Adani Transmission's consolidated net profit surged 72.8% to Rs 478 crore on 15.8% rise in revenue to Rs 3,037 crore in Q3 FY23 over Q3 FY22.
The growth in the profit was primarily driven by one-time income from regulatory order.
The company said that the revenue in Q3FY23 witnessed double-digit growth on account of new transmission lines becoming operational and a positive trend in energy demand.
On the segmental front, the operational revenue of the Transmission business was at Rs 933 crore (up 12.9% YoY) and the revenue from the Distribution business stood at Rs 2,104 crore (up 17.1% YoY).
Transmission business revenue growth was driven by newly commissioned Jam Khambhaliya Transco (JKTL) and WRSS XXI (A) and recently commissioned lines. Meanwhile, the Distribution revenue increased on account of a consistent uptick in energy demand.
Total EBITDA jumped 28.9% to Rs 1,708 crore in Q3 FY23 as against Rs 1,325 crore recorded in the same period a year ago.
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Profit before tax in Q3 FY23 stood at Rs 600.32 crore, up by 49.37% from Rs 401.91 crore posted in Q3 FY22.
Consolidated cash profit stood at Rs 955 crore in the quarter ended 31 December 2022, registering a growth of 33.8% as compared to Rs 714 crore reported in Q3 FY22.
Adani Transmission operationalized 371 ckm in Q3 FY23 and maintained system availability at 99.75%.
Energy demand (units sold) improved by 4.4% YoY in Q3 FY23, driven by a rise in commercial segment demand.
Distribution losses were reduced to 5.6%, and collection efficiency remained above 100%.
The impact of increases in coal prices and power purchase costs in recent periods has been partly offset by fuel adjustment charges' (FAC) recovery in monthly billing.
Anil Sardana, MD, Adani Transmission, said, "ATL is constantly evolving and is already a significant player in the Transmission and Distribution (T&D) sector. ATL's growth trajectory remains firm despite the challenging macroeconomic 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.
He further added, 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."
Meanwhile, the promoters of the Adani Group have prepaid share-backed loans worth $1,114 million ahead of their maturity in September 2024. The prepayment will release pledge from three group companies - Adani Ports, Adani Green Energy and Adani Transmission.
"In light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani listed company shares, we are pleased to inform that promoters have paid the amounts to prepay $1,114 million ahead of its maturity of September 2024," the Adani Group said in a media release today, 6 February 2023.
With the repayment of such amount, 16.82 crore shares of Adani Ports & Special Economic Zone (12% of the promoters' holding); 2.75 crore shares of Adani Green Energy (3% of promoters' holding); and 1.17 crore shares of Adani Transmission (1.4% of promoters' holding) will release in due course.
Adani Transmission (ATL) is the transmission and distribution business arm of the Adani Group. ATL is the country's largest private transmission company with a cumulative transmission network of 18,795 ckm, out of which 15,371 ckm are operational and 3,424 ckm are at various stages of construction.
Shares of Adani Transmission were locked in a lower circuit of 10% at Rs 1,261.40 on the BSE.
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