Adani Transmission Q4 PAT slumps 60% YoY to Rs 59 cr

Adani Transmission's consolidated net profit dropped 60% to Rs 59 crore on a 3% decline in operational revenue to Rs 2220 crore in Q4 March 2020 over Q4 March 2019.

The company said that slump in net profit was due to one-time write off finance sunk cost of Rs 185 crore (non-cash item). Revenue declined due to lower share of distribution business on account of subdued power demand by industires.

Consolidated profit before tax (PBT) rose 1% to Rs 217 crore in Q4 March 2020 over Q4 March 2019.

Operational EBITDA grew at 2% to Rs 893 crore in Q4 March 2020 from Rs 876 crore posted in Q4 March 2019. EBITDA margin improved to 40.2% in Q4 March 2020 from 38.4% in Q4 March 2019.

Transmission segment recorded an operational revenue of Rs 683 crore in Q4 March 2020, up 17% over same period last year. The segment's operational EBITDA rose 18% to 618 crore year-on-year (YoY).

Operational revenue from distribution segment dropped 9% to Rs 1536 crore in Q4 March 2020 from Rs 1696 crore in Q4 March 2019. The segment's operational EBITDA fell 22% to Rs 275 crore YoY.

The consolidated net profit rose 26% to Rs 707 crore on 57% increase in operational revenue to Rs 10,237 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). Operational revenue grew on the back of strong revenue contribution from seven newly operational SPV's in transmission and AEML full year contribution.

Commenting on the performance of the company, Gautam Adani, Chairman, Adani Group, said, "There is abundant potential for significant growth in India's transmission sector in the coming years. With the government's core focus towards the objective of 24x7 Power for all, Adani Transmission Limited with its widespread network and continuous growth looks forward to become world-class Electric Utility. Through its integrated ESG philosophy focusing on long-term value creation, ATL is striving towards nation building and fueling sustainability and will continue to explore opportunities for growth."

Shares of Adani Transmission rose 1.6% to Rs 196.35 on Friday. The stock has slipped 40.4% in last three months as compared to a 23% fall in benchmark BSE Sensex.

Adani Transmission operates as a power transmission company.

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