Cash profit of Rs. 699 Cr, up 30% YoY
PAT of Rs. 464 Cr, up 128% YoY
Editor’s Synopsis
Operational Highlights 3Q FY21:
Transmission
- Robust Transmission system availability at 99.83%
Distribution
- Maintained supply reliability at 99.99% (ASAI)
- Customer adoption of digital avenues increases manifold; e-payments as percentage of total collection increased to 63.46% from 48.81% in Q3 FY20.
Financial Highlights 3Q FY21 (YoY):
- Cash Profit of Rs. 699 cr, up 30%
- PBT at Rs. 472 cr, up 55%; PAT at Rs. 464 cr, up 128%
- EPS at Rs. 3.08 vs. Rs. 0.93 in 3Q FY20; up 231%
- Consolidated Operational EBITDA at Rs. 1,125 cr vs. Rs. 1,060 cr in Q3 FY20, up 6%
- Transmission Operational EBITDA at Rs. 650 cr, up 4% with a margin of 92.3%
- Distribution Operational EBITDA at Rs. 475 cr, up 10% with margin of 29.9%
Other Financial Highlights:
- With announcement of favorable regulatory order in respect of MEGPTCL in Q1 FY21. Consolidated EBITDA of ATL will have annual recurring benefit of ~Rs. 60 cr.
Ahmedabad, February 4th, 2021: Adani Transmission Limited (“ATL”), the largest private transmission company in India, a part of globally diversified Adani Group today announced its financial and operational performance for the third quarter ended 31st December, 2020.
Operational Highlights:
|
Particulars |
Q3FY21 |
Q3FY20 |
9MFY21 |
9MFY20 |
|
Transmission |
|
|
|
|
|
Average Availability (%) |
99.83% |
99.59% |
99.87% |
99.73% |
|
Transmission Network Added (ckt km) |
650 |
0 |
749 |
1,288 |
|
Distribution |
|
|
|
|
|
Supply reliability (%) |
99.99% |
99.99% |
99.99% |
99.99% |
|
Distribution loss (%)(2) |
6.70% |
8.69% |
7.90% |
7.89% |
|
Units sold (MU's) (2) |
1,874 |
2,068 |
5,343 |
6,647 |
|
Collection Efficiency (%) |
109.89% |
103.94% |
96.28% |
100.29% |
- Added 650 ckt kms to transmission network in Q3 with Alipurduar acquisition
- Strong Transmission system availability at more than 99.8%
- Distribution business ensured more than 99.99% supply reliability despite challenges on ground
- Distribution losses were at 6.70% in Q3 FY21 improved significantly from 8.69% in Q3 FY20 on account of recoveries of 1HFY21
- Achieved 109.89% collection efficiency at AEML in Q3 FY21
Financial highlights – Transmission and Distribution:
Particulars (Rs. crore)
Q3FY21
Q3FY20
YoY %
9MFY21
9MFY20
YoY %
Transmission
Operational Revenue(1)
704
679
4%
2,072
2,021
3%
Operational EBITDA(1)
650
627
4%
1,917
1,864
3%
Margin (%)
92.3%
92.3%
92.3%
92.2%
Distribution
Revenue
1,588
1,893
-16%
4,492
5,996
-25%
Operational EBITDA
475
433
10%
1,279
1,315
-3%
Margin (%)
29.9%
22.9%
28.5%
21.9%
- Stable Transmission business delivers operational revenue of Rs. 704 cr and operational EBITDA of Rs. 650 cr translating into strong margin of 92.3% in Q3
- Distribution business operational EBITDA grew by 10% in Q3, in spite of 16% decline in operational revenue
Financial Highlights - Consolidated:
|
Particular (Rs. crore) |
Q3 FY21 |
Q3 FY20 |
YoY % |
9M FY21 |
9M FY20 |
YoY% |
|
Revenue(1) |
2,292 |
2,572 |
-11% |
6,564 |
8,017 |
-18% |
|
Operational EBITDA(1) |
1,125 |
1,060 |
6% |
3,196 |
3,180 |
1% |
|
PBT |
472 |
305 |
55% |
1,250 |
890 |
40% |
|
PAT |
464 |
204 |
128% |
1033 |
648 |
60% |
|
EPS (Rs.) |
3.08 |
0.93 |
231% |
7.36 |
3.13 |
135% |
- Consolidated operational revenue was lower at Rs. 2,292 Cr in Q3 FY21 mainly due to slightly lower revenue contribution from Distribution business in the quarter led by lower power consumption in Commercial and Industrial segment. However, compared to H1 FY21, the quarter ended Dec-20 saw considerable improvement in both demand and collections.
Other Key Highlights:
- ATL closed Alipurduar transmission acquisition announced in Q1FY21
- Customer adoption of digital avenues to interface with company increases manifold reaching 69.53% (e-payments as a % of total collection) in 9M FY21 from 47.76% in 9M FY20
- Adani Transmission and Adani Electricity won prominent awards at The Asset Country Awards 2020. Adani Transmission won the award for ‘Best Corporate Bond’ for its US$400 million private placement fixed rate notes. Adani Electricity Mumbai Limited secured the ‘Best New Bond Award’ for its US$1 billion fixed rate senior notes.
Notes:
1) 9M FY21 Operational Revenue and Operational EBITDA doesn’t include one-time positive impact of Rs. 330 Cr. from APTEL order in favor of MEGPTCL SPV of Transmission business
2) Distribution loss and units sold differs slightly from our provisional operational release released on 19th January 2021
3) Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss
4) ASAI: Average Service Availability Index; APTEL: Appellate Tribunal for Electricity
Speaking on the performance of the company, Mr. Gautam Adani, Chairman Adani Group, said, The Power & Transmission sector has seen tremendous progress over the last two decades. Today, Government initiatives such as Saubhagya and the emphasis on renewables have significantly expanded electricity access. The next two decades promises to usher in new opportunities for the sector based on the resurgence of the economy post the pandemic and a positive investor outlook. ATL is fully equipped to co-create a future in line with the needs of a nation at the cusp of global renewable energy leadership”
Mr. Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years. It has successfully acquired and integrated yet another transmission asset in the eastern region. ATL is constantly benchmarking to be the best-in-class and is pursuing focused approach to be world-class integrated utility through development agenda coupled with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is maintaining 24x7 quality power supply despite challenges posed by health and pandemic issues. The journey towards robust ESG framework and practicing culture of safety is integral to its pursuit for enhanced long-term value creation for all stakeholders”