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Results
04-Feb-22
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Analysis
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Adani Transmission
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Sales up 12%, but net down 32% on inflated base
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Consolidated net sales (including other operating income) of Adani Transmission
for the quarter ended Dec 2021 has increased 12% to Rs 2911.7
crore. Operating profit margin has declined from 38.7% to 30.9%,
leading to 10% fall in operating profit to Rs 900.88 crore. Other
income rose 26.62% to Rs 173.5 crore. Provision for
interest rose 23.08% to Rs 560.24 crore. Provision for
depreciation rose 11.51% to Rs 362.74 crore. Profit before tax down 58%
to Rs 151.40 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 125.24 crore, compared
to Rs 8.54 crore. Effective tax rate was 31.16% compared to 1.81%. Thus
PAT before RI was down 93% to Rs 26.16 crore. Regulatory income was up 125% to
Rs 250.51 crore. Thus PAT after RI was down 40% to Rs 276.67 crore. Minority
interest decreased 86% to Rs 9.64 crore. Net profit attributable to
owners of the company decreased 32% to Rs 267.03 crore.
Net profit for
the quarter not comparable yoy on account of Rs 62 crore reversal of earlier
interim power purchase bill, one-time deferred tax assets creation of Rs 129
crore and forex MTM gain of Rs 49 crore in Q3FY21 in
distribution business.
Sales of Transmission segment has gone up 15.88% to Rs 816.07 crore
(accounting for 28.03% of total sales). Sales of Trading segment has
gone down 2.15% to Rs 298.35 crore (accounting for 10.25% of total
sales). Sales of Mumbai GTD BUSINESS segment rose 13.19% to Rs
1,797.28 crore (accounting for 61.73% of total sales). While growth in transmission business was driven by
newly operational lines, the distribution business revenue growth was better on
account of higher energy sales and better collection efficiency.
Profit before interest, tax and other un-allocable items (PBIT) has
slumped 0.19% to Rs 788.65 crore. PBIT of Transmission segment rose
19.09% to Rs 550.32 crore (accounting for 69.78% of total
PBIT). PBIT of Trading reported loss of Rs 0.05 crore compared to
profit of Rs 0.09 crore. PBIT of Mumbai GTD BUSINESS segment fell
27.32% to Rs 238.38 crore (accounting for 30.23% of total PBIT).
PBIT margin of Transmission segment rose from 65.62% to
67.44%. PBIT margin of Trading segment fell from 0.03% to
0.02%. PBIT margin of Mumbai GTD BUSINESS segment fell from 20.66%
to 13.26%. Overall PBIT margin fell from 30.43% to
27.09%.
Nine-month performance
Consolidated net sales has increased 15% to Rs 8282.79 crore. Operating
profit margin has declined from 43.4% to 39.4%, leading to 4% rise in operating
profit to Rs 3260.86 crore. Other income rose 8% to Rs 413.33
crore. Provision for interest rose 6% to Rs 1714.94
crore. Provision for depreciation rose 4% to Rs 1057.62
crore. Profit before tax grew 4% to Rs 901.63
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 339.51 crore, compared
to Rs 216.76 crore. Effective tax rate was 25.37% compared to
17.34%. Minority interest decreased 49.94% to Rs 23.73 crore. Thus
PAT was down 14% to Rs 562.12 crore. The RI was up 14% to Rs 436.63 crore and
thus the PAT after RI was down 3% to Rs 998.75 crore. Net profit attributable to owners of the
company decreased 1% to Rs 975.02 crore.
Sales of Transmission segment has gone up 10.33% to Rs 2,649.93 crore
(accounting for 31.99% of total sales). Sales of Trading segment has
gone up 31.84% to Rs 403.27 crore (accounting for 4.87% of total
sales). Sales of Mumbai GTD BUSINESS segment rose 16.42% to Rs
5,229.59 crore (accounting for 63.14% of total sales).
Profit before interest, tax and other un-allocable items (PBIT) has
jumped 6.06% to Rs 2,639.87 crore. PBIT of Transmission segment rose
10.27% to Rs 1,887.96 crore (accounting for 71.52% of total
PBIT). PBIT of Trading segment fell 0.00% to Rs 0.17 crore
(accounting for 0.01% of total PBIT). PBIT of Mumbai GTD BUSINESS
segment fell 3.21% to Rs 751.74 crore (accounting for 28.48% of total
PBIT).
PBIT margin of Transmission segment fell from 71.28% to
71.25%. PBIT margin of Trading segment fell from 0.06% to
0.04%. PBIT margin of Mumbai GTD BUSINESS segment fell from 17.29%
to 14.37%. Overall PBIT margin fell from 34.57% to
31.87%.
Regulatory implications
MEGPTCL, a whollyowned subsidiary had received MERC order vide dated
June 3, 2021 and has given impact to the Hon’ble APTEL judgement in the matter
of Appeal No 260 of 2016 dated July 24, 2020, revised the ARR of MEGPTCL
retrospectively effective from 1st april 2013 and directed MEGPTCL
to claim the incremental ARR during the MTR in Fy2023-24. Consequent to the above MERC order, during
the period ended 31st December 2021 MEGPTCL has recognised additional
revenue from operations of Rs 303.72 crore for the period Apr 2014 to March
2021 and recognized Rs 73.61 crore for the period April 2021 to Dec 2021.
Accordingly the figures for the current period not comparable with the corresponding
figures of the previous periods/year to that extent. The impact of the above
orders on consolidated financials of the company in Q3FY22 and 9mFY22 was Rs
33.24 crore (up from Rs 14.24 crore in Q3Fy21) and Rs 377.33 crore (up from RS
372.09 crore in 9mFY21) respectively. Consequent to the above MERC order,
MEGPTCL is entitled for aggregate revenue of Rs 1168.13 crore including
carrying cost upto FY24, out of which till 31st Dec 2021 aggregate
revenue of Rs 851.37 crore has been recognised to give effect of the above
order.
CERC vide its order date Jan 21, 2022, has partly disallowed certain expense
(interest & depreciation) in relation to truing up tariff petition for the control
period 2015-19 and tariff determination petition for the control period 2020-24
filed by ATIL, a WOS of the company. The management has basis an external legal
opinion, assessed that it has reasonably good case on merits in the light of
the prevailing tariff regulations, settled principles of law as per earlier judicial
precedence and is in the process of preferring an appeal in APTEL against such
CERC order. Having regard to the above the disallowance aggregating to Rs 79.41
crore upto 31st Dec 2021 are not reckoned with in the aforementioned
results.
Operational highlights
Added
3,080 ckm to operational network reaching to 18,567 ckm. Significant network
addition (+20% yoy) on account of Alipurduar and WKTL asset acquisitions as
well as organic growth.
Power
Transformation Capacity as end of Dec 2021 increased to stand at 38641 MVA from
27280 as end of Dec 2021. Transformation
capacity has increased 42% during the period due to addition of new
sub-stations.
Transmission
Lines operating at greater than 99.62% system availability. Maintained supply reliability of more than
99.99% in Distribution business
Sold
6,088 million units vs. 5,343 million units last year with energy demand
improving by 14% YoY in AEML.
Plant
availability at Dahanu plant is back to 100%.
E-payment
as a % of total collection at 69.5% with greater digital adoption
Received
LOI for Karur Transmission and Khavda Transmission won in Q3
Management comment
Anil
Sardana, MD & CEO, Adani Transmission Ltd said “Adani Transmission is
constantly evolving and becoming a significant player in T&D sector.
Further, we added MUL – the distribution business at Mundra SEZ with good
opportunity to grow into a formidable distribution company. ATL’s robust growth
pipeline and recently operationalised projects will further strengthen its
pan-India presence and consolidate its position as the largest private sector
transmission company in India. ATL is consistently benchmarking to be the
best-in-class utility 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 its
pursuit of enhanced long-term value creation for all stakeholders.
Others
Promoters’ stake was 74.92% as of 31 December 2021, compared to 74.92%
as of 31 December 2020. Promoters pledged stake was 7.22% as of 31
December 2021, compared to 8.17% as of 30 September 2021 and 27.77% as of 31
December 2020.
| Adani Transmission : Consolidated Results |
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| Particulars |
2112 (3) |
2012 (3) |
Var (%) |
2112 (9) |
2012 (9) |
Var (%) |
2103 (12) |
| Net Sales (including other operating
income) |
2911.70 |
2597.02 |
12 |
8282.79 |
7199.72 |
15 |
9926.33 |
| OPM (%) |
30.9 |
38.7 |
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39.4 |
43.4 |
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39.8 |
| OP |
900.88 |
1004.18 |
-10 |
3260.86 |
3122.93 |
4 |
3950.36 |
| Other Inc. |
173.50 |
137.02 |
27 |
413.33 |
383.61 |
8 |
532.60 |
| PBIDT |
1074.38 |
1141.20 |
-6 |
3674.19 |
3506.54 |
5 |
4482.96 |
| Interest |
560.24 |
455.18 |
23 |
1714.94 |
1622.81 |
6 |
2116.99 |
| PBDT |
514.14 |
686.02 |
-25 |
1959.25 |
1883.73 |
4 |
2365.97 |
| Depreciation |
362.74 |
325.29 |
12 |
1057.62 |
1017.01 |
4 |
1328.88 |
| PBT |
151.40 |
360.73 |
-58 |
901.63 |
866.72 |
4 |
1037.09 |
| Share of Profit/(Loss) from Associates |
0.00 |
0.00 |
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0.00 |
0.00 |
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0.00 |
| PBT before EO |
151.40 |
360.73 |
-58 |
901.63 |
866.72 |
4 |
1037.09 |
| EO Income |
0.00 |
0.00 |
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0.00 |
0.00 |
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0.00 |
| PBT after EO |
151.40 |
360.73 |
-58 |
901.63 |
866.72 |
4 |
1037.09 |
| Taxation |
125.24 |
8.54 |
1367 |
339.51 |
216.76 |
57 |
330.33 |
| PAT |
26.16 |
352.19 |
-93 |
562.12 |
649.96 |
-14 |
706.76 |
| Regulatory Income |
250.51 |
111.30 |
125 |
436.63 |
383.06 |
14 |
582.81 |
| PAT after RI |
276.67 |
463.49 |
-40 |
998.75 |
1033.02 |
-3 |
1289.57 |
| Minority Interest (MI) |
9.64 |
68.18 |
-86 |
23.73 |
47.40 |
-50 |
65.53 |
| Net profit |
267.03 |
395.31 |
-32 |
975.02 |
985.62 |
-1 |
1224.04 |
| EPS (Rs)* |
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11.1 |
| Notes |
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| *
EPS is on current equity of Rs 1,099.81 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 | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Transmission | 28.03 | 816.07 | 704.26 | 15.88 | 31.99 | 2,649.93 | 2,401.83 | 10.33 | 31.45 | 3,122.06 | 2,815.00 | 10.91 | | Trading | 10.25 | 298.35 | 304.92 | -2.15 | 4.87 | 403.27 | 305.87 | 31.84 | 7.62 | 756.63 | 924.61 | -18.17 | | Mumbai GTD BUSINESS | 61.73 | 1,797.28 | 1,587.84 | 13.19 | 63.14 | 5,229.59 | 4,492.02 | 16.42 | 60.93 | 6,047.64 | 7,676.35 | -21.22 | | Total Reported Sales | 100.00 | 2,911.70 | 2,597.02 | 12.12 | 100.00 | 8,282.79 | 7,199.72 | 15.04 | 100.00 | 9,926.33 | 11,415.96 | -13.05 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,911.70 | 2,597.02 | 12.12 | 100.00 | 8,282.79 | 7,199.72 | 15.04 | 100.00 | 9,926.33 | 11,415.96 | -13.05 | | PBIT | | Transmission | 69.78 | 550.32 | 462.12 | 19.09 | 71.52 | 1,887.96 | 1,712.14 | 10.27 | 68.40 | 2,191.80 | 1,873.21 | 17.01 | | Trading | -0.01 | -0.05 | 0.09 | PL | 0.01 | 0.17 | 0.17 | 0 | 0.02 | 0.74 | 0.40 | 85.00 | | Mumbai GTD BUSINESS | 30.23 | 238.38 | 327.98 | -27.32 | 28.48 | 751.74 | 776.67 | -3.21 | 31.57 | 1,011.75 | 1,206.23 | -16.12 | | Total PBIT | 100.00 | 788.65 | 790.19 | -0.19 | 100.00 | 2,639.87 | 2,488.98 | 6.06 | 100.00 | 3,204.29 | 3,079.84 | 4.04 | | Less : Interest | | 560.24 | 455.18 | 23.08 | | 1,714.94 | 1,622.81 | 5.68 | | 2,116.99 | 2,238.49 | -5.43 | | Add: Other un-allcoable | | 173.50 | 137.02 | 26.62 | | 413.33 | 383.61 | 7.75 | | 532.60 | 265.33 | 100.73 | | PBIT Margin(%) | | Transmission | | 67.44 | 65.62 | 181.76 | | 71.25 | 71.28 | -3.92 | | 70.20 | 66.54 | 365.98 | | Trading | | -0.02 | 0.03 | -4.63 | | 0.04 | 0.06 | -1.34 | | 0.10 | 0.04 | 5.45 | | Mumbai GTD BUSINESS | | 13.26 | 20.66 | -739.24 | | 14.37 | 17.29 | -291.53 | | 16.73 | 15.71 | 101.61 | | PBT | 100.00 | 401.91 | 472.03 | -14.85 | 100.00 | 1,338.26 | 1,249.78 | 7.08 | 100.00 | 1,619.90 | 1,106.68 | 46.37 |
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