Adani Transmission reported a 17% growth in consolidated revenue of Rs,3031 crore in the quarter ending March 2023. The profit for the Ahmedabad-based power distributor during the period showed a 85% jump to Rs 440 crore.

However, the core transmission business saw a 4% decline in profit at Rs 218 crore despite a Rs 122 crore (net of tax) one-time income, thanks to a regulatory order in favour of the company.

The auditor, Deloitte, Haskins and Sells, has qualified the report in the wake of allegations made by the US-based short seller Hindenburg. "The evaluation performed by the ATL Group… does not constitute sufficient, appropriate audit evidence for the purposes of our audit. In the absence of an independent external examination by the ATL Group and pending completion of the investigation, including matters referred to in the Report of the Expert Committee Statement, by the Securities Exchanges Board of India, we’re unable to comment on whether these transactions or any other transactions may result in possible adjustments, and/or disclosures in the statement in respect of related parties, and whether ATL Group should have complied with the applicable laws and regulations," the auditor said in its qualification.

These are the full-year earnings for Adani Transmission

Shares of Adani Transmission, part of the $32 billion Adani Group owned by Gautam Adani (net worth of $53.6 billion) plunged more than 3 percent in Monday's trade ahead of the earnings.

These are some of the highlights from the company’s latest earnings report:

The operational transmission network increased by 1,704 circuit kilometres (ckm), taking the total length to 19,779 ckm. Another 4,408 ckm of transmission lines are at various stages of construction

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Distribution losses were reduced to 5.93% compared to 6.5% at the end of the last financial year. In the fourth quarter ending March 2023, the distribution losses were as low as 4.89%, slightly less than 4.97% seen in the same period last year.

The company added two smart metering projects (BEST and APDCL) totaling 18.5 lakh smart meters.

Adani Transmission had earlier revealed plans to raise Rs 8,500 crore through private share sale to institutional investors, as part of the Adani Group’s efforts to raise money repay debt. Group company Adani Enterprises plans to raise Rs 12,500 crore through a similar sale of shares.

Adani Transmission had posted a 73 percent year-on-year jump in consolidated net profit at Rs 478 crore for the December quarter, aided by a one-time income of Rs 240 crore from a regulatory order, while the company's revenue rose 16 percent to Rs 3,037 crore in the December quarter.

The operational transmission network increased by 1,704 circuit kilometres (ckm), taking the total length to 19,779 ckm. Another 4,408 ckm of transmission lines are at various stages of construction.

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Distribution losses were reduced to 5.93% compared to 6.5% at the end of the last financial year. In the fourth quarter ending March 2023, the distribution losses were as low as 4.89%, slightly less than the 4.97% seen in the same period last year.

The company added two smart metering projects (BEST and APDCL) totaling 18.5 lakh smart meters.

Adani Transmission had earlier revealed plans to raise Rs 8,500 crore through private share sales to institutional investors, as part of the Adani Group’s efforts to raise money to repay debt. Group company Adani Enterprises plans to raise Rs 12,500 crore through a similar sale of shares.

Adani Transmission had posted a 73 percent year-on-year jump in consolidated net profit at Rs 478 crore for the December quarter, aided by a one-time income of Rs 240 crore from a regulatory order, while the company's revenue rose 16 percent to Rs 3,037 crore in the December quarter.

First Published:May 30, 2023 12:06 AM IST