Mumbai (Maharashtra) [India], May 30 : Adani Transmission on Monday posted an 85 per cent jump in its net profit at Rs 440 crore for the quarter ended March 31, 2023, against Rs 237 crore in the corresponding period a year ago.
The firm's revenue from operations went up 17 per cent to Rs 3,031 crore, against Rs 2,582 crore in the year-ago period, according to a statement shared with exchanges on Monday evening.
Its operational earnings before interest, taxes, depreciation, and amortisation (Ebitda) surged 28 per cent to Rs 1,570 crore in the quarter under review, against Rs 1,226 crore in the year-ago period.
Earnings per share went up 100 per cent to Rs 3.49 in the quarter under review, against Rs 1.75 in the year-ago period.
The board has also approved changing the name of the company from Adani Transmission to Adani Energy Solutions, subject to various approvals.
"The exceptional resilience of the Adani Group's business model has once again been validated by our strong financial performance," said Gautam Adani, Chairman, Adani Group.
Transmission business revenue growth in the quarter under review was driven by newly commissioned lines, and Distribution revenue increased on account of a consistent uptick in energy demand, the company said in the statement.
It said energy demand (units sold) improved by 11.5 per cent year-on-year in Q4FY23, driven by a rise in the commercial segment and industrial segment demand. Distribution losses in Q4 were at 4.89 per cent, and collection efficiency remained above 100 per cent.
Gautam Adani said, "Adani Transmission is well positioned to deliver exponential growth, and we are working towards fulfilling our nation's massive electricity needs and strengthening our position as a world-class utility."
According to the statement, Adani Transmission has pledged to become Net Zero by 2050, limiting global warming to 1.5 °C above pre-industrial levels through measurable actions, and has become a Signatory to the UN Energy Compact to further SDG 7 (Affordable and Clean Energy).
"We are accelerating the transition to a sustainable and reliable grid and are committed to our pursuit of energizing and ensuring continuous and reliable power supply across all regions through our assets in India," Gautam Adani added.
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