Adani Transmission Q4 Results: Profit Rises 85.5% To Rs 439.6 Crore
Adani Transmission's board also approved renaming the company to Adani Energy Solutions.
Adani Transmission Ltd. reported a jump in its net profit for the quarter ended March.
The consolidated profit of the transmission and distribution company rose 85.5% year-on-year to Rs 439.6 crore in the fourth quarter, according to its exchange filing. This compares with the Rs 717.5-crore consensus estimate of analysts tracked by Bloomberg.
Adani Transmission Q4 FY23 (Consolidated)
Revenue up 12.9% at Rs 3,357.7 crore, as compared with an estimate of Rs 3,185.6 crore.
Ebitda rises 27.3% to Rs 1,203.2 crore, as against an estimate of Rs 1,715.1 crore.
Ebitda margin at 35.8%. Analysts had estimated it at 53.8%.
The board approved renaming the company to Adani Energy Solutions.
It also reappointed Anil Sardana as the managing director for a period of five years, effective May 10.
Business Highlights
Energy demand (units sold) improved by 11.5% year-on-year in the fourth quarter, driven by a rise in commercial segment and industrial segment demand, the filing said.
The company added 1,704 circuit km to the operational network, with the total network at 19,779 circuit kilometer.
During the year, Obra-C, Lakadia Banaskantha, Jam Khambhaliya and WRSS XXI (A) lines were fully commissioned.
Operationalized 609 circuit km in the fourth quarter and maintained system availability at 99.68%.
"The exceptional resilience of the Adani Group's business model has once again been validated by our strong financial performance," said Gautam Adani, chairman of Adani Group.
"We are leaders in the transmission and distribution space and have consistently set new industry standards in efficiency, performance, and asset development," Adani said. "Adani Transmission is well-positioned to deliver exponential growth, and we are working towards fulfilling our nation’s massive electricity needs and strengthening our position as a world class utility."
On May 13, Adani Transmission approved a proposal to raise Rs 8,500 crore through a qualified institutional placement.
Shares of Adani Transmission closed 1.67% lower at Rs 835.90 apiece on Monday, as compared with a 0.54% gain in the benchmark NSE Nifty 50.
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