Adani Transmission Q3 results: Net profit rises 73% to Rs 478 cr
Adani Transmission's revenue rose 16% to Rs 3,037 crore in Q3FY23; MD says firm's 'growth trajectory remains firm despite the challenging macroeconomic environment'
- Feb 6, 2023,
- Updated Feb 6, 2023 7:05 PM IST
Adani Transmission on Monday reported 73% jump in consolidated net profit at Rs 478 crore for the quarter ending December 31, 2022 as against Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order. The company's revenue rose 16% to Rs 3,037 crore in Q3FY23 as compared to Rs 2,623 crore in the year-ago period.
Anil Sardana, MD, 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 macroeconomic 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 and 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 practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders."
On Monday, the company's scrip on BSE closed trading 10% lower at Rs 1,261.4.
Adani Group on Monday said shares related to some group companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in September 2024.
With the pre-payment of loans against shares, promoter holdings of 12% in Adani Ports and Special Economic Zone Ltd, 3% in Adani Green Energy Ltd and 1.4% in Adani Transmission Ltd will be released, the embattled group said in a statement.
The loan pre-payment is "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage", the conglomerate said.
Amid a scathing report by US short seller Hindenburg Research, some more Adani Group companies will be announcing their December quarter results this week. Adani Green, Adani Ports, Ambuja Cements, NDTV will announce their Q3 results on Tuesday, Adani Power, Adani Wilmar to announce results on Wednesday and Adani Total Gas on Thursday.
Adani Transmission is the country’s largest private transmission company, with a presence across 13 states of India and a cumulative transmission network of 18,795 ckm (circuit kilometers), out of which 15,371 ckm are operational and 3,424 ckm are at various stages of construction.
It also operates a distribution business, serving more than 12 million consumers in Mumbai and Mundra SEZ.
Adani Transmission on Monday reported 73% jump in consolidated net profit at Rs 478 crore for the quarter ending December 31, 2022 as against Rs 267 crore in the year-ago period, aided by a one-time income of Rs 240 crore from a regulatory order. The company's revenue rose 16% to Rs 3,037 crore in Q3FY23 as compared to Rs 2,623 crore in the year-ago period.
Anil Sardana, MD, 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 macroeconomic 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 and 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 practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders."
On Monday, the company's scrip on BSE closed trading 10% lower at Rs 1,261.4.
Adani Group on Monday said shares related to some group companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in September 2024.
With the pre-payment of loans against shares, promoter holdings of 12% in Adani Ports and Special Economic Zone Ltd, 3% in Adani Green Energy Ltd and 1.4% in Adani Transmission Ltd will be released, the embattled group said in a statement.
The loan pre-payment is "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage", the conglomerate said.
Amid a scathing report by US short seller Hindenburg Research, some more Adani Group companies will be announcing their December quarter results this week. Adani Green, Adani Ports, Ambuja Cements, NDTV will announce their Q3 results on Tuesday, Adani Power, Adani Wilmar to announce results on Wednesday and Adani Total Gas on Thursday.
Adani Transmission is the country’s largest private transmission company, with a presence across 13 states of India and a cumulative transmission network of 18,795 ckm (circuit kilometers), out of which 15,371 ckm are operational and 3,424 ckm are at various stages of construction.
It also operates a distribution business, serving more than 12 million consumers in Mumbai and Mundra SEZ.