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Adani Transmission Ltd

BSE Code : 539254 | NSE Symbol : ADANITRANS | ISIN:INE931S01010| SECTOR : Power Generation & Distribution |

NSE BSE
 
SMC down arrow

993.05

-10.40 (-1.04%) Volume 1096793

31-Mar-2023 EOD

Prev. Close

1,003.45

Open Price

1,018.30

Bid Price (QTY)

993.05(2859)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 1,044.00 - 974.20

52 wk High/Low 4,236.75 - 631.50

Key Stats

MARKET CAP (RS CR) 111315.01
P/E 0
BOOK VALUE (RS) 91.1840377
DIV (%) 0
MARKET LOT 1
EPS (TTM) 1.08
PRICE/BOOK 10.9438014061533
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 32.96
4

News & Announcements

29-Mar-2023

Adani Green Energy Ltd Falls 5%

29-Mar-2023

Adani Transmission acquires Khavda II-A Transmission

29-Mar-2023

Adani Transmission Ltd - Announcement under Regulation 30 (LODR)-Acquisition

29-Mar-2023

Adani Transmission Ltd - Adani Transmission Limited - Acquisition

29-Mar-2023

Adani Transmission acquires Khavda II-A Transmission

17-Mar-2023

Adani Transmission incorporates WOS - Adani Electricity Aurangabad

02-Mar-2023

GQG Partners invests Rs 1898 cr in Adani Transmission

28-Jan-2023

Adani Transmission to conduct board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Adani Green Energy Ltd 541450 ADANIGREEN
Adani Power Ltd 533096 ADANIPOWER
Andhra Valley Power Supply Company Ltd (Merged) 500061 ANDRAVALLY
Anzen India Energy Yield Plus Trust 543655 ANZEN
BF Utilities Ltd 532430 BFUTILITIE
CESC Ltd 500084 CESC
CPEC Ltd 505678
Energy Development Company Ltd 532219 ENERGYDEV
Entegra Ltd 532287 ENTEGRA
Gita Renewable Energy Ltd 539013
Greenview Power Projects Ltd 532061
Gujarat Industries Power Co Ltd 517300 GIPCL
IND Renewable Energy Ltd 536709
India Grid Trust 540565 INDIGRID
India Power Corporation Ltd 532130 DPSCLTD
Indowind Energy Ltd 532894 INDOWIND
Inox Wind Energy Ltd 543297 IWEL
Jaiprakash Power Ventures Ltd 532627 JPPOWER
JSW Energy Ltd 533148 JSWENERGY
K.P. Energy Ltd 539686
Karma Energy Ltd 533451 KARMAENG
Kintech Renewables Ltd 512329
KKV Agro Powers Ltd 538368 KKVAPOW
KPI Green Energy Ltd 542323 KPIGREEN
KSK Energy Ventures Ltd 532997 KSK
Lanco Infratech Ltd 532778 LITL
National Wind Power Corporation Ltd 531077 NEPCPAPER
NHPC Ltd 533098 NHPC
NLC India Ltd 513683 NLCINDIA
NTPC Ltd 532555 NTPC
Orient Green Power Company Ltd 533263 GREENPOWER
Potis Power Projects Ltd 530143
Power Grid Corporation of India Ltd 532898 POWERGRID
Powergrid Infrastructure Investment Trust 543290 PGINVIT
RattanIndia Enterprises Ltd 534597 RTNINDIA
Rattanindia Power Ltd 533122 RTNPOWER
Refex Renewables & Infrastructure Ltd 531260
Reliance Energy Ventures Ltd(merged) 532704 RENVL
Reliance Power Ltd 532939 RPOWER
Renewable Energy Systems Ltd 40173
Shivamshree Businesses Ltd 538520
SJVN Ltd 533206 SJVN
Solex Energy Ltd 532566 SOLEX
Southern Power Distribution Company of AP Ltd 511519
SRM Energy Ltd 523222
Sun Source (India) Ltd 517403
Surya Chakra Power Corporation Ltd 532874
T C P Ltd 530282 TCPLTD
Tata Hydro-Electric Power Supply Co. Ltd (Merged) 500409 TATAHYDRO
Tata Power Company Ltd 500400 TATAPOWER
Torrent Power AEC Ltd(merged) 500004 TORRENTAEC
Torrent Power Ltd 532779 TORNTPOWER
Torrent Power SEC Ltd(merged) 501736 TORRENTSEC
Virescent Renewable Energy Trust 535401 VIRESCENT
Waa Solar Ltd 541445
Waaree Renewables Technologies Ltd 534618

Share Holding

Category No. of shares Percentage
Total Foreign 231485565 20.75
Total Institutions 42083396 3.77
Total Govt Holding 1314 0.00
Total Non Promoter Corporate Holding 1204021 0.11
Total Promoters 827631081 74.19
Total Public & others 13087306 1.17
Total 1115492683 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Adani Transmission Ltd

Adani Transmission Limited (ATL) headquartered at Ahmedabad in Gujarat, India, is one of the largest private sector power transmission companies in India with a presence across the western and northern regions of India. Adani Transmission Limited (ATL) was incorporated on 9 December, 2013 to carry on the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems. The company received certificate for commencement of business on 17 December 2013. The Company had 15 subsidiaries as on 31st March 2018. The company deals in business of purchase, sale, supply, import, distribute, export, or transfer / exchange and to deal as trader, agent, broker, representative or otherwise deal in all forms of electricity and in other forms of energy from any source whatsoever, both conventional and non-conventional and any other commodities, products, goods etc. The High Court of Gujarat vide its Order dated 7 May 2015 sanctioned the Composite Scheme of Arrangement between Adani Enterprises Limited (AEL), Adani Ports and Special Economic Zone Limited (APSEZ), Adani Power Limited (APL), Adani Transmission Limited (ATL) and Adani Mining Private Limited (AMPL) and their respective shareholders and creditors. The Scheme, with effect from 1 April 2015, inter alia, provided for Demerger of the Transmission Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the Mundra- Zerda transmission line and the investment of AEL in ATL into ATL. On 25 November 2015, Adani Transmission announced that the company has acquired 3 Wholly Owned Subsidiaries of PFC Consulting Limited (a Wholly Owned Subsidiary of Power Finance Corporation Limited) viz. Chhattisgarh-WR Transmission Limited for System Strengthening for IPPs in Chhattisgarh and other Generation Projects in Western Region, Sipat Transmission Limited for Additional System Strengthening for Sipat STPS and Raipur-Rajnandgaon-Warora Transmission Limited Additional System Strengthening Scheme for Chhattisgarh IPPs (Part-B). The company has acquired these three companies from PFC Consulting Limited (PFCCL) pursuant to competitive bidding process carried out by PFCCL. With these new acquisitions and upon completion of these projects, ATL's transmission network will increase from 5051 Ckt Km to 6435 Ckt Km. On 8 July 2016, Adani Transmission announced that it has acquired 100% equity share capital of an SPV company North Karanpura Transco Limited (NKTL), a wholly owned subsidiary of REC Transmission Projects Company Limited (RECTPCL) pursuant to competitive bidding process carried out by RECTPCL. NKTL was incorporated in November 2015 by RECTPCL to establish transmission system for immediate evacuation for North Karanpura generation project of NTPC along with creation of 400/220KV sub-station at Dhanbad, Jharkhand on BOOM basis. On 26 July 2016, Adani Transmission announced that it has signed a Purchase Agreement with Credit Suisse AG, Singapore branch for its Indian rupee denominated Masala bond of Rs 500 crore with coupon of 9.1%. On 5 October 2016, Adani Transmission announced the signing of Binding Term Sheet with Reliance Infrastructure Ltd. (R-Infra) to acquire inter-state operational transmission assets viz. 100% stake of Western Region Strengthening System Scheme B (WRSSS B) - around 2089 ckt kms, 100% stake of Western Region Strengthening System Scheme C (WRSSS C) - around 974 ckt kms and 74% shares of R-Infra in Parbati Koldam Transmission Company Limited (PKTCL). PKTCL is a joint venture between R-Infra and Power Grid Corporation of India Limited (PGCIL). R-Infra holds 74% equity stake and PGCIL holds 26% equity stake in the company - around 458 ckt kms. On 7 December 2016, Adani Transmission announced that it has executed Share Purchase Agreement (SPA) with R-Infra for acquisition of R-Infra's WRSSS transmission assets of approximately 3100 ckt kms. On 7 October 2016, Adani Transmission Ltd (ATL) announced the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic growth. Earlier, on 1 July 2016, Adani Transmission announced that it has signed definitive agreement with GMR Energy Ltd. to acquire 74% Equity Shares of Maru Transmission Service Company Limited (MTSCL) with an option to acquire 100% in a manner consistent with Transmission Service Agreement and applicable consents. On the same, it also announced signing definitive agreement with GMR Energy Ltd. to acquire 49% Equity Shares of Aravali Transmission Service Company Limited (ATSCL) with an option to acquire 100% in a manner consistent with Transmission Service Agreement and applicable consents. MTSCL operates 400 KV S/C Bikaner-Deedwana transmission line and 2X315 MVA, 400/220 KV grid sub-station at Deedwana and other associated works in Rajasthan. ATSCL operates 400 KV S/C Hinduan-Alwar transmission line and 2X315 MVA, 400/220 KV grid sub-station at Alwar and other associated works in Rajasthan. On 3 April 2017, Adani Transmission Ltd (ATL) announced that it has received the 3 LOIs from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company Limited (PPP-8), Barmer Transmission Company Limited (PPP 9), and Thar Transmission Company Limited (PPP-10) collectively have approximately 350 Ckt kms of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. These assets were awarded through a Tariff Based Competitive Bidding Process. With these Projects, ATL will strengthen its existing significant presence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company Ltd) and Suratgarh Bikaner project, which is under construction. On 5 August 2017, Adani Transmission Ltd (ATL) announced that the company has acquired 100% equity share capital of two SPV companies namely, Barmer Power Transmission Service Limited (BPTSL) and Thar Power Transmission Service Limited (TPTSL), from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) on 4 August 2017 pursuant to competitive bidding process carried out by RVPN. These two SPV companies were incorporated in June 2016 by RVPN for development of 132 KV grid sub-stations along with associated transmission lines and associated schemes/works on PPP mode. On 14 August 2017, Adani Transmission Ltd (ATL) announced that it has acquired 100% equity share capital of SPV company namely, Hadoti Power Transmission Service Limited (HPTSL), from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) on 11 August 2017 pursuant to competitive bidding process carried out by RVPN. HPTSL was incorporated in May 2016 by RVPN for development of 220 KV and 132 KV grid sub-stations along with associated transmission lines and associated schemes/works on PPP mode. On 1 November 2017, Adani Transmission Ltd (ATL) announced that it has completed the acquisition of 100% stake of Western Region Transmission Maharashtra (WRTM) project and Western Region Transmission Gujarat (WRTG) project, having operational transmission lines aggregating 3063 ckt kms with deal valued at about Rs 1000 crore. With these acquisitions, ATL attains a new milestone of 8500 ckt kms of transmission lines in operation. On 21 December 2017, Adani Transmission (ATL) announced that it has signed a binding Share Purchase Agreement (SPA) to acquire the Mumbai Generation, Transmission and Distribution (GTD) business from Reliance Infrastructure. Adani Transmission has valued the business at a total consideration of Rs 12101 crore. In addition the Regulatory Assets approved to the extent of Rs 1150 crore for the period 1 April 2018 to 31 March 2019 will be to the account of the Seller. The GTD business caters to about 3 million customers, making it the country's largest private sector integrated power utility, entailing about 1,892 MW of power distribution along with generation facilities (500 MW thermal coal based) and over 540 ckt kms of transmission network. The proposed transaction will mark ATL's foray into distribution space and also strengthen Adani Transmission's footprint in the power transmission sector. With this acquisition, apart from largest distribution network, the cumulative transmission network of ATL will reach around 12000 ckt kms, out of which approximate 9540 ckt kms are under operation (including about 1000 ckt kms under process of acquisition) and approximate 2350 ckt kms under various stages of construction. The transformation capacity of ATL will increase to 19,200 MVA from 36 substations (Including 8 EHV Substations under acquisition) spread across the country. On 15 March 2018, Adani Transmission (ATL) announced that it has acquired 100% equity share capital of Fatehgarh-Bhadla Transmission Limited (FBTL) from PFC Consulting Limited (PFCCL) on 14 March 2018 pursuant to tariff based competitive bidding process carried out by PFCCL. FBTL was incorporated in December 2016 by PFCCL to establish transmission system for Ultra Mega Solar Park in Fatehgarh, District Jaisalmer, Rajasthan. In 2019, transmission line of 227 ckt km got operational. The Company had 20 direct subsidiaries as on 31st March 2019. During the year 2019-20, it acquired Bikaner-Khetri Transmission Limited from PFC Consulting Limited. It acquired Lakadia Banaskantha Transco Limited, Jam Khambaliya Transco Limited and WRSS XXI (A) Transco Limited from REC Transmission Projects Company Limited. Apart from acquisitions, it incorporated Arasan Infra Private Limited and Sunrays Infra Space Private Limited as a wholly-owned subsidiary Company. Adani Electricity Mumbai Services Limited was incorporated as a wholly-owned subsidiary Company, name of which changed to Power Distribution Services Limited subsequently w.e.f. 2nd January 2020. Adani Electricity Mumbai Infra Limited was incorporated as a wholly-owned subsidiary Company of Adani Electricity Mumbai Limited a material subsidiary of the Company, which increased the subsidiaries to 28 as on 31st March 2020. The Company had signed the Share Purchase Agreement in December 2019 with Adani Electricity Mumbai Limited (AEML), a material subsidiary company and Qatar Holdings LLC (Investor), and acquired 25.1% equity shares of the AEML with effect from 10th February 2020. The Company had 28 direct subsidiaries as on 31st March, 2020. It acquired Kharghar Vikhroli Transmission Private Limited from Maharashtra State Electricity Transmission Company Limited. It acquired Alipurduar Transmission Limited from Kalpataru Power Transmission Company. It incorporated Adani Transmission Step-One Limited as a wholly owned subsidiary Company. It incorporated AEML SEEPZ Limited as a wholly owned subsidiary Company of Adani Electricity Mumbai Limited, which is a material subsidiary of the Company. With this, the e total number of subsidiaries as on 31st March, 2021 was 33. The Company had ~13,027 ckt km of operational transmission lines and around 18,455 MVA of power transformation capacity as on 31st March, 2021. The Company had 33 subsidiaries in year 2021. During year 2021, Company acquired Warora Kurnool Transmission Limited from Essel Infraprojects Ltd. in Maharashtra, Andhra Pradesh and Telangana. It acquired Reliance Infrastructure's integrated utility comprising generation, transmission and retail electricity distribution (Adani Electricity Mumbai Limited). It acquired MPSEZ Utilities Limited (MUL) from Adani Ports and Special Economic Zone Limited (APSEZ). It acquired MP Power Transmission Package-II Limited from REC Power Development and Consultancy Limited (formerly known as REC Power Distribution Company Limited). It acquired Khavda-Bhuj Transmission Limited and Karur Transmission Limited from PFC Consulting Limited respectively. It incorporated ATL HVDC Limited as a wholly owned subsidiary company, which increased the number of Subsidiaries to 38 as on 31st March 2022.

Adani Transmission Ltd Chairman Speech

Optimism comes from Resilience. Resilience comes from Belief. Belief is Optimism

To say the world is in uncharted waters would be an understatement.

The adverse impact of a mix of the pandemic, armed conflict and climate change has exposed the fragility of the global system that we had largely considered as having competently learned how to manage itself. It has now dawned on governments across the world that the implications of this multidimensional crisis are hard to predict, may complicate further and that signs of its damaging effects — uncontrolled inflation, disrupted food supplies, increased human displacement, exposed healthcare machinery, stalled education levels and faltering job creation ecosystems — are evident and testing the resilience of every nation.

Resilience is defined as the characteristic that makes it possible to rebound into shape; it is the ability to withstand crises; it is the ability to face uncertainties with curiosity and optimism. This capacity to rebound is becoming harder to model or predict as the crises drivers are becoming harder to anticipate and increasingly intermingled. While there is always room for debate, there can be no denying that, looking back, India has emerged far better in its handling of the Covid-19 crisis from the humanitarian and economic perspectives than most developed economies. India has been able to take a mature approach to the ongoing conflict and has been one of the most aggressive nations in terms of establishing a renewable energy target for itself; while doing all of this, India has also emerged as the fastest growing major economy.

The overarching takeaway is that despite global instability, India has fared better than almost any other major nation. While there were situations over the past 24 months when it appeared that events were getting out of control, we must give credit where credit is due — India was able to bounce back each time, a testimony to our nation's resilience. In my view, utopian as some may call it, India's resilience comes from its historic culture that has been shaped across thousands of years — a model of co-existence that actually works and the philosophy of 'vasudhaiva kutumbakam', which means that the world is one family.

A culture of resilience

In my view, utopian as some may call it, India's resilience comes from its historic culture that has been shaped across thousands of years - a model of co-existence that actually works and the philosophy of 'vasudhaiva kutumbakam', which means that the world is one family.

It is India's inherent resilience that provides our nation its underlying optimism. My belief in our nation has never been higher. To use a cricketing analogy, we are now playing on one of the strongest home grounds and on one of the firmest pitches that has ever existed. This pitch is expected to remain firm for several decades. Optimism comes from resilience. Resilience comes from belief. And belief is optimism.

In our case, it is this resilience, optimism and belief that drives us. The primary reason for the success of the Adani Group comes from our alignment with the India growth story. Never have we shied from investing in India, never have we slowed our investments, and never have we feared to enter adjacent sectors - our resilience comes from this unshakeable belief and confidence in the aspirations of our fellow Indians and the future of India.

During the journey of more than 25 years, there were uncharted waters we entered and multidimensional crises that we faced. While we may have stumbled a few times, we were always able to get back on our feet. Our ability to rise after every stumble meant we grew bigger and stronger by drawing on our experience. It is these experiences that have enriched us with resilience and laid the foundation of our optimism.

At a fundamental level, our strategy is linked to the strategy of the nation. Over the past decades, we have always believed in the policies announced by the Government, have continued to invest through all economic cycles, watched for emerging sectors critical for the country's growth and entered new sectors with a confidence in our learning and operating abilities. We have grown adjacency by adjacency without getting hung up on textbook business models. We have built infrastructure anticipating a far larger and greater India; this confidence has paid dividends.

The sum of these investments of the past empowered us to address the present crisis and set us up stronger to handle any new crisis in the future. It is this future that unfolded over the period FY 21-22. This was a year when we announced ourselves to the world. In FY 21-22, our confidence in our ability was validated. Our belief in our past defines our ability to believe in our future, translating into the big bets that we make.

Preparing to go 'green'

The best recent evidence for our confidence and belief in the future has been the US$ 70 Bn investment we announced in facilitating India's 'green' transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in our effort to make 'green' hydrogen, the fuel of the future; it will equip us to produce

Our combined Group market capitalisation exceeded US$ 200 Bn. We raised billions of dollars from the international markets - a validation of confidence in the India and Adani growth stories. the least expensive 'green' electron and the least expensive hydrogen. We are leading the race to transform India from a country that is over-reliant on imported oil and gas to a country that can become a net exporter of clean energy. This would be a 'never- done-before' transformation in fortunes in a stunningly short period of time across the largest scale. This transformation will help reshape India's energy footprint in an extraordinary way.

While we are now a major global renewable energy player, we made remarkable progress in several other industries. In one stroke, we have become the largest airport operator in India. Around the airports where we operate, we are engaged in the adjacent business of building aerotropolises and creating localised community-based economic centres. We have made entries in sectors ranging from data centres, super apps and industrial clouds to defence and aerospace, metals and materials - all aligned with the Government's vision of an Atmanirbhar Bharat.

We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in businesses like ports, logistics, transmission and distribution, city gas and piped natural gas. The successful IPO of Adani Wilmar made us the largest

FMCG company in the country and we are now the second largest cement manufacturer in India. This year, our combined Group market capitalisation exceeded US$ 200 Bn. We raised billions of dollars from the international markets - a validation of confidence in the India and Adani growth stories. This growth and success have been recognised around the world. Foreign governments now come to us with proposals to work in their geographies and help build their infrastructure. The result is that in 2022 we laid the foundation to seek a broader expansion beyond India's boundaries.

I have no reason to believe that over the next two decades we will not suitably address this challenge. It is a virtuous cycle that is driven by the growth in the middleclass population and India today enjoys the world's firmest pitch on which to bat.

Robust results, record numbers

The growth in our market capitalisation has been supported by a robust and sustained growth in our cash flows. Our focus on operational excellence and accretive capacity addition delivered, across our portfolio, an EBITDA growth of 26%. Portfolio EBITDA stood at RS42,623 Crore. This growth was diversified and reflected across our businesses, the results speaking for themselves.

Group highlights

¦ Our Utilities portfolio grew 26%

¦ Our Transport and Logistics portfolio grew 19%

¦ Our FMCG portfolio grew 34%; and

¦ Our Incubator business, represented by AEL, grew 45%

The high growth of our incubator AEL provides the group with a robust foundation for the continued development of new businesses for yet another big decade. AELs unique business model has no parallel and we intend to leverage this further.

Segment highlights

AGEL

¦ Adani Green Energy Limited added 1,940 MW operational capacity in FY 21-22 (greenfield commissioning 200 MW and inorganic addition 1,740 MW)

¦ Adani Green Energy Limited's solar capacity utilisation factor (CUF) improved 130 bps YoY to 23.8% and wind CUF improved 400 bps YoY to 30.8% in FY 21-22

ATL

¦ Adani Transmission Limited added 1,104 ckm to its network, reaching 18,795 ckm, and sold a record 7,972 Mn units during the year.

APSEZ

¦ Adani Ports and Special Economic Zone Limited cargo volume grew 26% to 312 MMT in FY 21-22; the journey from 200 MMT to 300 MMT in cargo volume was achieved in the record time of just three years.

¦ Adani Ports and Special Economic Zone Limited also handled record container volume of 8.2 Mn TEUs, a growth of 14%

ATGL

¦ Adani Total Gas Limited added 117 CNG stations, 556 commercial, 154 industrial and 85,840 domestic customers, a combined volume of 697 MMSCM (CNG+PNG)

Strategic highlights

¦ Adani Green Energy Limited completed the acquisition of Softbank's 5 GW renewable energy portfolio

¦ Adani Enterprises Limited commenced operations of its Bravus mine in Australia.

¦ Adani Enterprises Limited took over operations of the Guwahati, Jaipur and Thiruvananthapuram airports and completed the acquisitions of MIAL and NMIAL.

While we can look back and feel content, we are only now gathering momentum, What we have built over two decades is India's largest integrated infrastructure business based on a rapid extension into adjacent businesses. The result is that this is now being transformed into an integrated 'platform of platforms' that combines energy with logistics, This is moving us closer to an unprecedented access to the Indian consumer, I know of no company that has such a business model with potential access to an unlimited B2B and B2C market for the next several decades,

A landmark year

It is here that I also want to take a moment to reflect on 2022 as a year with special personal meanings, It represents the 100th birth anniversary of my inspiring and role model father Shri Shantilal Adani, and my 60th birthday, To mark this milestone, the Adani family came together and decided to contribute RS60,000 Crore towards charitable activities related to healthcare, education and skill development, especially for rural India, These three areas should be seen holistically, rather than separately, because they collectively form the drivers for an equitable and future-ready India, We have an opportunity in India to decisively lift tens of millions of people permanently out of poverty,

We owe it to ourselves and our country to do everything we can to catalyse that process, Our experience in large project planning and execution and the learnings from the ongoing work done by the Adani Foundation will help us uniquely accelerate and implement these programmes across societies that need them the most,

The road ahead

Getting back to the theme of optimism as a driving force for a society, Martin Seligman, often referred to as the 'father of positive psychology', wrote in the Harvard Business Review that he came to his insights into the power of optimism 'the long, hard way, through many years of research on failure and helplessness,' Essentially, he discovered over several years of studies, that resilient people develop the courage of interpreting setbacks as temporary, local and changeable, A quote attributed to Winston Churchill echoes Seligman's findings on resilience, "Success is not final," Churchill is supposed to have said, "failure is not fatal: it is the courage to continue that counts,"

The reason I have always been inspired by writing and thinking around resilience is because as an entrepreneur, my philosophy has always been to keep trying,

I am an incurable optimist, My optimism is founded on my belief in our ability to create a better future, This is why I always argue that India has become one of the greatest countries in which to be an entrepreneur, The prospects and potential for the future are dazzlingly bright, In India, I see a real relish to finally reclaim our former economic stature and our position as a pivotal force in global affairs, There will be bumps along the road, as has been the case in the past, and is expected to be the case in the future, However, there cannot be any doubt that the largest middle-class that will ever exist, augmented by an increase in the working age and consuming population share, will have a positive impact on India's growth rates, much in line with the demographic dividend that India enjoys,

I have no reason to believe that over the next two decades we will not suitably address this challenge, It is a virtuous cycle that is driven by the growth in the middle-class population and India today enjoys the world's firmest pitch on which to bat,

Gautam Adani
Chairman

   

Adani Transmission Ltd Company History

Adani Transmission Limited (ATL) headquartered at Ahmedabad in Gujarat, India, is one of the largest private sector power transmission companies in India with a presence across the western and northern regions of India. Adani Transmission Limited (ATL) was incorporated on 9 December, 2013 to carry on the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems. The company received certificate for commencement of business on 17 December 2013. The Company had 15 subsidiaries as on 31st March 2018. The company deals in business of purchase, sale, supply, import, distribute, export, or transfer / exchange and to deal as trader, agent, broker, representative or otherwise deal in all forms of electricity and in other forms of energy from any source whatsoever, both conventional and non-conventional and any other commodities, products, goods etc. The High Court of Gujarat vide its Order dated 7 May 2015 sanctioned the Composite Scheme of Arrangement between Adani Enterprises Limited (AEL), Adani Ports and Special Economic Zone Limited (APSEZ), Adani Power Limited (APL), Adani Transmission Limited (ATL) and Adani Mining Private Limited (AMPL) and their respective shareholders and creditors. The Scheme, with effect from 1 April 2015, inter alia, provided for Demerger of the Transmission Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the Mundra- Zerda transmission line and the investment of AEL in ATL into ATL. On 25 November 2015, Adani Transmission announced that the company has acquired 3 Wholly Owned Subsidiaries of PFC Consulting Limited (a Wholly Owned Subsidiary of Power Finance Corporation Limited) viz. Chhattisgarh-WR Transmission Limited for System Strengthening for IPPs in Chhattisgarh and other Generation Projects in Western Region, Sipat Transmission Limited for Additional System Strengthening for Sipat STPS and Raipur-Rajnandgaon-Warora Transmission Limited Additional System Strengthening Scheme for Chhattisgarh IPPs (Part-B). The company has acquired these three companies from PFC Consulting Limited (PFCCL) pursuant to competitive bidding process carried out by PFCCL. With these new acquisitions and upon completion of these projects, ATL's transmission network will increase from 5051 Ckt Km to 6435 Ckt Km. On 8 July 2016, Adani Transmission announced that it has acquired 100% equity share capital of an SPV company North Karanpura Transco Limited (NKTL), a wholly owned subsidiary of REC Transmission Projects Company Limited (RECTPCL) pursuant to competitive bidding process carried out by RECTPCL. NKTL was incorporated in November 2015 by RECTPCL to establish transmission system for immediate evacuation for North Karanpura generation project of NTPC along with creation of 400/220KV sub-station at Dhanbad, Jharkhand on BOOM basis. On 26 July 2016, Adani Transmission announced that it has signed a Purchase Agreement with Credit Suisse AG, Singapore branch for its Indian rupee denominated Masala bond of Rs 500 crore with coupon of 9.1%. On 5 October 2016, Adani Transmission announced the signing of Binding Term Sheet with Reliance Infrastructure Ltd. (R-Infra) to acquire inter-state operational transmission assets viz. 100% stake of Western Region Strengthening System Scheme B (WRSSS B) - around 2089 ckt kms, 100% stake of Western Region Strengthening System Scheme C (WRSSS C) - around 974 ckt kms and 74% shares of R-Infra in Parbati Koldam Transmission Company Limited (PKTCL). PKTCL is a joint venture between R-Infra and Power Grid Corporation of India Limited (PGCIL). R-Infra holds 74% equity stake and PGCIL holds 26% equity stake in the company - around 458 ckt kms. On 7 December 2016, Adani Transmission announced that it has executed Share Purchase Agreement (SPA) with R-Infra for acquisition of R-Infra's WRSSS transmission assets of approximately 3100 ckt kms. On 7 October 2016, Adani Transmission Ltd (ATL) announced the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL's strategy to enhance the value for its stakeholders, through organic as well as inorganic growth. Earlier, on 1 July 2016, Adani Transmission announced that it has signed definitive agreement with GMR Energy Ltd. to acquire 74% Equity Shares of Maru Transmission Service Company Limited (MTSCL) with an option to acquire 100% in a manner consistent with Transmission Service Agreement and applicable consents. On the same, it also announced signing definitive agreement with GMR Energy Ltd. to acquire 49% Equity Shares of Aravali Transmission Service Company Limited (ATSCL) with an option to acquire 100% in a manner consistent with Transmission Service Agreement and applicable consents. MTSCL operates 400 KV S/C Bikaner-Deedwana transmission line and 2X315 MVA, 400/220 KV grid sub-station at Deedwana and other associated works in Rajasthan. ATSCL operates 400 KV S/C Hinduan-Alwar transmission line and 2X315 MVA, 400/220 KV grid sub-station at Alwar and other associated works in Rajasthan. On 3 April 2017, Adani Transmission Ltd (ATL) announced that it has received the 3 LOIs from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) to construct, own, operate and maintain three transmission projects in the state of Rajasthan. The projects namely Hadoti Transmission Company Limited (PPP-8), Barmer Transmission Company Limited (PPP 9), and Thar Transmission Company Limited (PPP-10) collectively have approximately 350 Ckt kms of lines and 16 substations with transformation capacity of approx. 600 MVA at voltage level of 132/220 KV. These assets were awarded through a Tariff Based Competitive Bidding Process. With these Projects, ATL will strengthen its existing significant presence in Rajasthan with 2 operational transmission projects (i.e. Aravali & Maru transmission company Ltd) and Suratgarh Bikaner project, which is under construction. On 5 August 2017, Adani Transmission Ltd (ATL) announced that the company has acquired 100% equity share capital of two SPV companies namely, Barmer Power Transmission Service Limited (BPTSL) and Thar Power Transmission Service Limited (TPTSL), from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) on 4 August 2017 pursuant to competitive bidding process carried out by RVPN. These two SPV companies were incorporated in June 2016 by RVPN for development of 132 KV grid sub-stations along with associated transmission lines and associated schemes/works on PPP mode. On 14 August 2017, Adani Transmission Ltd (ATL) announced that it has acquired 100% equity share capital of SPV company namely, Hadoti Power Transmission Service Limited (HPTSL), from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) on 11 August 2017 pursuant to competitive bidding process carried out by RVPN. HPTSL was incorporated in May 2016 by RVPN for development of 220 KV and 132 KV grid sub-stations along with associated transmission lines and associated schemes/works on PPP mode. On 1 November 2017, Adani Transmission Ltd (ATL) announced that it has completed the acquisition of 100% stake of Western Region Transmission Maharashtra (WRTM) project and Western Region Transmission Gujarat (WRTG) project, having operational transmission lines aggregating 3063 ckt kms with deal valued at about Rs 1000 crore. With these acquisitions, ATL attains a new milestone of 8500 ckt kms of transmission lines in operation. On 21 December 2017, Adani Transmission (ATL) announced that it has signed a binding Share Purchase Agreement (SPA) to acquire the Mumbai Generation, Transmission and Distribution (GTD) business from Reliance Infrastructure. Adani Transmission has valued the business at a total consideration of Rs 12101 crore. In addition the Regulatory Assets approved to the extent of Rs 1150 crore for the period 1 April 2018 to 31 March 2019 will be to the account of the Seller. The GTD business caters to about 3 million customers, making it the country's largest private sector integrated power utility, entailing about 1,892 MW of power distribution along with generation facilities (500 MW thermal coal based) and over 540 ckt kms of transmission network. The proposed transaction will mark ATL's foray into distribution space and also strengthen Adani Transmission's footprint in the power transmission sector. With this acquisition, apart from largest distribution network, the cumulative transmission network of ATL will reach around 12000 ckt kms, out of which approximate 9540 ckt kms are under operation (including about 1000 ckt kms under process of acquisition) and approximate 2350 ckt kms under various stages of construction. The transformation capacity of ATL will increase to 19,200 MVA from 36 substations (Including 8 EHV Substations under acquisition) spread across the country. On 15 March 2018, Adani Transmission (ATL) announced that it has acquired 100% equity share capital of Fatehgarh-Bhadla Transmission Limited (FBTL) from PFC Consulting Limited (PFCCL) on 14 March 2018 pursuant to tariff based competitive bidding process carried out by PFCCL. FBTL was incorporated in December 2016 by PFCCL to establish transmission system for Ultra Mega Solar Park in Fatehgarh, District Jaisalmer, Rajasthan. In 2019, transmission line of 227 ckt km got operational. The Company had 20 direct subsidiaries as on 31st March 2019. During the year 2019-20, it acquired Bikaner-Khetri Transmission Limited from PFC Consulting Limited. It acquired Lakadia Banaskantha Transco Limited, Jam Khambaliya Transco Limited and WRSS XXI (A) Transco Limited from REC Transmission Projects Company Limited. Apart from acquisitions, it incorporated Arasan Infra Private Limited and Sunrays Infra Space Private Limited as a wholly-owned subsidiary Company. Adani Electricity Mumbai Services Limited was incorporated as a wholly-owned subsidiary Company, name of which changed to Power Distribution Services Limited subsequently w.e.f. 2nd January 2020. Adani Electricity Mumbai Infra Limited was incorporated as a wholly-owned subsidiary Company of Adani Electricity Mumbai Limited a material subsidiary of the Company, which increased the subsidiaries to 28 as on 31st March 2020. The Company had signed the Share Purchase Agreement in December 2019 with Adani Electricity Mumbai Limited (AEML), a material subsidiary company and Qatar Holdings LLC (Investor), and acquired 25.1% equity shares of the AEML with effect from 10th February 2020. The Company had 28 direct subsidiaries as on 31st March, 2020. It acquired Kharghar Vikhroli Transmission Private Limited from Maharashtra State Electricity Transmission Company Limited. It acquired Alipurduar Transmission Limited from Kalpataru Power Transmission Company. It incorporated Adani Transmission Step-One Limited as a wholly owned subsidiary Company. It incorporated AEML SEEPZ Limited as a wholly owned subsidiary Company of Adani Electricity Mumbai Limited, which is a material subsidiary of the Company. With this, the e total number of subsidiaries as on 31st March, 2021 was 33. The Company had ~13,027 ckt km of operational transmission lines and around 18,455 MVA of power transformation capacity as on 31st March, 2021. The Company had 33 subsidiaries in year 2021. During year 2021, Company acquired Warora Kurnool Transmission Limited from Essel Infraprojects Ltd. in Maharashtra, Andhra Pradesh and Telangana. It acquired Reliance Infrastructure's integrated utility comprising generation, transmission and retail electricity distribution (Adani Electricity Mumbai Limited). It acquired MPSEZ Utilities Limited (MUL) from Adani Ports and Special Economic Zone Limited (APSEZ). It acquired MP Power Transmission Package-II Limited from REC Power Development and Consultancy Limited (formerly known as REC Power Distribution Company Limited). It acquired Khavda-Bhuj Transmission Limited and Karur Transmission Limited from PFC Consulting Limited respectively. It incorporated ATL HVDC Limited as a wholly owned subsidiary company, which increased the number of Subsidiaries to 38 as on 31st March 2022.

Adani Transmission Ltd Directors Reports

Dear Shareholders,

Your Directors are pleased to present the 9th Annual Report along with the Audited Financial Statements of your Company for the financial year ended on 31st March, 2022.

Financial Performance Summary

The summarized financial performance highlight is as mentioned below:

(Rs in Crore)

Particulars Consolidated Standalone
2021-22 2020-21 2021-22 2020-21
FINANCIAL RESULTS
Total Revenue 11,861.47 10,458.93 1440.67 1,434.66
Total Expenditure other than Financial Costs and Depreciation 7051.35 5,975.97 742.06 765.34
Profit before Depreciation, Finance Costs and Tax 4,810.12 4,482.96 698.61 669.32
Finance Costs 2364.95 2,116.99 762.96 690.24
Depreciation, Amortization and Impairment Expense 1427.15 1,328.88 0.26 0.29
Profit Before Rate Regulated Activities, Tax and Deferred Assets recoverable/adjustable for the period / year 1,018.02 1,037.09 (64.61) (21.21)
Net movement in Regulatory Deferral Account Balances - Income/(Expenses) 682.47 582.81 - -
Profit Before Tax and Deferred Assets recoverable / adjustable for the period / year 1,700.49 1,619.90 (64.61) (21.21)
Total Tax Expenses 436.06 424.23 - -
Profit After Tax for the period / year but before Deferred Assets recoverable/adjustable 1,264.43 1,195.67 (64.61) (21.21)
Deferred assets recoverable/adjustable (28.68) 93.90 - -
Profit After Tax for the period / year 1,235.75 1,289.57 (64.61) (21.21)
Add / (Less) Share in Joint Venture & Associates - - - -
Net Profit / (Loss) after Joint Venture & Associates 1,235.75 1,289.57 (64.61) (21.21)
Other Comprehensive Income
- Items that will not be reclassified to profit or loss 16.37 34.24 0.08 (0.28)
- Tax relating to item that will not be reclassified to Profit & Loss (2.89) (6.03) - -
- Items that will be reclassified to profit or loss (262.79) (192.32) (120.55) (20.95)
- Tax relating to items that will be reclassified to Profit & Loss (2.44) 17.71 - -
Total Other Comprehensive Income / (Loss) for the year (Net of Tax) (251.75) (146.4) (120.47) (21.23)
Total Comprehensive Income / (Loss) for the year attributable to the Owners of the Company 987.42 1,096.01 (185.08) (42.44)
Add / (Less) Share Non-controlling interests (3.42) 47.16 - -
Net Profit / (Loss) for the year after non-controlling interests 984.00 1,143.17 (185.08) (42.44)
Balance carried to Balance Sheet 984.00 1,143.17 (185.08) (42.44)

1. There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

2. Previous year figures have been regrouped / re-arranged wherever necessary.

Performance

Consolidated Financial Results

The Audited Consolidated Financial Statements of your Company as on 31st March 2022, prepared in accordance with the relevant applicable IND AS and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and provisions of the Companies Act, 2013 ("the Act"), forms part of this Annual Report.

The key aspects of your Company's consolidated performance during the FY 22 are as follows:

Operational Highlights

Your Company is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. Adani Transmission Limited (ATL) is the country's largest private transmission Company with a cumulative transmission network of Rs 18,795 ckt km and cumulative transformation capacity of Rs 40,001 MVA, out of which Rs14,279 ckt km and Rs 20,765 MVA is operational and Rs 4,516 ckt km and 19.236 MVA is at various stages of construction. ATL also operates a distribution business serving about 3 million+ customers in Mumbai. With India's energy requirement set to quadruple in coming years, ATL is fully geared to create a strong and reliable power transmission network and work actively towards serving retail customers and achieving 'Power for All' by CY 22.

Your Company has evolved over the past few years. During the year under review, your Company has acquired following four companies which will bolster its pan-India presence, consolidating further its position as the largest private sector transmission Company in India and moving it closer to its goal of 20,000 ckt km of transmission lines by CY 2022.

1. MP Power Transmission Package-II Limited

2. MPSEZ Utilities Limited

3. Karur Transmission Limited

4. Khavda-Bhuj Transmission Limited

Your Company is constantly benchmarking to be the best-in-class and is pursuing focused approach to be world-class integrated utility through development agenda coupled with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. Your Company is maintaining 24x7 quality power supply despite challenges posed by health and pandemic issues. The journey towards robust ESG framework and practicing culture of safety is integral to its pursuit for enhanced long-term value creation for all stakeholders.

The following are some of the operational highlights for FY 22 -

• Added 1,104 ckt kms to transmission network in FY22 on account of organic and inorganic growth taking total network to Rs18,795 ckt kms.

• Strong Transmission system availability at more than 99.70%.

• Distribution business ensured more than 99.99% supply reliability despite challenges on ground.

• Distribution losses were at 6.55% vs 7.82% in FY 2020-21 (FY 21).

• Consumer-centric initiatives in Distribution business continue with digital payment at 69.7%.

Financial Highlights:

Consolidated Performance on YoY basis -

Stable Transmission business delivered operational Revenue of RS3,217 Crore and Operational EBITDA of RS2,968 Crore in FY 22 translating into strong margin of 92%.

Distribution business Operational EBITDA grew by 1.9% in FY 22.

Performance highlights -

• Cash Profit of RS3,039 Crore, up 3.8%

• PBT at RS1,700 Crore, up 5%.

• PAT at RS1,236 Crore, 4.2% lower due to deferred tax recognition in Distribution business in FY21.

• Consolidated Operational EBITDA at RS4,659 Crore vs. RS4,233 Crore in FY21, up 10.1%

• Transmission Operational EBITDA at RS2,968 Crore, up 15.3% with a margin of 92%

• Distribution Operational EDITDA at RS1,692 Crore, up 1.9%

Standalone Financial Results:

On standalone basis, your Company registered Total Revenue of RS1,440.67 Crore in FY22 as compared to RS1,434.66 Crore in FY 21.

The detailed operational performance of your Company has been comprehensively discussed in the Management Discussion and Analysis Section, which forms part of this Annual Report.

Dividend

The Board of your Company, after considering holistically the relevant circumstances and keeping in view the tremendous growth opportunities that your Company is currently engaged with, has decided that it would be prudent not to recommend any dividend for the year under review.

Fixed Deposits

There were no outstanding deposits within the meaning of Section 73 and 74 of the Act read with rules made thereunder at the end of the financial year 2021-22 or the previous financial years. Your Company did not accept any deposit during the year under review.

Particulars of Loans, Guarantees or Investments

The provisions of Section 186 of the Act, with respect to a loan, guarantee or security are not applicable to the Company as the Company is engaged in providing infrastructural facilities which is exempted under Section 186 of the Act. The details of investments made by the Company during the year under review are disclosed in the financial statements.

Subsidiaries, Joint Ventures and Associate Companies

Your Company had 33 direct subsidiaries as on 31st March, 2021. During the year under review, the following companies were acquired / incorporated -

Acquired -

• MP Power Transmission Package-II Limited from REC Power Development and Consultancy Limited (formerly known as REC Power Distribution Company Limited).

• MPSEZ Utilities Limited from Adani Ports and Special Economic Zone Limited.

• Khavda-Bhuj Transmission Limited from PFC Consulting Limited.

• Karur Transmission Limited from PFC Consulting Limited.

New incorporation -

• ATL HVDC Limited as a wholly owned subsidiary company.

In view of the above, the total number of Subsidiaries, as on 31st March 2022 was 38.

There are no associate companies or joint venture companies within the meaning of Section 2(6) of the Act. There has been no material change in the nature of the business of the subsidiaries.

Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules framed there under and pursuant to Regulation 33 of the SEBI Listing Regulations, your Company has prepared Consolidated Financial Statements of the Company and its subsidiaries and a separate statement containing the salient features of financial statement of subsidiaries, joint ventures and associates in Form AOC-1, which forms part of this Annual Report.

The Annual Financial Statements and related detailed information of the subsidiary companies shall be made available to the shareholders of the holding and subsidiary companies seeking such information on all working days during business hours. The financial statements of the subsidiary companies shall also be kept for inspection by any shareholder/s during working hours at the Company's Registered Office and that of the respective subsidiary companies concerned. In accordance with Section 136 of the Act, the Audited Financial Statements, including consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on the website of the Company, www.adanitransmission.com.

Pursuant to Section 134 of the Act read with Rule 8(1) of the Companies (Accounts) Rules, 2014 the details of developments of subsidiaries of the Company are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

Management Discussion and Analysis

The Management Discussion and Analysis for the year under review, as stipulated under the SEBI Listing Regulations, is presented in a separate section forming part of this Annual Report.

Directors and Key Managerial Personnel

As of March 31,2022, your Company's Board had seven members comprising of three Executive Directors and four independent directors.

The Board has two women Directors. The details of Board and Committee composition, tenure of Directors, areas of expertise and other details are available in the Corporate Governance Report, which forms part of this Annual Report

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of the Company, Mr. Gautam S. Adani (DIN: 00006273) is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and being eligible, offers himself for re-appointment.

Ms. Lisa Caroline MacCallum (DIN: 09064230) was appointed as an Additional Director (Non-Executive & Independent) of the Company w.e.f. 30th November, 2021. As an Additional Director, she holds office upto the ensuing AGM. The Company has received notice from a Member under Section 160 of the Act, proposing her appointment as a Director of the Company. In accordance with the provisions of Section 149 of the Act, Ms. Lisa Caroline MacCallum is being appointed as an Independent Director to hold office as per her tenure of appointment mentioned in the Notice of the ensuing AGM. In the opinion of the Board, she possesses requisite expertise, integrity and experience (including proficiency) for appointment as an Independent Director of the Company. Terms and conditions of appointment of Independent Directors are as per Schedule IV of the Act and SEBI Listing Regulations, and available on Company's website (www.adanitransmission.oom).

The Board recommends the appointment / re-appointment of above Directors for your approval. Brief details of Directors proposed to be appointed / re-appointed as required under Regulation 36 of the SEBI Listing Regulations are provided in the Notice of the ensuing AGM.

The Company has further received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Act and the SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as Independent Director during the year.

During the year under review, the Board of Directors on the recommendation of Nomination and Remuneration Committee & Audit Committee, has appointed Mr. Rohit Soni as the Chief Financial Officer (CFO) and Key Managerial Personnel of the Company w.e.f. 6th September, 2021.

Committees of Board

During the year under review, with an objective of further strengthen the governance standards so as to match with internationally accepted better practices, the Board had reconstituted certain existing Committees to bring more independence; constituted certain new Committees and Sub-committees; and amended / adopted the terms of reference of the said Committees. Most of the Committees consist of majority of the Independent Directors.

Details of various Committees constituted by the Board, including the Committees mandated pursuant to the applicable provisions of the Act and SEBI Listing Regulations, are given in the Corporate Governance Report, which forms part of this Annual Report.

Number of meetings of the Board

The Board of Directors met 5 (five) times during the year under review. The details of board meetings and the attendance of the Directors are provided in the Corporate Governance Report, which forms part of this Annual Report.

Independent Directors' Meeting

The Independent Directors met on 28th March, 2022, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non-Independent Directors, the Committees and the Board as a whole along with the performance of the Chairman of the Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Board Evaluation

The Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Boards functioning such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

At the Board Meeting that followed the above mentioned meeting of the Independent Directors, the performance of the Board, its Committees, and individual Directors was also discussed. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

Policy on Directors' Appointment and Remuneration

The Company's policy on Directors' appointment and remuneration and other matters ("Remuneration Policy") provided in Section 178(3) of the Act is available on the Company's website at https://www. adanitransmission.com/Investors/ Corporate-Governance.

We affirm that the remuneration paid to the Directors is as per the terms laid out in the Remuneration Policy of the Company.

Directors' Responsibility Statement

Pursuant to Section 134(5)of the Act, the Board of Directors, to the best of their knowledge and ability, state the following:

a. that in the preparation of the Annual Financial Statements, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st Mach, 2022 and of the Profit of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. that the Annual Financial Statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial control were adequate and were operating effectively;

f. that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

Internal Financial Controls system and their adequacy

The details in respect of internal financial controls system and their adequacy are included in the Management and Discussion and Analysis Section, which forms part of this Annual Report.

Risk Management

The Board has formed a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan for the Company. The RMC is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has an additional oversight in the area of financial risks and controls. The major risks identified by the businesses are systematically addressed through mitigation actions on a continual basis. Further, details are included in the separate section forming part of this Annual Report.

Board Policies

The details of the policies approved and adopted by the Board, as required under the Act and SEBI Listing Regulations are provided in Annexure - A to this report.

Corporate Social Responsibility (CSR)

Your Company has constituted a Corporate Social Responsibility (CSR) Committee and framed a CSR Policy. The brief details of CSR Committee are provided in the Corporate Governance Report, which forms part of this Annual Report. The updated CSR Policy is available on the website of the Company at https://www.adanitransmission.com/investors/ corporatenovernance. The Annual Report on CSR activities is annexed to this report.

Further, the Chief Financial Officer of the Company has certified that CSR spends of the Company for the financial year 2021-22 have been utilized for the purpose and in the manner approved by the Board.

Till 2017-18, your Company was preparing a separate Annual Report and Sustainability Report. This is the forth year that we have combined both the reports into one, presenting financial and non-financial metrics in an integrated report, for a more holistic picture of our purpose, performance and prospects.

Corporate Governance

Your Company is committed to good corporate governance practices. The Corporate Governance Report, as stipulated by the SEBI Listing Regulations, forms part of this Annual Report along with the required Certificate from Practicing Company Secretary regarding compliance of the conditions of corporate governance, as stipulated.

In compliance with corporate governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Business Conduct and Ethics for all Board members and senior management personnel of the Company (Code of Conduct), who have affirmed the compliance thereto. The said Code of Conduct, is available on the website of the Company at https:// www.adanitransmission.com/investors/corporate- governance.

Business Responsibility and Sustainability Report

In its constant endeavor to improve corporate governance, your Company has, on a voluntary basis, transitioned to Business Responsibility and Sustainability Report (BRSR) for the year ended 31st March, 2022, which forms part of this Annual Report.

Annual Return

Pursuant to Section 134(3) (a) of the Act, the draft annual return as on March 31, 2022, prepared in accordance with Section 92(3) of the Act, is made available on the website of the Company and can be assessed using the link www.adanitransmission.com/investors/investors- downloads.

Transactions with Related Party

All transactions with related parties are placed before the Audit Committee for its approval. An omnibus approval from Audit Committee is obtained for the related party transactions which are repetitive in nature.

All related party transactions, entered into during the financial year under review, were on an arm's length basis and were in the ordinary course of business. Your Company has not entered into any transactions with related parties which could be considered material in terms of Section 188 of the Act. Accordingly, the disclosure of related party transactions as required under Section 134(3)(Rs) of the Act, in Form AOC 2, is not applicable.

During the year under review, your Company has reported transactions with related party which are material as per Regulation 23 of the SEBI Listing Regulations and the details of the said transactions are provided in the Explanatory Statement to Notice of the ensuing AGM.

The Policy on Related Party Transactions is available on the Company's website and can be assessed using the link https://www.adanitransmission.com/ investors/corporate-governance.

General Disclosure

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions / events on these items, during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise.

2. Issue of Shares (Including Sweat Equity Shares) to employees of the Company under any scheme.

3. Significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company's operation in future.

4. Voting rights which are not directly exercised by the employees in respect of shares for the subscription/ purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can beneficially hold shares as envisaged under Section 67(3)(c) of the Act).

5. Change in the nature of business of your Company.

6. Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.

7. One time settlement of loan obtained from the banks or financial institutions.

Insurance

Your Company has taken appropriate insurance for all assets against foreseeable perils.

Statutory Auditors & Auditors' Report

Pursuant to the provisions of Section 139 of the Act read with rules made thereunder, M/s. Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration No. 117366W/W-100018) hold office as the Statutory Auditors of the Company until the conclusion of the 10th AGM to be held in the calendar year 2023.

The Notes to the financial statements referred in the Auditors' Report are self-explanatory. There are no qualifications or reservations on adverse remarks or disclaimers given by Statutory Auditors of the Company and therefore do not call for any comments under Section 134 of the Act. The Auditors' Report is enclosed with the financial statements in this Annual Report.

Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act and the rules made thereunder, your Company has re-appointed M/s. Chirag Shah & Associates, Company Secretaries to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for FY 2021-22 is provided as Annexure-B of this report. There are no qualifications or reservations on adverse remarks or disclaimer in the said Secretarial Audit Report.

As per the requirements of the Listing Regulations, Practicing Company Secretaries of the respective material subsidiaries of the Company have undertaken secretarial audits of these subsidiaries for FY 2021-22. The Secretarial Audit Report confirms that the material subsidiaries have complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or noncompliances.

Secretarial Standards

During the year under review, your Company has complied with all the applicable provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the Institute of Company Secretaries of India.

Reporting of frauds by auditors

During the year under review, the Statutory Auditors and Secretarial Auditors have not reported any instances of fraud committed against your Company by its officers or employees to the Audit Committee or the Board, under Section 143(12) of the Act.

Particulars of Employees

Your Company, along with its operational subsidiaries, had 5,105 permanent employees on consolidated basis as on 31st March, 2022.

The percentage increase in remuneration, ratio of remuneration of each Director and Key Managerial Personnel (KMP) (as required under the Act) to the median of employees' remuneration, as required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as Annexure-C of this report.

The statement containing particulars of employees as required under Section 197 of the Act read with

Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate annexure forming part of this report. In terms of Section 136 of the Act, the report and accounts are being sent to the Members and others entitled thereto, excluding the said annexure which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

Prevention of Sexual Harassment at Workplace

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has constituted Internal Complaints Committees (ICCs) at all relevant locations across India to consider and resolve the complaints related to sexual harassment.

The ICCs include external members with relevant experience. The ICCs, presided by senior woman, conduct the investigations and make decisions at the respective locations. The ICCs also work extensively on creating awareness on relevance of sexual harassment issues, including while working remotely. During the year under review, there were no complaints pertaining to sexual harassment. All new employees go through a detailed personal orientation on anti sexual harassment policy adopted by the Company.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules, 2014, as amended, is provided as Annexure-D of this report.

Acknowledgment

Your Directors are highly grateful for all the guidance, support and assistance received from the Government of India, Governments of various states in India, Financial Institutions and Banks. Your Directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in the Company.

Your Directors also wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees at all levels, to ensure that the Company continues to grow and excel even during the challenging times of COVID-19 pandemic.

For and on behalf of the Board of Directors
Gautam S. Adani
Chairman
Date: 5th May, 2022 (DIN: 00006273)

   

Adani Transmission Ltd Company Background

Gautam S Adani
Incorporation Year2013
Registered OfficeAdani House Navrangpura,Nr Mithakhali Six Roads
Ahmedabad,Gujarat-380009
Telephone91-79-25555555/26565555,Managing Director
Fax91-79-26565500/25555500
Company SecretaryJaladhi Shukla
AuditorDeloitte Haskins & Sells LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarLink Intime India Pvt Ltd
5th Floor 506 to 508,ABC-I Off C G Road ,Navrangpura ,Ahmedabad-380009

Adani Transmission Ltd Company Management

Director NameDirector DesignationYear
Gautam S AdaniChairman2022
Rajesh S AdaniExecutive Director2022
Jaladhi ShuklaCompany Sec. & Compli. Officer2022
Ravindra H DholakiaIndependent Director2022
K JairajIndependent Director2022
Meera ShankarIndependent Director2022
Anil SardanaManaging Director & CEO2022
Lisa Caroline MaccallumIndependent Director2022

Adani Transmission Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
CNXENERGY
CNX100
BSEPOWER
CNXSERVICE
CNXCONSUMP
CNX200
BSEINFRA
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEUTILITI
LMI250
BSE100LTMC
NFTYLM250
NF500M5025

Adani Transmission Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Traded GoodsNA000734.79
Service IncomeNA0005.02
Agro Commodities (Castor Oil)NA0000
Transmission LineNA0000
Other operating incomeNA0000

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