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  • Adani Transmission
  • June 03,2019  21:12
  • Adani Transmission (ATL), a part of Adani Group and engaged in power transmission, distribution and trading has registered a consolidated sales growth of whopping 214% to Rs 2545.56 crore for the quarter ended March 2019. But with operating profit margin contract by whopping 2640 bps to 34.2%, the growth at operating profit was restricted at 78% to Rs 871.30 crore. However hurt further by lower other income, higher interest and depreciation, the PBT before regulatory income (RRI) and EO were down by 3% to Rs 183.08 crore. With RRI being an income of Rs 32.02 crore against nil in corresponding previous period, the PBT after RRI but before EO was up by 13% to Rs 215.10 crore. EO was nil for the quarter as well as corresponding previous period. And thus the PBT after EO was up by 13% to Rs 215.10 crore. Taxation was up by 74% to Rs 68.40 crore and thus the PAT was down by 2% Rs 146.70 crore. Eventually the total comprehensive income was down by 14% to Rs 114.92 crore as the other comprehensive income stand higher by 89% to Rs 31.78 crore.

    ATL during the quarter ended Sep 2018 has completed the acquisition of Mumbai Suburban's integrated Generation-Transmission & Distribution (Mumbai GTD) business from Reliance Infra, making its foray in to the power distribution sector. Pursuant to the above the figures for the quarter ended March 2019 include the Mumbai GTD business and hence, the figures are not comparable with the corresponding figures of the corresponding previous periods.

    • Upside in revenue was largely due to incremental revenue of newly acquired Mumbai GTD business. Mumbai GTD business revenue was Rs 1695.88 crore compared to nil in the corresponding previous period. Excluding the Mumbai GTD business revenue in the topline the revenue was up by just 5% to Rs 849.68 crore and that is largely due to higher power trading revenue. With power trading revenue up by 19% to Rs 263.85 crore, the segment revenue of transmission business was flat (up 0%) at Rs 585.83 crore.
    • EBIT was up by 80% to Rs 627.01 crore and the upside was largely due incremental profit from Mumbai GTD business that was acquired in Aug 2018 and higher transmission segment profit. The EBIT excluding Mumbai GTD business was up by 4% to Rs 362.51 crore. The segment profit of transmission business was up by 4% to Rs 362.97 crore. But that of trading was a loss of Rs 0.46 crore compared to a profit of Rs 0.05 crore in the corresponding previous period. The segment profit of Mumbai GTD business was up at Rs 264.50 crore against nil in the corresponding previous period.
    • Sharp 2640 bps crash in OPM for the quarter was largely due to change in revenue mix with contribution from newly acquired Mumbai GTD business which was absent in corresponding previous quarter. The fuel cost as proportion to sales was higher by 990 bps to 9.9%; the power purchase cost was up by 2220 bps to 22.2%. The staff cost and other expenses were higher by 820 bps and 320 bps to 9.5% and 13.9% respectively.

    Yearly performance

    Consolidated sales for the period was up by 85% to Rs 7305.45 crore and that with 3380 bps crash in OPM the operating profit was down by 2% to Rs 2762.23 crore. After accounting for higher other income (up 131% to Rs 255.35 crore), higher interest cost (up 57% to Rs 1391.03 crore) and higher depreciation (up 52% to Rs 882.15 crore), the PBT before RRI & EO was down by 49% to Rs 744.40 crore. RRI for the period was an income of Rs 95.84 crore compared to nil in the corresponding previous period. Thus the PBT after RRI was down by 43% to Rs 840.24 crore. EO was nil for the quarter as well as corresponding previous period. The taxation was down by 15% to Rs 281.04 crore. Thus the PAT was finally down by 51% to Rs 559.20 crore.

    PAT fiscal ended March 2019 was up by 38% to Rs 629 crore as against Rs 457 crore for FY18 after eliminating one time Arrear/Reversal (Net of tax Rs 70 crore Reversals for FY19 against Rs 686 crore for FY18 Arrear).

    With other comprehensive income stand at Rs 7.77 crore compared to an expense of Rs 25.60 crore in corresponding previous period, the total comprehensive income was down by 49% to Rs 566.97 crore.

    Management Comment

    Gautam Adani, Chairman of Adani Transmission, commenting on the financial performance has said, FY 2019 was a landmark year for Adani Transmission, with its entry into an important growth segment of distribution, through the acquisition of AEML. Adani Transmission has been constantly working with an integrated approach to expand our presence in key cities and districts in India to support the Indian Government's vision of Power for all by 2022.

    Anil Sardana, MD & CEO, Adani Transmission said, Adani Transmission is expanding its presence in key geographies of the country. The year 2019 has been progressive for the company with key acquisitions that we were able to close. With strong presence now in Indian grid network, we aim to enhance our presence through our transmission and distribution network and further increase our market capture in the financial year 2020.

    Adani Transmission: Consolidated Financial Results

     

    1903 (3)1803 (3)Var. (%)1903 (12)1803 (12)Var. (%)
    Sales2545.56809.942147305.453944.4885
    OPM (%) 34.260.637.871.6
    OP871.30490.69782762.232826.01-2
    Other Income23.6068.10-65255.35110.71131
    PBIDT894.90558.79603017.582936.723
    Interest435.51226.27921391.03885.6357
    PBDT459.39332.52381626.552051.09-21
    Depreciation276.31142.8493882.15579.4152
    PBT before RRI & EO183.08189.68-3744.401471.68-49
    Regulatory Income (RRI)32.020.0095.840.00
    PBT after RRI215.10189.6813840.241471.68-43
    EO Income0.000.000.000.00
    PBT after EO215.10189.6813840.241471.68-43
    Taxation68.4039.4174281.04328.74-15
    PAT146.70150.27-2559.201142.94-51
    Share of Profit/(Loss) from Associates0.000.000.000.00
    Share of Profit/(Loss) of Minority0.000.000.000.00
    Net profit 146.70150.27-2559.201142.94-51
    Other comprehensive Income after tax (OCI)-31.78-16.81897.77-25.60-130
    Total comprehensive income114.92133.46-14566.971117.34-49
    EPS (Rs)*##5.110.4
    * Annualised on Current equity of Rs 1099.81 crore. Face Value: Rs 10
    Var. (%) exceeding 999 has been truncated to 999
    # Engineering and Construction activity being substantially seasonal EPS for quarter/ half year was not calculated
    LP: Loss to Profit PL: Profit to Loss
    ** This being first year of listing no comparative previous quarter
    Figures in Rs crore
    Source: Capitaline Corporate Database

    Adani Transmission: Consolidated Segment results

     

    Sales1812 (3)1712 (3)Var. (%)% to total1903 (12)1803 (12)Var. (%)% to total
    Transmission585.83587.520232192.883128.70-3030
    Mumbai GTD Business1695.88674270.190.0058
    Trading263.85222.421910842.38815.78312
    Total2545.56809.942141007305.453944.4885100
    Less Inter segment revenue
    Net sales2545.56809.947305.453944.48
    PBIT
    Transmission362.97347.804581348.462246.43-4068
    Mumbai GTD Business264.50####42624.020.00####32
    Trading-0.460.05PL03.440.1719240
    PBT before tax and interest627.01347.85801001975.922246.60-12100
    Less: Interest435.51226.271391.03885.63
    Add: Other unallocable income23.6068.10255.35110.71
    PBT215.10189.68840.241471.68
    Segment Assets
    Transmission13869.4516279.41-154613869.4516279.41-1546
    Mumbai GTD Business16431.970.005416431.970.00####54
    Trading0.00####00.00####0
    Total Assets30301.4216279.418610030301.4216279.4186100
    Add: Unallocable 1627.48986.051627.48986.05
    Total 31928.9017265.4631928.9017265.46
    Segment Liabilities
    Transmission447.70474.63-613447.70474.63-613
    Mumbai GTD Business3045.580.00873045.580.00####87
    Trading0.00####00.00####0
    Total Liabilities3493.28474.636361003493.28474.63636100
    Add: Unallocable 20392.7410734.3420392.7410734.34
    Total CE23886.0211208.9723886.0211208.97
    Figures in Rs crore
    Source: Capitaline Corporate Database

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