$0.0048)/ kWh YoY.

AT&C losses improved to 3.5% from 5.2% YoY– driven by an improvement in collection efficiency of 99.4% from 98.5% and billing efficiency of 97.1% from 96.4% YoY.

DNHPDCL supplies power to 89,219 customers, with 12.67% of them being C&I consumers.

Uttar Pradesh

Noida Power Company (NPCL) secured the seventh rank. The DISCOM sold 2,338 MU, generating revenue of ₹20.55 billion (~$250.4 million). PGVCL’s net profit for FY22 was ₹1.5 billion (~$18.3 million).

NPCL’s ACS-ARR gap deteriorated to ₹-1.09 (~-$0.013)/ kWh from ₹-1.47 (~-$0.018)/ kWh YoY.

AT&C losses improved to 8.5% from 9.8% on the back of an improvement in collection efficiency to 99.4% from 98.5% YoY.

NPCL supplies power to 117,755 customers, 7.47% of whom are C&I consumers.

Haryana

Dakshin Haryana Bijli Vitran Nigam (DHBVNL) secured the ninth rank. The DISCOM sold 27,752 MU, generating revenue of ₹185.74 billion (~$2.3 billion). DHBVNL’s net profit for FY22 was ₹1.79 billion (~$21.8 million).

DHBVNL’s ACS-ARR gap remained constant at ₹-0.11 (~-$0.0013)/ kWh.

AT&C losses improved to 13.6% from 16.9% YoY– driven by an improvement in billing efficiency to 86.4% from 83.1% YoY.

DHBVNL supplies power to 3,960,432 customers. C&I consumers constitute 11.39% of its customers.

Uttar Haryana Bijli Vitran Nigam (UHBVNL) secured the tenth rank. The DISCOM sold 19,749 MU, generating revenue of ₹141.73 billion (~$1.7 billion). UHBVNL’s net profit for FY22 was ₹6.7 billion (~$81.6 million).

UHBVNL’s ACS-ARR gap improved to ₹-0.34 (~-$0.0041)/ kWh from ₹-0.22 (~-$0.0027)/ kWh YoY.

AT&C losses improved to 14% from 17.2% YoY, as billing efficiency rose to 86% from 82.8% YoY.

UHBVNL supplies power to 3,422,373 customers, 12.47% of whom are C&I consumers.

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