Hot Pursuit     12-Apr-23
Adani Electricity Mumbai raises RE share to 30% in 2 years; working capital loan down to Rs 500 cr
Adani Transmission said that its subsidiary Adani Electricity Mumbai (AEML), in the last two years, has increased the share of renewable energy (RE) procurement from 3% to 30% at end of 31 March 2023.

The regulatory asset base (RAB) of the company increased to Rs 7,479 crore in FY22 from Rs 5,607 crore, at a CAGR of 10.10%.

AEML's capex of Rs 1,310 crore for FY 2023 has been fully funded through internal accruals without any debt incurrence. It has surplus cash of Rs 800 crore as on 31 Mar 2023.

With regard to senior debt, AEML has unwounded option contracts aggregating to $300 million and converted them to fully hedged swaps.

The company reduced its working capital loan to Rs 500 crore as on 31 Mar 2023 from Rs 1,045 crore in December 2022.

Adani Transmission (ATL) is the transmission and distribution business arm of the Adani Group. ATL is the country's largest private transmission company with a cumulative transmission network of 18,875 ckm, out of which 14,279 ckm is operational and 4,596 ckm are at various stages of construction.

The company's consolidated net profit surged 72.8% to Rs 478 crore on 15.8% rise in revenue to Rs 3,037 crore in Q3 FY23 over Q3 FY22.

The scrip rose 0.21% to currently trade at Rs 1056.35 on the BSE.

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