Adani Transmission Ltd, part of the Adani Group, today reported its results for the period ended 30th June, 2018.
(Clarification note: All Figures are in accordance with the applicable Ind-AS)
• The overall Financial Performance was good.
• Transmission Charges for Q1FY19 is Rs. 543 crores vs Rs. 486 crores of Q1FY18. (Increased by 13%)
• The Operational EBIDTA for Q1 of FY19 is Rs. 502 crores.
• PAT of the Company for the Q1FY19 has increased to Rs.169 Crores compared to Rs.84 Crores for Q1FY18.
• Other comprehensive income includes MTM gain of Rs. 57.50 Crore for the Q1FY19 on account of fair valuation of hedging of $ bond and ECB as per applicable Ind-As guideline.
Company has received LOI from REC Transmission Project Company Limited (A wholly owned subsidiary of Rural Electrification Corporation Limited) to construct, own, operate and maintain the transmission project in the state of Uttar Pradesh through Tariff Based Competitive Bidding Process. The project “Ghatampur Transmission Limited” has approximately 900 Ckt kms of line at voltage level of 765 KV.
The Company has received approval of Maharashtra Electricity Regulatory Commission (MERC) on acquisition of R-Infra’s Integrated Business of Generation, Transmission, Distribution and retail of power for Mumbai City. With completion of all ongoing projects and acquisition of Reliance Infrastructure’s Integrated Business of Generation, Transmission, Distribution and retail of power for Mumbai City, total network of ATL will be around 12480 ckt kms divided into 9201 ckt kms (Including under acquisition assets) operational assets and appx. 3280 ckt kms are under construction assets. By the end of YR 2018, ATL will have 35 substations with approx. 19300 MVA of transformation capacity across the country. Adani Transmission Limited will continue to be the largest private sector transmission company in the country
Speaking on the robust growth and performance of the company Mr. Gautam Adani, Chairman Adani Group, said, “Transmission and Distribution is an important business to ensure 24×7 power for all. With the completion of GTD Business acquisition from R Infra, Adani Transmission will enjoy benefit of scale and being an integrated distribution and transmission business in India. With our continuous focus on growth, innovation and development of latest technologies, we expect to grow our transmission and distribution network with highest capabilities across the country.”
The acquisition marks our foray in the distribution sector in India. We see the distribution sector as the next sun rise sector as India embarks on mission to achieve 24×7 power for all. We see a massive growth and opportunity and will look at both organic and inorganic opportunities to build market leading Distribution Company.
Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd said, “The first quarter of FY19 has been encouraging for Adani Transmission. Construction of various projects won under TBCB are well ahead of scheduled time of completion and expected to achieve COD during the current financial year. Acquisition of GTD business from R Infra is progressing and we hope to close transaction in Q2. This will further strengthen our operation and will help create long term sustainable value for our shareholders. We will continue to build strong focus on seamless integration of processes, people and technology which have been our foundation.”