Adani Transmission on Monday reported its fiscal third quarter net profit rose 73% on-year to Rs 478 crore, aided by a one-time income of Rs 240 crore from a regulatory order. Revenue for the quarter ended 31 December 2022 rose 16% on-year to Rs 3,037 crore, the company reported in a stock exchange announcement. The transmission company’s EBITDA grew 28.9% on-year to Rs 1,708 crore.
Consolidated revenue in Q3FY23 witnessed double-digit growth of 16% YoY on account of new transmission lines becoming operational and a positive trend in energy demand, stated the company. They also reported consolidated cash profit of Rs 955 crore in the quarter, increased by 34% on-year. The EPS of Adani Transmission rose 130.2% from Rs 1.85 last year to Rs 4.26.
Energy demand (units sold) improved by 4% on-year in Q3FY23, driven by a rise in commercial segment demand, said the earnings report, with 2,169 million units sold vs. 2,077 million units on-year. The company also noted a rise in e-payments, with digital payments amounting to 74.87% of the total collection, versus 69.99% in Q3FY22.
“ATL is constantly evolving and is already a significant player in the T&D sector. ATL’s growth trajectory remains firm despite the challenging macroeconomic 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,” said Anil Sardana, MD, Adani Transmission.
Since the release of the Hindenburg report, which alleged fraud and manipulation in Adani group stocks, the group’s transmission and distribution firm’s share price fell 54.2% in nine trading sessions to Rs 1261.4 per equity share on Monday. The stock touched its lower price band of 10% in the morning trade session, hitting a fresh 52-week low. The company, along with other Adani group firms, was put under the ASM framework by the domestic exchanges.
Hindenburg Research’s report titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ alleged that Gautam Adani, founder and chairman of the Adani Group, had amassed a net worth of roughly $120 billion, adding over $100 billion in the past three years, largely through stock price appreciation in the group’s seven key listed companies, which had spiked 819% on an average of during the period.