Adani Transmission’s owners earned a consolidated net profit of ₹389.45 crore in the fourth quarter of FY23, registering a growth of 69.62% from ₹229.59 crore in the same quarter a year ago. However, the performance declined by 17.96% from a PAT of ₹474.72 crore in the preceding quarter. The Adani Group-backed company’s cash profit surged by 28% YoY to ₹977 crore.
The profitability was supported by a one-time income of ₹148 crore based on a regulatory order in the Transmission business (a net positive impact of ₹21 crore after adjusting for a provision of ₹131 crore (net off tax ₹101 crore)) and aided by a mid-term true-up order by the regulator in AEML.
Also, consolidated EBITDA increased to ₹1,706 crore in the fourth quarter, a 23% YoY increase.
However, Adani Transmission posted a consolidated total income of ₹3,200.50 crore in Q4 of FY23, registering a single-digit growth of 4.97% from ₹3,048.96 crore in Q4FY22. In the preceding quarter, the revenue was at ₹3,181.62 crore.
Gautam Adani, Chairman, of Adani Group said, “The exceptional resilience of the Adani Group’s business model has once again been validated by our strong financial performance.”
He added, “We are leaders in the transmission and distribution space and have consistently set new industry standards in efficiency, performance, and asset development.”
Overall, in FY23, the company’s profit is at ₹1,256.33 crore versus ₹1,204.61 crore in FY22. Total income stood at ₹13,164.32 crore as compared to ₹10,843.45 crore in FY22.
Here are the key highlights of the operational performance in FY23:
Transmission Business:
– Transmission system availability was 99.7%
– Added 1,704 ckms to the operational network, with a total network at 19,779 ckms
– During the year, Obra-C (OBTL), Lakadia Banaskantha (LBTL), Jam Khambhaliya (JKTL) & WRSS XXI (A) lines were fully commissioned
– Won two transmission TBCB projects (Khavda II-A and WRSR) during the year
Distribution Business (AEML) and Smart Metering Business:
– Maintained supply reliability at 99.9% (ASAI)
– Energy demand (units sold) is up 13.7% YoY to 9,062 million units
– Distribution losses were reduced to 5.93%, and collection efficiency is above 100%
– Received an order from MERC with a revised ARR and tariff allowing liquidation of ₹18 billion regulatory deferral balance over two years.
– Despite the rise in the tariff, AEML remains most competitive amongst its peers in the region
– Added two smart metering projects (BEST and APDCL) totaling 18.5 lakh smart meters
Going ahead, the billionaire said, “Adani Transmission is well positioned to deliver exponential growth, and we are working towards fulfilling our nation’s massive electricity needs and strengthening our position as a world class utility.”
He concluded, “We are accelerating the transition to a sustainable and reliable grid and are committed to our pursuit of energizing and ensuring continuous and reliable power supply across all regions through our assets in India. Our focus remains strong on cashflow generation, operational excellence, and governance.”
On BSE, Adani Transmission closed at ₹832.35 apiece down by 2.17%.
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Updated: 29 May 2023, 11:08 PM IST