Adani Transmission Ltd

₹ 2,014 -20.00%
27 Jan - close price
adanitransmission.com BSE: 539254 NSE : ADANITRANS
About

Adani Transmission Limited (ATL) belongs to the Adani Group. The Co is a private sector power transmission and distribution company engaged in the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems in India. [1]

Key Points

Service Portfolio
Power Transmission (31% of revenues): Under this segment, it owns and operates various High voltage AC transmission lines and substations of 132kV, 220kV, 400kV, and 765kV voltage levels and also High Voltage DC transmission lines and substations of +/- 500kV voltage levels.

Website BSE NSE
  • Market Cap ₹ 224,683 Cr.
  • Current Price ₹ 2,014
  • High / Low ₹ 4,239 / 1,810
  • Stock P/E 261
  • Book Value ₹ 95.3
  • Dividend Yield 0.00 %
  • ROCE 11.6 %
  • ROE 18.6 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 23.7% CAGR over last 5 years

Cons

  • Stock is trading at 21.1 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,711 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
2,593 2,778 3,187 2,447 2,156 2,597 2,727 2,830 2,541 2,912 2,975 3,132 3,251
1,590 1,722 2,099 1,290 1,194 1,593 1,899 1,439 1,587 2,011 2,029 2,459 2,088
Operating Profit 1,004 1,056 1,088 1,156 962 1,004 827 1,390 954 901 945 673 1,164
OPM % 39% 38% 34% 47% 45% 39% 30% 49% 38% 31% 32% 22% 36%
45 58 131 335 184 248 349 106 335 424 436 653 198
Interest 493 516 698 631 536 455 494 614 540 560 650 740 714
Depreciation 291 294 304 378 314 325 312 342 353 363 370 384 398
Profit before tax 264 305 217 482 296 472 370 540 396 402 362 202 250
Tax % 13% 33% 73% 26% 28% 2% 31% 20% 27% 31% 35% 17% 22%
Net Profit 230 204 59 355 214 463 257 433 289 277 237 168 194
EPS in Rs 2.10 1.85 0.86 3.49 1.88 3.59 2.17 3.96 2.48 2.43 2.09 1.67 1.85
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
0 131 2,194 2,876 3,944 7,305 11,416 9,926 11,258 12,270
0 29 267 893 1,118 4,528 7,158 5,976 7,051 8,587
Operating Profit 0 101 1,927 1,983 2,826 2,778 4,258 3,950 4,206 3,683
OPM % 78% 88% 69% 72% 38% 37% 40% 37% 30%
0 3 70 22 111 336 261 1,115 1,286 1,711
Interest 0 73 957 904 886 1,391 2,238 2,117 2,365 2,664
Depreciation 0 37 560 569 579 882 1,174 1,329 1,427 1,514
Profit before tax 0 -5 480 532 1,472 840 1,107 1,620 1,700 1,216
Tax % -34% 23% 22% 22% 33% 36% 20% 27%
Net Profit 0 -7 368 416 1,143 559 706 1,290 1,236 877
EPS in Rs 0.00 -0.06 3.35 3.79 10.39 5.08 6.74 11.13 10.95 8.04
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 31%
3 Years: 16%
TTM: 15%
Compounded Profit Growth
10 Years: %
5 Years: 24%
3 Years: 29%
TTM: -36%
Stock Price CAGR
10 Years: %
5 Years: 57%
3 Years: 84%
1 Year: 1%
Return on Equity
10 Years: %
5 Years: 19%
3 Years: 18%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
0 1,090 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,115
Reserves 0 -7 1,572 1,847 3,108 3,535 4,120 4,990 5,757 9,520
0 9,701 8,585 8,975 10,428 20,137 24,246 27,095 29,902 33,600
0 708 489 890 2,629 7,787 10,246 10,049 10,705 7,328
Total Liabilities 0 11,492 11,746 12,811 17,265 32,558 39,711 43,234 47,464 51,564
0 10,573 10,060 9,853 9,291 24,412 24,924 26,987 30,272 31,300
CWIP 0 10 258 1,343 2,353 694 2,212 5,255 5,060 5,404
Investments 0 0 20 105 0 336 313 442 561 527
0 909 1,407 1,510 5,621 7,117 12,262 10,550 11,572 14,333
Total Assets 0 11,492 11,746 12,811 17,265 32,558 39,711 43,234 47,464 51,564

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
0 -35 1,544 2,189 2,198 2,591 5,437 3,784 4,097
0 -1,864 -816 -1,730 -3,192 -3,050 -5,643 -4,009 -3,936
0 1,902 -722 -455 1,589 38 1,250 -745 -235
Net Cash Flow 0 3 6 4 596 -421 1,045 -969 -75

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 1,255 30 24 24 36 32 37 35
Inventory Days
Days Payable
Cash Conversion Cycle 1,255 30 24 24 36 32 37 35
Working Capital Days -1,768 1 -9 -22 -94 54 -5 -28
ROCE % 1% 13% 12% 18% 11% 12% 12% 12%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 73.87 73.87 74.19
20.69 19.37 19.46 19.91 20.30 20.82 21.05 20.80 20.57 20.01 19.93 19.32
2.57 2.71 2.59 2.56 2.55 2.53 2.54 2.92 3.21 3.43 3.59 3.78
1.82 3.00 3.03 2.61 2.23 1.73 1.49 1.36 1.30 2.70 2.61 2.72

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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