Adani Transmission Limited reports 7% growth in operational EBITDA to Rs 1,241 crore in Q2 FY23

Ahmedabad, November 3, 2022

Adani Transmission Limited (ATL), the transmission and distribution business arm of the Adani Portfolio, has said that its operational EBITDA grew 7% year-on-year (y-o-y) in the second quarter (Q2) of financial year 2022-23 (FY 23) to Rs 1,241 crore as compared to Rs 1,159 crore in the same period of 2021-22.

Reporting its financial results for the second quarter, the company said its consolidated revenue grew 22.3% y-o-y to Rs 3,032 crore in Q2 FY23 as compared to Rs 2,479 crore in Q2 FY 22.

Total EBITDA in Q2 FY23 was Rs 1,362 crore, up 5.6% from Rs 1,289 crore in the corresponding quarter of FY 22.

The company reported a cash profit of Rs 748 crore in Q2 FY23, up 8.1% from Rs 692 crore in the same quarter of the previous year.

A press release from ATL said the consolidated PAT in Q2 FY23 was, at Rs 194 crore, lower by 32.7% from the Rs 289 crore achieved in Q2 of FY22, but the amounts were not comparable on account of adverse forex movement (MTM) of Rs 138 crore (Mark-to-market adjustment on foreign currency loans) as against Rs 6 crore gain in the corresponding quarter in the Adani Electricity Mumbai Limited (AEML) business.

The release said transmission business revenue growth, from Rs 789 crore in Q2 FY22 to Rs 868 crore in Q2 FY23 (up 10.1%), was driven by newly commissioned lines over the period.

It said the distribution business revenue increased from Rs 1,690 crore in Q2 FY 22 to Rs 2,164 crore in Q2 FY23 (up 28.0%) on account of a significant jump in energy demand.

The operational EBITDA in both segment grew in higher single digits during the quarter.

The company said it operationalised 352 ckm in the second quarter this year and maintained system availability at 99.76%. Energy demand (units sold) improved by 13% YoY in Q2FY23 to 2,233 million unitss, driven by a rise in commercial and industrial segment demand. Distribution losses remain low at 6%, on account of high collection efficiency and loss reduction measures, it said.

In the first half of FY23, the consolidated revenue increased by 22% to Rs 6,081 crore. Consolidated operational EBITDA ended 8% higher to Rs 2,454 crore. Consolidated cash profit (excluding one-time) was Rs 1,478 crore, up 12%.

Anil Sardana, MD & CEO, Adani Transmission Ltd., said, “ATL is constantly evolving and is already a significant player in the T&D sector. ATL’s growth trajectory remains firm despite the challenging macro environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission and distribution company in India. ATL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality and business excellence with high governance standards. The journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”

ATL is the country’s largest private transmission company with a cumulative transmission network of ~18,795 ckm, out of which ~15,003 ckm is operational and ~3,792 ckm is at various stages of construction. ATL's distribution business serves 12 million+ consumers of Mumbai and Mundra SEZ.

NNN