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Results
04-Aug-22
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Analysis
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Adani Transmission
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Net down 57% on inflated base due to higher MTM gain
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Consolidated net sales of Adani Transmission for the quarter ended
Jun 2022 has increased 11% to Rs 3131.88 crore powered by new transmission
lines coming into operation and higher energy demand. Operating profit
margin has declined from 49.7% to 21.5%, leading to 52% decline in operating
profit to Rs 673.25 crore. Other
income rose 11.12% to Rs 117.86 crore. Provision for interest
rose 20.45% to Rs 739.98 crore. Provision for depreciation rose
12.24% to Rs 383.98 crore. Profit before tax was a loss of Rs 332.85
crore against a profit of Rs 555.58 crore. Provision for tax was expense of Rs 34.26
crore, compared to Rs 97.30 crore. Thus the PAT was a loss of Rs
367.11 crore against a profit of RS 458.28 crore. Regulatory Income (RI) was Rs
534.68 crore against a loss of Rs 15.59 crore.
Thus PAT after RI was down 62% to Rs 167.57 crore. Deferred assets recoverable was Rs 0.89 crore
against an expense of Rs 9.45 crore. Thus the PAT before MI was down 61% to Rs
168.46 crore. Share of
profit/loss were nil in both the periods. Minority interest
decreased 704.13% to Rs -17.53 crore. Net profit attributable to
owners of the company decreased 57% to Rs 185.99 crore.
Consolidated PAT before MI at Rs 168.46 crore not comparable
YoY on account of Rs 288 Cr one-off income in Q1FY22 and adverse forex movement
(MTM) of Rs 185 Crore against Rs 70 Crore in corresponding quarter i.e. Q1FY23.
The one-time income of Rs 288 Crore (Rs
238 Crore net-off tax) in Q1FY22 was on account of arrear revenue approved by
MERC in MEGPTCL asset in June’21. The
adverse forex movement of Rs 185 Crore is a mark-to-market adjustment on
foreign currency loans.· - Sales
of Transmission segment has gone down 20.01% to Rs 835.94 crore (accounting for
26.69% of total sales). Transmission business revenue growth was
driven by newly commissioned lines over the period. Operationalized 372 ckm in
Q1FY23 and maintained system availability at 99.2%. Sales of Mumbai GTD
BUSINESS segment rose 27.03% to Rs 2,212.74 crore (accounting for 70.65% of
total sales). Distribution business revenue increased on account of
significant jump in energy demand. Energy demand (units sold) improved by 26%
YoY in Q1FY23 driven by rise in commercial segment and industrial segment
demand. Sales of Trading segment has gone up 94.85% to Rs 83.20 crore
(accounting for 2.66% of total sales).
- Profit
before interest, tax and other unallocable items (PBIT) has slumped 21.40% to
Rs 823.95 crore. PBIT of Transmission segment fell 30.23% to Rs
558.62 crore (accounting for 67.80% of total PBIT). PBIT of Trading
segment fell 25.00% to Rs 0.03 crore (accounting for 0.00% of total
PBIT). PBIT of Mumbai GTD BUSINESS segment rose 7.15% to Rs 265.30
crore (accounting for 32.20% of total PBIT). ·
- PBIT
margin of Transmission segment fell from 76.61% to 66.83%. PBIT
margin of Trading segment fell from 0.09% to 0.04%. PBIT margin of
Mumbai GTD BUSINESS segment fell from 14.21% to 11.99%. Overall PBIT
margin fell from 37.05% to 26.31%.
Recent Developments
Adani Transmission completed Rs 3,850 Crore 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 Crore. The transaction
once completed will add 673 ckms to ATL’s operational portfolio
Management Comment
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.”
Promoters’ stake was 73.87% as of 30 June 2022 ,compared to
74.92% as of 30 June 2021 . Promoters pledged stake was 5.90% as of
30 June 2022 ,compared to 8.25% as of 30 June 2021 .
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Adani Transmission : Consolidated Results
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Particulars
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2206 (3)
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2106 (3)
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Var.(%)
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2203 (12)
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Net Sales (including other operating income)
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3131.88
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2829.65
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11
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11257.52
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OPM (%)
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21.5
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49.7
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37.4
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OP
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673.25
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1405.97
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-52
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4206.17
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Other Inc.
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117.86
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106.07
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11
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603.95
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PBIDT
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791.11
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1512.04
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-48
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4810.12
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Interest
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739.98
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614.34
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20
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2364.95
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PBDT
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51.13
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897.70
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-94
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2445.17
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Depreciation
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383.98
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342.12
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12
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1427.15
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PBT
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-332.85
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555.58
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PL
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1018.02
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EO Income
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0.00
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0.00
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0.00
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PBT after EO
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-332.85
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555.58
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PL
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1018.02
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Taxation
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34.26
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97.30
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-65
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436.06
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PAT
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-367.11
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458.28
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PL
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581.96
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Regulatory Income
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534.68
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-15.59
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LP
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682.47
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PAT after RI
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167.57
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442.69
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-62
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1264.43
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Deferred assets recoverable/adjustable
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0.89
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-9.45
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-28.68
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PAT after Deferred tax
recoverable/adjustable
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168.46
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433.24
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-61
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1235.75
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Share of Profit/(Loss) from Associates
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0.00
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0.00
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0.00
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Minority Interest (MI)
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-17.53
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-2.18
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704
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31.14
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Net profit
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185.99
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435.42
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-57
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1204.61
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EPS (Rs)*
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#
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#
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10.8
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Notes
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* EPS is on current equity of Rs 1,115.49 crore, Face value of
Rs 10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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| Adani Transmission : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Transmission | 26.69 | 835.94 | 1,045.05 | -20.01 | 30.82 | 3,469.33 | 3,122.06 | 11.12 | | Trading | 2.66 | 83.20 | 42.70 | 94.85 | 7.30 | 821.91 | 756.63 | 8.63 | | Mumbai GTD BUSINESS | 70.65 | 2,212.74 | 1,741.90 | 27.03 | 61.88 | 6,966.28 | 6,047.64 | 15.19 | | Total Reported Sales | 100.00 | 3,131.88 | 2,829.65 | 10.68 | 100.00 | 11,257.52 | 9,926.33 | 13.41 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 3,131.88 | 2,829.65 | 10.68 | 100.00 | 11,257.52 | 9,926.33 | 13.41 | | PBIT | | Transmission | 67.80 | 558.62 | 800.63 | -30.23 | 70.17 | 2,428.76 | 2,191.80 | 10.81 | | Trading | 0.00 | 0.03 | 0.04 | -25.00 | 0.02 | 0.68 | 0.74 | -8.11 | | Mumbai GTD BUSINESS | 32.20 | 265.30 | 247.59 | 7.15 | 29.82 | 1,032.05 | 1,011.75 | 2.01 | | Total PBIT | 100.00 | 823.95 | 1,048.26 | -21.40 | 100.00 | 3,461.49 | 3,204.29 | 8.03 | | Less : Interest | | 739.98 | 614.34 | 20.45 | | 2,364.95 | 2,116.99 | 11.71 | | Add: Other un-allcoable | | 117.86 | 106.07 | 11.12 | | 603.95 | 532.60 | 13.40 | | PBIT Margin(%) | | Transmission | | 66.83 | 76.61 | -978.63 | | 70.01 | 70.20 | -19.70 | | Trading | | 0.04 | 0.09 | -5.76 | | 0.08 | 0.10 | -1.51 | | Mumbai GTD BUSINESS | | 11.99 | 14.21 | -222.41 | | 14.81 | 16.73 | -191.47 | | PBT | 100.00 | 201.83 | 539.99 | -62.62 | 100.00 | 1,700.49 | 1,619.90 | 4.97 |
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