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Adani Transmission Limited Q3 2022 Results

14 March 2022
3 minutes

Adani Transmission Ltd posted its quarterly results for Q3 FY22 on February 3, 2022. The company posted a 4% quarter on quarter (QoQ) dip in its consolidated profit after tax (PAT) at Rs 276 crore from Rs 288 crore in the previous quarter. On a year on year (YoY) basis, the company reported a 40% dip in its PAT from Rs 463 crore in the year ago period. While the total expenses grew by 23.5% YoY to Rs 2,933 crore from Rs 2,373 crore in the year ago period. Meanwhile, Adani Transmission’s tax expenses also grew by a whopping 280% to Rs 118 crore from Rs 31 crore in Q3 FY21.

The company’s total income jumped 15.3% QoQ to Rs 3,085 crore from Rs 2,734 crore in Q2 FY22. The total income jumped ~13% YoY from Rs 2,734 crore in the year ago period.

The stock of Adani Transmission closed in the red at Rs 2,006.20 per share after taking a dip of 0.49% at the end of the intraday trading session ahead of its quarterly results on February 3, 2022. 

Hits – Adani Transmission Q3 Results 2022

  • Total income up 15.3% QoQ, 13% YoY to Rs 3,085 crore in the October-December 2021 quarter.
  • Distribution losses were at 7.01%, improving 89 bps yoy
  • Energy demand improved to 6,088 million units up 14% yoy

Misses

  • PAT down 40% YoY, 4% QoQ to Rs 276 crore in the quarter under review.
  • Total expenses up by 23.5% YoY to Rs 2,933 crore from Rs 2,373 crore
  • Tax expenses up by 280% to Rs 118 crore from Rs 31 crore in Q3 FY21
  • EPS down to Rs 1.85 from Rs 1.90 in the previous quarter and Rs 3.08 in the year ago period.

Segment-wise revenue

  • Transmission: Revenue up 16% YoY to Rs 816 crore from Rs 704 crore in Q3 FY21
  • GTD Business: Revenue up 13% YoY to Rs 1,797 crore from Rs 1,587 crore in Q3 FY21
  • Trading: Revenue down 2% YoY to Rs 298 crore from Rs 304 crore in Q3 FY21

What the management says

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 a 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.”

Other things to know about Adani Transmission Ltd

  • Adani Transmission is looking to increase renewable power procurement to 30% by FY23 and 60% by FY27
  • Added 3,080 ckm; total transmission network at 18,567 ckm
  • Consumer-centric initiatives continue with digital payment at 69.5%
  • Completed acquisition of MPSEZ Utilities Limited (MUL) facilitating distribution of electricity in Mundra SEZ area (8,481 hectares) as a distribution licensee
  • Adani Transmission is the largest power infrastructure company in the country with a market capitalization of Rs 2.21 lakh crore (as of February 3, 2022).
  • The company’s P/E ratio is at 181.14 against the industry average of 29.49 while its P/B ratio is at 22.12 against the industry average of 3.27. ( as of February 3, 2022)

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Research Analyst: Bavadharini KS

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