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Results
05-May-22
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Analysis
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Adani Transmission
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Sales up 9%, PAT down 8%
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Consolidated net sales (including other operating income) of Adani
Transmission for the quarter ended Mar 2022 has increased 9.10% to Rs 2974.73
crore. Operating revenue of transmission was up 17% and that of
distribution was up 12%. Growth in transmission business was driven by newly
commissioned lines. Distribution business revenue growth was better on account
of strong energy demand and better collection efficiency. Operating profit margin has jumped from 37.67%
to 40.04%, leading to 15.96% rise in operating profit to Rs 1,191.15
crore. Purchase of finished goods cost fell from 16.51% to 14.07%.
Employee cost decreased from 8.65% to 6.19%. Other
expenses rose from 44.49% to 47.96%. Power and Oil fuel cost rose
from 29.30% to 32.27%. Other income rose 27.94% to Rs 190.62
crore. PBIDT rose 17.48% to Rs 1381.77 crore. Provision
for interest rose 31.53% to Rs 650.01 crore. PBDT rose 7.30% to Rs 731.76
crore. Provision for depreciation rose 18.49% to Rs 369.53
crore. Profit before tax down 2.13% to Rs 362.23 crore. Share
of profit/loss were nil in both the periods. Provision for tax was
expense of Rs 125.23 crore, compared to Rs 113.57 crore. Effective
tax rate was 34.57% compared to 30.68%. PAT of Rs 237 crores was lower by
7.6% on account of net forex movement (MTM) of Rs. 82 crore in Distribution
business. Minority interest decreased 59.13% to Rs 7.41 crore. Net profit
attributable to owners of the company decreased 3.70% to Rs 229.59
crore.
Sales of Transmission segment has gone up 13.77% to Rs 819.40 crore
(accounting for 27.55% of total sales). Sales of Trading segment has
gone down 7.13% to Rs 418.64 crore (accounting for 14.07% of total
sales). Sales of Mumbai GTD BUSINESS segment rose 11.64% to Rs
1,736.69 crore (accounting for 58.38% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped
14.86% to Rs 821.62 crore. PBIT of Transmission segment rose 12.75%
to Rs 540.80 crore (accounting for 65.82% of total PBIT). PBIT of
Trading segment fell 10.53% to Rs 0.51 crore (accounting for 0.06% of total
PBIT). PBIT of Mumbai GTD BUSINESS segment rose 19.24% to Rs 280.31
crore (accounting for 34.12% of total PBIT).
PBIT margin of Transmission segment fell from 66.60% to
66.00%. PBIT margin of Trading segment fell from 0.13% to
0.12%. PBIT margin of Mumbai GTD BUSINESS segment rose from 15.11%
to 16.14%. Overall PBIT margin rose from 26.23% to
27.62%.
Yearly performance
Consolidated net sales (including other operating income) for fiscal ended Mar
2022, has increased 13.41% to Rs 11257.52
crore. Operating profit margin has declined from 45.67% to 43.43%,
leading to 7.84% rise in operating profit to Rs 4,888.64
crore. Purchase of finished goods cost fell from 7.61% to 7.30%.
Employee cost decreased from 9.38% to 7.86%. Other
expenses rose from 43.21% to 47.47%. Power and Oil fuel cost rose
from 29.08% to 34.15%. Other income rose 13.40% to Rs 603.95
crore. PBIDT rose 8.43% to Rs 5492.59 crore. Provision
for interest rose 11.71% to Rs 2364.95 crore. PBDT rose 6.07% to Rs
3127.64 crore. Provision for depreciation rose 7.39% to Rs 1427.15
crore. Profit before tax grew 4.97% to Rs 1,700.49
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 464.74 crore, compared
to Rs 330.33 crore. Effective tax rate was 27.33% compared to
20.39%. Minority interest decreased 52.48% to Rs 31.14 crore. Net
profit attributable to owners of the company decreased 1.59% to Rs 1,204.61
crore.
Sales of Transmission segment has gone up 11.12% to Rs 3,469.33 crore
(accounting for 30.82% of total sales). Sales of Trading segment has
gone up 8.63% to Rs 821.91 crore (accounting for 7.30% of total
sales). Sales of Mumbai GTD BUSINESS segment rose 15.19% to Rs
6,966.28 crore (accounting for 61.88% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 8.03% to Rs 3,461.49 crore. PBIT of Transmission segment rose
10.81% to Rs 2,428.76 crore (accounting for 70.17% of total
PBIT). PBIT of Trading segment fell 8.11% to Rs 0.68 crore
(accounting for 0.02% of total PBIT). PBIT of Mumbai GTD BUSINESS
segment rose 2.01% to Rs 1,032.05 crore (accounting for 29.82% of total
PBIT).
PBIT margin of Transmission segment fell from 70.20% to
70.01%. PBIT margin of Trading segment fell from 0.10% to
0.08%. PBIT margin of Mumbai GTD BUSINESS segment fell from 16.73% to
14.81%. Overall PBIT margin fell from 32.28% to 30.75%. Operational
Highlights FY22 Operationalized 1,104 ckm in FY22
(41.5% higher yoy) and maintained system availability above 99.7% Energy demand (units sold) improved by
11% yoy in FY22 and 3% yoy in Q4 on account of significant rise in commercial
segment and industrial segment demand Distribution losses remains low in FY22
on account of higher collection efficiency and loss reduction measuresTransmission
Operationalised 1,104 ckm; total transmission network at 18,795 ckm
GTL, BKTL, FBTL projects consisting of ~1670 ckm were fully commissioned
Robust Transmission system availability at 99.7%
Received LOI for Karur, Khavda and MP-II Transmission lines Distribution
Added MPSEZ Utilities Limited (MUL) asset facilitating distribution of
electricity in Mundra SEZ area (8,481 hectares) as a distribution licensee
AEML: oMaintained supply reliability at 99.9% (ASAI) oDistribution
losses were at 6.55%, improving 127 bps yoy oEnergy demand improved to 7,972
million units up 11% yoy
Consumer-centric initiatives continue with digital payment at 69.7% Management comment Anil Sardana, MD & CEO, Adani
Transmission said “Adani Transmission is constantly evolving and becoming a
significant player in T&D sector. 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 & 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 its pursuit of enhanced long-term
value creation for all stakeholders.”Other developments Equity capital stood at Rs 1,099.81
crore as of 31 March 2022 to Rs 1,099.81 crore as of 31 March
2021. Per share face Value remained same at Rs 10.00. Loan funds rose to Rs 29,901.79 crore
as of 31 March 2022 from Rs 27,094.96 crore as of 31 March
2021. Inventories rose to Rs 250.11 crore as of 31 March 2022 from
Rs 233.71 crore as of 31 March 2021. Sundry debtors were higher at
Rs 1,070.84 crore as of 31 March 2022 compared to Rs 1,013.54 crore as of 31
March 2021. Cash and bank balance rose to Rs 1,492.57 crore as of 31
March 2022 from Rs 1,289.91 crore as of 31 March 2021. Investments
rose to Rs 560.52 crore as of 31 March 2022 from Rs 442.03 crore as of 31 March
2021. Fixed assets increased to Rs 34,733.64 crore as of 31 March 2022
from Rs 31,648.86 crore as of 31 March 2021. Intangible assets
increased from Rs 592.88 crore to Rs 598.29 crore. Cash flow from operating activities
increased to Rs 4,096.61 crore for year ended March 2022 from Rs 3,784.33 crore
for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 4,334.31 crore, compared to Rs
4,515.56 crore during the year ended March 2021. Promoters’ stake was 74.92% as of 31
March 2022, compared to 74.92% as of 31 March 2021. Promoters
pledged stake was 6.74% as of 31 March 2022, compared to 12.02% as of 31 March
2021.
Adani Transmission : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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Net Sales (including other operating income) | 2,974.73 | 2,726.61 | 9.10 | 11,257.52 | 9,926.33 | 13.41 | OPM (%) | 40.04 | 37.67 | 237 bps | 43.43 | 45.67 | -224 bps | OP | 1,191.15 | 1,027.18 | 15.96 | 4,888.64 | 4,533.17 | 7.84 | Other Inc. | 190.62 | 148.99 | 27.94 | 603.95 | 532.60 | 13.40 | PBIDT | 1,381.77 | 1,176.17 | 17.48 | 5,492.59 | 5,065.77 | 8.43 | Interest | 650.01 | 494.18 | 31.53 | 2,364.95 | 2,116.99 | 11.71 | PBDT | 731.76 | 681.99 | 7.30 | 3,127.64 | 2,948.78 | 6.07 | Depreciation | 369.53 | 311.87 | 18.49 | 1427.15 | 1328.88 | 7.39 | PBT | 362.23 | 370.12 | -2.13 | 1700.49 | 1619.9 | 4.97 | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | PBT before EO | 362.23 | 370.12 | -2.13 | 1700.49 | 1619.9 | 4.97 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 362.23 | 370.12 | -2.13 | 1700.49 | 1619.9 | 4.97 | Taxation | 125.23 | 113.57 | 10.27 | 464.74 | 330.33 | 40.69 | PAT | 237 | 256.55 | -7.62 | 1235.75 | 1289.57 | -4.17 | Minority Interest (MI) | 7.41 | 18.13 | -59.13 | 31.14 | 65.53 | -52.48 | Net profit | 229.59 | 238.42 | -3.70 | 1204.61 | 1224.04 | -1.59 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 229.59 | 238.42 | -3.70 | 1204.61 | 1224.04 | -1.59 | EPS (Rs)* | 2.09 | 2.17 | -3.70 | 10.95 | 11.13 | -1.59 | | * EPS is on current equity of Rs 1,099.81 crore, Face value of Rs 10, Excluding extraordinary items. | # EPS is not annualised | bps : Basis points | EO : Extraordinary items | Figures in Rs crore | Source: Capitaline Corporate Database |
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Adani Transmission : Consolidated Segment Results | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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Sales | Transmission | 27.55 | 819.40 | 720.23 | 13.77 | 30.82 | 3,469.33 | 3,122.06 | 11.12 | Trading | 14.07 | 418.64 | 450.76 | -7.13 | 7.30 | 821.91 | 756.63 | 8.63 | Mumbai GTD BUSINESS | 58.38 | 1,736.69 | 1,555.62 | 11.64 | 61.88 | 6,966.28 | 6,047.64 | 15.19 | Total Reported Sales | 100.00 | 2,974.73 | 2,726.61 | 9.10 | 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 | 2,974.73 | 2,726.61 | 9.10 | 100.00 | 11,257.52 | 9,926.33 | 13.41 | PBIT | Transmission | 65.82 | 540.80 | 479.66 | 12.75 | 70.17 | 2,428.76 | 2,191.80 | 10.81 | Trading | 0.06 | 0.51 | 0.57 | -10.53 | 0.02 | 0.68 | 0.74 | -8.11 | Mumbai GTD BUSINESS | 34.12 | 280.31 | 235.08 | 19.24 | 29.82 | 1,032.05 | 1,011.75 | 2.01 | Total PBIT | 100.00 | 821.62 | 715.31 | 14.86 | 100.00 | 3,461.49 | 3,204.29 | 8.03 | Less : Interest | | 650.01 | 494.18 | 31.53 | | 2,364.95 | 2,116.99 | 11.71 | Add: Other un-allcoable | | 190.62 | 148.99 | 27.94 | | 603.95 | 532.60 | 13.40 | PBIT Margin(%) | Transmission | | 66.00 | 66.60 | -59.87 | | 70.01 | 70.20 | -19.70 | Trading | | 0.12 | 0.13 | -0.46 | | 0.08 | 0.10 | -1.51 | Mumbai GTD BUSINESS | | 16.14 | 15.11 | 102.88 | | 14.81 | 16.73 | -191.47 | PBT | 100.00 | 362.23 | 370.12 | -2.13 | 100.00 | 1,700.49 | 1,619.90 | 4.97 |
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