Adani Transmission shares gain 3% ahead of Q1 results

Shares of Adani Energy Solutions Ltd (erstwhile Adani Transmission Ltd) gained nearly 3 per cent in Monday's trade ahead of the Adani group firm's June quarter results. The stock rose 2.65 per cent to hit a high of Rs 836.50 on BSE. With this, the Adani stock has gained 8 per cent in the last one month. Adani Transmission has changed its name to Adani Energy Solutions effective from July 27.

Adani Transmission Q1 biz update

In its Q1 business update, Adani Transmission said it added 550 ckm to the operational transmission network length in the June quarter, with the total network standing at 19,778 ckm against 18,795 ckm in the year-ago quarter. The Adani group firm said it saw continuous expansion in power transformation capacity on account of new project additions. The capacity stood at 46,001 MVA in the June quarter compared with 40,001 MVA in the same quarter last year, it said.

The Adani group firm said it maintained system availability well above 99.7 per cent level. This was against 99.18 per cent YoY. On the distribution side, consumer base increase to 31.30 lakh from 30.8 lakh in the year-ago quarter. Collection efficiency was slightly lower at 97.29 per cent on account of seasonality. Residential customers accounted for 49 per cent of revenues, commercial 40 per cent and industrial 11 per cent.

At Adani Enterprises' AGM, earlier this month, Gautam Adani had said that Adani Transmission was accelerating, with the transmission business continuing to grow faster than the market. He noted that Adani Transmission's revenues are anticipated to expand 18 per cent and cross Rs 4,000 crore in annuity income.

"I am also very pleased to state that ATL’s Mumbai distribution business achieved reliability of 99.99 per cent and was ranked the No.1 discom by the Union Ministry of Power. ATL will also take Mumbai to 60 per cent renewable power making it the first mega city in the world to achieve over 50 per cent power from solar & wind."

Adani Transmission now Adani Energy Solutions

To recall, Adani Transmission has changed its name to Adani Energy Solutions effective from July 27, pursuant to the “Certificate of Incorporation pursuant to change of name” received from the registrar of companies (ROC), Ahmedabad.

The change of name by the Adani group firm does not affects the rights and liabilities of stakeholders pursuant to such change of name. It is obligatory on the part of the Adani Energy Solutions to display the old name of the company for a period of two years along with its new name at all places wherever the company is required to display its name in terms of Section 12 of the Act.

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Adani Transmission had announced about the change of name on May 29. In a filing to BSE, the company had said: "It was also approved to Change the name of the Company from “Adani Transmission Limited” to “Adani Energy Solutions Limited” subject to approval of shareholders, Ministry of Corporate Affairs (MCA) and such other applicable statutory / regulatory authorities."

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