Adani Transmission reported a 73% increase in consolidated net profit for the quarter ended December 31, 2022, compared to Rs 267 crore the previous year, bolstered by a one-time revenue of Rs 240 crore from a regulatory order. Revenue increased 16% to Rs 3,037 crore in Q3FY23, up from Rs 2,623 crore the previous year.
Anil Sardana, MD, Adani Transmission Ltd, said, “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. ATL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality, and business excellence with high governance standards. The journey towards a robust ESG framework and practising a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”
On Monday, the company’s stock finished 10% down on the BSE at Rs 1,261.4.
Adani Group said on Monday that shares in several of its subsidiaries will be released following the prepayment of $1.11 billion in loans due to mature in September 2024.
With the prepayment of loans against shares, the troubled business said in a statement that promoter interests of 12% in Adani Ports and Special Economic Zone Ltd, 3% in Adani Green Energy Ltd, and 1.4% in Adani Transmission Ltd will be freed.
The loan pre-payment is “in light of recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage”, the conglomerate said.
More Adani Group firms will publish December quarter earnings this week, amid a damning report by US short seller Hindenburg Research. Adani Green, Adani Ports, Ambuja Cements, and NDTV will report Q3 results on Tuesday, Adani Power and Adani Wilmar on Wednesday, and Adani Total Gas on Thursday.