Adani Transmission net profit falls 32 pc in July-September quarter

New Delhi: Adani Transmission on Wednesday reported a 32 per cent dip in its consolidated net profit at Rs 194 crore in the September quarter compared to a year ago, mainly due to adverse forex movement adjustment.

The company explained in a statement that in the second quarter of FY23, consolidated PAT (profit after tax) or net profit of Rs 194 crore was a lower year on year.

The Q2 number is not comparable on account of adverse forex movement (MTM) of Rs 138 crore (mark-to-market adjustment on foreign currency loans) vs Rs 6 crore gain in the corresponding quarter of the previous fiscal in the AEML (Adani Electricity Mumbai Ltd) business, the company stated.

The consolidated net profit of the company was Rs 289 crore in the quarter that ended on September 30, 2021.

However, the total income increased to Rs 3,376.57 crore in the reporting quarter from Rs 2,675.20 crore in the same period a year ago.

The company sold 2,233 million units of electricity in the quarter, up from 1,975 million units in the same period in 2021.

The energy demand (units sold) improved by 13 per cent year-on-year in Q2FY23, driven by a rise in commercial and industrial segment demand, it stated, adding that distribution losses remained low on account of high collection efficiency and loss reduction measures.

Anil Sardana, MD & CEO, of Adani Transmission (ATL), said in the statement, "ATL’s growth trajectory remains firm despite the challenging macro 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."

The board, in its meeting held on Wednesday, has also granted in-principle approval for issuance of Non-Convertible Debentures for an amount not exceeding Rs 1,500 crores in one or more tranches, subject to all applicable regulatory/statutory approval(s), the company said.

The board has further approved the appointment of Bimal Dayal as Chief Executive Officer (CEO) of the transmission business and Kandarp Patel as Chief Executive Officer (CEO) of the distribution business and key managerial personnel of the company with effect from 2nd November 2022 on the terms and conditions including remuneration as recommended by the Nomination & Remuneration Committee.

Anil Sardana has relinquished the position of CEO to these two executives and will continue in the capacity as Managing Director of the company with effect from 2nd November 2022.