Editor’s Synopsis
- Tariff & Incentive Income increased to Rs. 1079** crore in H1FY17 from Rs. 968 crore in H1FY16;
- Comparable Consolidated PAT of Q2 FY17 is Rs.66 crore as compared to Rs. 65 crore in Q1 FY17 (excluding effect of PAT of Rs. 91.39 crore on one time income of Rs. 116.18 crore in Q1 FY17 and adjustment of deferred tax liability of Rs. 33.84 crore.)
- Consistent operational Network availability ranging from 99.40% to 100.00%;
- Successfully completed the acquisition of Operational Transmission Assets of GMR Energy Ltd.( around 400 ckt kms).
- Transmission network set to surpass 10000 Ckt kms on completion of acquisition of Reliance Infra’s Transmission Assets;
** Includes net income of Rs. 116.18 crore on account of effect of CERC and MERC orders. The company has preferred review/appeal against these orders. The effect of these orders on PAT is Rs 91.39 crores.
Ahmedabad, October 24, 2016: Adani Transmission Ltd, part of the Adani Group, today reported its results for half year ended on Sep 30, 2016.
Financial Highlights:
(Clarification note: All Figures are in accordance with the applicable Ind-AS)
- The overall Financial Performance was good.
- The Consolidated Total Income is Rs 1326 crore in H1FY17 as compared to total income of Rs. 1091 crore in H1FY16.
- Consolidated EBIDTA margin from operation remains steady at 94.23% in H1 FY17 as compared to 94.06% in H1 FY16.
- Other comprehensive income includes MTM loss of Rs. 66.29 Crore on account of fair valuation of hedging of $ bond as per applicable Ind-As guideline.
- CERC has issued final order effective 01.10.2013 for Mundra-Mohindergarh & Mundra-Dehgam Lines, granting approval of capital cost claimed. MERC has also issued provisional order for Tiroda-Warora and Tiroda-Aurangabad Lines. The effect of recognition of revised tariff including arrears of Rs. 116.18 Crs. is accounted for in Q1 FY17. The effect of these orders on PAT is Rs 91.39 crores.
Company has started recovery of its unbilled of Tiroda-Aurangabad Line revenue in 12 instalments started from Aug 2016 as MERC has passed Intra-state Transmission System (InSTS) orders.
Adani Transmission Ltd. is the largest power transmission company operating in the private sector in India and owns, operate and maintain around 5,450 Ckt Kms of transmission lines ranging from 400 KV to 765 KV, with a total transformation capacity of more than 12,000 MVA. ATL has six fully operational Transmission Systems that primarily serve the Northern and Western regions of India and is also constructing additional projects of around 1900 Ckt Kms in Rajasthan, Chhattisgarh, Madhya Pradesh, Maharashtra, Jharkhand & Bihar, which were awarded through Tariff Based Competitive Bidding process. Recently, ATL has signed Binding Term sheet with Reliance Infrastructure Ltd. (R-Infra) to acquire its INTER-STATE operational transmission assets. With this, cumulative network of ATL will surpass 10000 ckt kms.
Speaking on the financial performance of the company Mr Gautam Adani, Chairman Adani Group, said, “While the business continues to perform strongly with the network availability of over 99.40% to 100%, we have continued to achieve 94% of operational EBIDTA margin for the H1 FY17. With the ongoing expansions and inorganic growth resulting in increase in transmission network, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources and thus creating value for its stake holders.”