Driven by the growth in transmission segment, Adani Transmission Ltd (ATL) on Monday posted consolidated net profit of ₹478 crore for the quarter ended December 31, 2022, against ₹277 crore in the same quarter last year, indicating a year-on-year growth of 73 per cent.

Consolidated revenues increased 16 per cent to ₹3,037 crore for the quarter. The company said the growth in profit at ₹478 crore was aided by a one-time income of ₹240 crore from a regulatory order.

The consolidated operational EBITDA increased to ₹1,318 crore (₹1,168 crore).

On the expenses front, total expenditure for the quarter stood at ₹3,182 crore, compared with ₹2,934 crore a year ago. Finance cost increased to ₹697 crore, up 24 per cent from ₹560 crore in the same quarter last year. The cost of power purchased was at ₹830 crore (₹822 crore).

Consolidated revenue witnessed double-digit growth of 16 per cent, on account of new transmission lines becoming operational and a positive trend in energy demand, the company said.

Anil Sardana, MD, Adani Transmission Ltd, said, “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 company said 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.

Revenue growth

In the transmission business segment, the revenue growth was driven by newly-commissioned Jam Khambhaliya Transco (JKTL) and Western Region System Strengthening XXI (A) WRSS XXI (A) Transmission Line. The distribution revenue increased on account of a consistent uptick in energy demand, the company said in a statement.

During the quarter, ATL operationalised 371 circuit-kilometers (ckm) of transmission lines and maintained system availability at 99.75, per cent. The energy demand (units sold) improved by 4.4 per cent during the quarter driven by a rise in commercial segment demand, it added. Also, the company’s distribution losses were reduced to 5.6 per cent and collection efficiency remained above 100 per cent.

ATL shares, however, continued their downtrend on Monday under heavy selling pressure following the short-seller’s negative report on Adani Group. The stock was locked at a lower circuit of 10 per cent at ₹1261.40 on the BSE with only sellers on the counter.

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