Ahmedabad : Adani Transmission Limited (“ATL”), the largest private transmission company in India and part of the globally diversified Adani portfolio, today announced its financial and operational performance for the quarter ended 30 June 2022.
Financial Highlights – Consolidated (Transmission and Distribution(2)):
| Particulars (Rs Crore) | Q1FY23 | Q1FY22 | Change
YoY % |
| Revenue(1) | 3,049 | 2,499 | 22.0% |
| Operational EBITDA(1) | 1,213 | 1,107 | 9.6% |
| Total EBITDA | 1,326 | 1,496 | -11.4% |
| PAT# | 168 | 433 | -61.1% |
| EPS (Rs) | 1.50 | 3.39 | -55.7% |
| Cash Profit (excluding one-time) | 731 | 633 | 15.5% |
- Consolidated revenue in Q1FY23 witnessed double-digit growth of 22% YoY on account of new transmission lines coming into operation and higher energy demand
- Consolidated Operational EBITDA increased 10% YoY to Rs 1,213 Cr in the quarter
- #Consolidated PAT at Rs 168 Cr in Q1FY23 ended lower YoY. It is not comparable due to Rs 288 Cr one-off income (Rs 238 Cr net-off tax) in Q1FY22 and adverse forex movement of Rs 185 Cr in the current quarter
- Consolidated cash profit (excluding one-time) of Rs 731 Cr increased 16% from Rs 633 Cr in Q1FY22
Segment-wise Financial Highlights:
| Particulars (Rs Crore) | Q1FY23 | Q1FY22 | Change YoY % |
| Transmission | |||
| Operational Revenue(1) | 836 | 757 | 10.4% |
| Operational EBITDA(1) | 767 | 701 | 9.5% |
| Margin (%) | 92% | 93% | – |
| Total EBITDA | 810 | 1,013 | -20.0% |
| Distribution(2) | |||
| Revenue | 2,213 | 1,742 | 27.0% |
| Operational EBITDA | 446 | 406 | 9.8% |
| Total EBITDA | 516 | 484 | 6.6% |
- Transmission business revenue growth was driven by newly commissioned lines over the period
- Distribution business revenue increased on account of significant jump in energy demand
- Operational EBITDA in both segments grew by ~10% during the quarter
(Notes: 1) Q1FY22 Operational Revenue and Operational EBITDA doesn’t include arrears of Rs 304 Cr (excluding arrears adjustments of Rs 16 Cr) approved in MERC order in June’21 determining and allowing MEGPTCL to claim incremental Aggregate Revenue Requirement (ARR) based on Appellate Tribunal for Electricity order (APTEL); 2) Distribution segment includes AEML Mumbai and Mundra Utilities Ltd. (MUL). MUL was acquired in December 2021 and included in Distribution segment from Q4FY22 onwards.
Segment-wise Key Operational Highlights:
| Particulars | Q1FY23 | Q1FY22 |
| Transmission business | ||
| Average Availability (%) | 99.2% | 99.8% |
| Transmission Network Operationalised (ckm) | 372 | 207 |
| Distribution business (AEML) | ||
| Supply reliability (%) | 99.99% | 99.99% |
| Distribution loss (%) | 6.95% | 6.88% |
| Units sold (MU’s) | 2,560 | 2,036 |
- Operationalized 372 ckm in Q1FY23 and maintained system availability at 99.2%
- Energy demand (units sold) improved by 26% YoY in Q1FY23 driven by rise in commercial segment and industrial segment demand
- Distribution losses remains low on account of high collection efficiency and loss reduction measures
Recent Developments, Achievements and Awards:
- Adani Transmission completed Rs 3,850 Cr Primary Equity Transaction with International Holding Company (IHC) for 1.4% stake
- Adani Transmission announced acquisition of Mahan Sipat Transmission Line from Essar Power for EV of Rs 1,913 Cr The transaction once completed will add 673 ckms to ATL’s operational portfolio
- ATL figures in top three companies in Power sector in India in ESG Yearbook released by Crisil in May 2022
- ATL achieved Zero Waste to Landfill (ZWL) certificate for all O&M sites from Intertek Group
- Adani Electricity Mumbai Ltd has won the prestigious “IMC Ramkrishna Bajaj National Quality Performance Excellence Award 2021” in the Service Category
- Adani Transmissions USD 700 Mn Revolving Facility Tagged as Green Loan by Sustainalytics
- Received most Innovative Deal of the Year USD 700 million syndicated project finance facility at The Asset Triple A Sustainable Infrastructure Awards 2022 and APAC Power – Portfolio Financing Deal of the Year from IJ Global
Mr. 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 & 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 practicing a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”