Adani Transmission Q4FY23 PAT up 69.6% at Rs389 crore due to higher gross margins and spike in deferral gains

Adani Transmission reported 12.9% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs3,358 crore. Revenues were down -5.46% on sequential basis. For the quarter, the transmission revenues were up 30% while the GTD (essentially the Mumbai generation, transmission, and distribution) business saw growth of 21.6% on yoy basis. In terms of operating profit growth, the transmission business profits grew 14% yoy while the operating profits from the GTD business actually spiked by 91.4%.

While the operating profits for the quarter were up 40.32% overall at Rs1,153 crore, the net profits grew 69.6% on yoy basis to Rs389 crore. The operating profits got a boost from sharply higher gross margins in the quarter due to static costs in spit of higher revenues. The net profit got a big boost from sharply higher gains from net deferral changes. These contributed to a sharp spike in the profits of Adani Transmission on a yoy basis.

Financial highlights for Mar-23 compared yoy and sequentially

 Adani Transmission    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 3,358

₹ 2,975

12.87%

₹ 3,552

-5.46%

Operating Profit (Rs cr)

₹ 1,153

₹ 822

40.32%

₹ 1,130

2.05%

Net Profit (Rs cr)

₹ 389

₹ 230

69.63%

₹ 475

-17.96%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 3.49

₹ 1.75

 

₹ 4.26

 

OPM

34.34%

27.62%

 

31.81%

 

Net Margins

11.60%

7.72%

 

13.37%

 

 

The operating margins improved yoy from 27.62% to 34.34% due to improved contribution margin from the core power operations. Net margins also improved at 11.6% compared to 7.72% in year ago period. Company reported visible improvement in the interest coverage and the debt service coverage ratios. 

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