ATL continues to deliver on its robust ESG pursuit and improves its business performance with a 73% increase in PAT
In Q3FY23, Cash Profit of Rs 955 Cr, up 34% YoY
PAT of Rs 478 Cr in the Q3, up by 73% YoY
EBITDA of Q3 was up 29% YoY to Rs 1,708 Cr
Editor’s Synopsis
Transmission Business
- Consolidated Revenue(1) at Rs 3,037 Cr, increased by 16%
- The consolidated operational EBITDA(1) stands at Rs 1,318 Cr
- Consolidated PAT at Rs 478 Cr reported a strong upside of 73%, aided by a one-time income of Rs 240 Cr from a regulatory order
- Consolidated Cash Profit of Rs 955 Cr surged 34%
Financial Highlights 9MFY23 (YoY):
- Consolidated Revenue(1) increased by 20% to Rs 9,117 Cr
- Consolidated Operational EBITDA(1) grew by 10% to Rs 3,772 Cr
- EBITDA at Rs 4,395 Cr grew by 7%
- Consolidated Cash Profit of Rs 2,433 Cr, up 7%
Operational Highlights Q3FY23:
Transmission Business
- Operationalised 371 ckm in Q3FY23; total transmission network at 18,795 ckm
- Jam Khambhaliya Transco (JKTL) and WRSS XXI (A) lines were fully commissioned
- Transmission system availability was 99.75%
Distribution Business (AEML)
- Maintained supply reliability at 99.9% (ASAI)
- Energy demand (units sold) up 4% YoY to 2,169 million units
- Distribution losses were reduced to 5.60%, and collection efficiency is 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
- Consumer-centric initiatives continue, with digital payments at 74.9%
Notes: WRSS XXI (A) – Western Region System Strengthening XXI (A) Transmission Line; MEGPTCL: Maharashtra Eastern Grid Power Transmission Limited; MERC: Maharashtra Electricity Regulatory Commission; ASAI: Average Service Availability Index; Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss; MTM: Mark-to-Market
Ahmedabad, 6 February 2023: Adani Transmission Limited (“ATL”), the largest private transmission and distribution company in India and part of the globally diversified Adani portfolio, today announced its financial and operational performance for the quarter ended December 31, 2022.
Mr. Anil Sardana, MD, 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 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. 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.”
Financial Highlights – Consolidated (Transmission and Distribution(2)):
|
Particulars (Rs. crore) |
Q3FY23 |
Q3FY22 |
Change YoY% |
|
Revenue(1) |
3,037 |
2,623 |
15.8% |
|
Operational EBITDA(1) |
1,318 |
1,168 |
12.9% |
|
Total EBITDA |
1,708 |
1,325 |
28.9% |
|
PAT |
478 |
277 |
72.8% |
|
EPS (Rs) |
4.26 |
1.85 |
130.2% |
|
Cash Profit |
955 |
714 |
33.8% |
- Consolidated revenue in Q3FY23 witnessed double-digit growth of 16% YoY on account of new transmission lines becoming operational and a positive trend in energy demand
- Consolidated operational EBITDA increased to Rs 1,318 Cr in the third quarter
- In Q3FY23, consolidated PAT of Rs 478 Cr was 73% higher YoY. The increase was primarily driven by one-time income from regulatory order
- Consolidated cash profit of Rs 955 Cr in Q3FY23 increased by 34% YoY
Segment-wise Financial Highlights:
|
Particulars (Rs. crore) |
Q3FY23 |
Q3FY22 |
Change YoY% |
|
Transmission |
|
|
|
|
Operational Revenue(1) |
933 |
826 |
12.9% |
|
Operational EBITDA(1) |
859 |
762 |
12.7% |
|
Margin (%) |
92% |
92% |
– |
|
Total EBITDA |
1,163 |
814 |
42.9% |
|
Cash Profit |
710 |
470 |
51.1% |
|
|
|
|
|
|
Distribution(2) |
|
|
|
|
Revenue |
2,104 |
1,797 |
17.1% |
|
Operational EBITDA |
459 |
406 |
13.3% |
|
Total EBITDA |
545 |
511 |
6.6% |
|
Cash Profit |
245 |
244 |
0.6% |
- Transmission business revenue growth was driven by newly commissioned JKTL and WRSS XXI (A) and recently commissioned lines
- Distribution revenue increased on account of a consistent uptick in energy demand
- Operational EBITDA in both segments grew by double-digits during the quarter
Segment-wise Key Operational Highlights:
|
Particulars |
Q3FY23 |
Q3FY22 |
|
Transmission business |
|
|
|
Average Availability (%) |
99.75% |
99.69% |
|
Transmission Network Operationalised (ckm) |
371 |
411 |
|
Distribution business(AEML) |
|
|
|
Supply reliability (%) |
99.99% |
99.99% |
|
Distribution loss (%) |
5.60% |
6.53% |
|
Units sold (MU’s) |
2,169 |
2,077 |
- Operationalized 371 ckm in Q3FY23 and maintained system availability at 99.75%
- Energy demand (units sold) improved by 4.4% YoY in Q3FY23, 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
Recent Developments, Achievements and Awards:
- World Sustainability has given the Global Sustainability Leadership Award in the category of “Best Sustainable Strategies — Power Industry.”
- Enlightened Growth Leadership Award 2022 for best-in-class sustainable business practices from Frost & Sullivan Institute
- Certified as Great Place to Work during the quarter
- Received ICAI Awards for Excellence in Financial Reporting for the year 2021-22 (Bronze Plaque in Infrastructure and Construction Sector Category (turnover above Rs 500 Cr))
- Platinum Award Winner in The Asset ESG Corporate Awards 2022
- Net Water Positive certification from DNV which indicates that the water credit is greater than the water consumed
- Climate Action Programme (CAP) 2.0° Oriented Award in the Energy, Mining, and Heavy Manufacturing category from the Confederation of Indian Industry (CII)
- Adani Transmission has pledged to become Net Zero by 2050, limiting global warming to 1.5 °C above pre-industrial levels through measurable actions, and has become a Signatory to the UN Energy Compact to further SDG 7 (Affordable and Clean Energy)
Notes: 1) Q3FY23 Operational Revenue and Operational EBITDA doesn’t include arrears of Rs 240 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; Jam Khambhaliya Transco Ltd (JKTL) and WRSS XXI (A) – Western Region System Strengthening XXI (A) Line
