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Adani Transmission’s revenue of Rs 3,049 crore increased 22% YoY

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Adani Transmission Ltd (ATL), the largest private transmission company in India and part of the globally diversified Adani portfolio, on Wednesday announced its financial and operational performance for the quarter ended June 30, 2022.

Consolidated revenue in Q1FY23 witnessed double-digit growth of 22 per cent YoY on account of new transmission lines coming into operation and higher energy demand.

Consolidated Operational EBITDA increased 10 per cent YoY to Rs 1,213 crore in the quarter. Consolidated PAT at Rs 168 crore in Q1FY23 ended lower YoY. It is not comparable due to Rs 288 crore one-off income (Rs 238 crore net-off tax) in Q1FY22 and adverse forex movement of Rs 185 crore in the current quarter. Consolidated cash profit (excluding one-time) of Rs 731 crore increased 16 per cent from Rs 633 crore in Q1FY22.

Transmission business revenue growth was driven by newly commissioned lines over the period. Distribution business revenue increased on account of significant jump in energy demand. Operational EBITDA in both segments grew by 10 per cent during the quarter.

Adani Transmission completed Rs 3,850 crore Primary Equity Transaction with International Holding Company (IHC) for 1.4 per cent stake. It announced acquisition of Mahan Sipat Transmission Line from Essar Power for EV of Rs 1,913 crore. The transaction once completed will add 673 ckms to ATL’s operational portfolio. ATL figures in top three companies in Power sector in India in ESG Yearbook released by Crisil in May 2022. ATL achieved Zero Waste to Landfill (ZWL) certificate for all O&M sites from Intertek Group.

Anil Sardana, MD & CEO, Adani Transmission Ltd said: “ATL is constantly evolving and is already a significant player in the T&D sector. ATL’s growth trajectory remains firm despite the challenging macro environment. Our pipeline of projects and recently operationalised assets will further strengthen our pan-India presence and consolidate our position as the largest private sector transmission & distribution company in India. ATL is consistently benchmarking to be the best-in-class and is pursuing disciplined growth with strategic and operational de-risking, capital conservation, ensuring high credit quality and business excellence with high governance standards. The journey towards a robust ESG framework and practicing a culture of safety is integral to our pursuit of enhanced long-term value creation for all our stakeholders.”

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Uttarkashi Tunnel Collapse: Adani Group Issues Clarification Amid ‘Nefarious Attempts’ To Link It To The Incident

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The Adani Group issued a clarification on Monday in response to recent claims linking the company to the tragic incident of a tunnel collapse in Uttarakhand. These allegations suggest that the group should be ‘held responsible’ for the Uttarkashi tunnel collapse.

“It has come to our notice that some elements are making nefarious attempts to link us to the unfortunate collapse of a tunnel in Uttarakhand. We strongly condemn these attempts and those behind them,” the company stated in the media release.

“We clarify with utmost emphasis that the Adani Group or any of its subsidiaries has no direct or indirect involvement of any kind in the tunnel’s construction. We also clarify that we do not own or hold any shares in the company involved in the tunnel’s construction. At this time, our thoughts and prayers are with the trapped workers and their families,” it added.

The construction of the Uttarkashi tunnel, a part of the Char Dham project, is being carried out by Navayuga Engineering Company Limited based in Hyderabad. This company, under the Navayuga Group, led by CV Rao, has no apparent link with the Adani Group.

Uttarkashi Tunnel Collapse

In an unfortunate incident, an under-construction tunnel located in Uttarkashi, Uttarakhand, collapsed during the early hours of Sunday, November 12, leaving around 41 laborers trapped inside. This incident unfolded along the Yamunotri National Highway, posing a significant risk to the lives of those who were trapped within. The occurrence transpired late at night, prompting ongoing rescue operations aimed at safely extracting the workers from the tunnel.

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Finance Minister Nirmala Sitharaman Inaugurates SBI Branch In Trincomalee, Sri Lanka

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Union Finance Minister, Nirmala Sitharaman, marked her official visit to Sri Lanka by inaugurating the State Bank of India (SBI) branch in Trincomalee.

Ministry of Finance posted on X, “Union Finance Minister Smt. @nsitharaman inaugurated the State Bank of India @TheOfficialSBI Branch in Trincomalee, today, during her official visit to Sri Lanka. H.E. Mr. @S_Thondaman, Governor of Eastern Province, Sri Lanka; Shri Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman @TheOfficialSBI Shri Dinesh Khara were also present at the inauguration”.

The event was attended by several dignitaries, including H.E. S Thondaman, the Governor of the Eastern Province in Sri Lanka, Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman of SBI, Dinesh Khara.

During the inaugural ceremony, Sitharaman acknowledged the remarkable legacy of the State Bank of India, which has been serving Sri Lanka for 159 years.

She commended SBI’s dedication to expanding its operations both domestically and internationally.

The presence of SBI in Sri Lanka has played a crucial role, particularly during the recent Sri Lankan economic crisis.

It facilitated the smooth extension of a Line of Credit worth USD 1 billion from the Government of India to Sri Lanka, further strengthening the bilateral relationship.

Furthermore, SBI Sri Lanka continues to play a vital role in supporting corporates engaged in international trade.

The bank has been actively promoting remittances through a robust digital platform, including the SBI Sri Lanka YONO app and online banking services, in addition to traditional in-branch operations.

Following the inauguration, Sitharaman had the opportunity to interact with the new branch officials and distribute passbooks to new customers. She also left her mark in Trincomalee, Sri Lanka, by filling the visitor’s book.

There are currently five branches of SBI Sri Lanka in operation- the Fort and Foreign Currency Banking Unit (FCBU) branches in the main Fort building, the Colpetty branch, the Wellawatta branch, and the Kandy branch. Every Branch is connected to every other Branch via a network.

Trincomalee, a region in Sri Lanka, hosts several Indian businesses, including oil marketing companies and petrochemical infrastructures, underlining the robust economic ties between the two nations.

This initiative further strengthens the financial and economic cooperation between India and Sri Lanka.

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Wagh Bakri Director Parag Desai, Injured In Attack By Stray Dogs, Dies Due To Brain Haemorrhage At 49

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Parag Desai, executive director at Gujarat Tea Processors and Packers, which is known for its brand Wagh Bakri passed away on October 22, a week after he was injured in an accident.

Desai was admitted to Shelby Hospital on October 15 after he slipped outside his residence trying to fight street dogs that attacked him. He suffered severe head injuries during the fall that led to brain haemorrhage.

A security guard informed the family member of the incident after which he was rushed to the hospital. After a day of observation at Shelby Hospital, Desai was moved to Zydus Hospital for a surgical procedure.

However, he passed away on Sunday due to brain haemorrhage.

Gujarat Congress Chief and Rajya Sabha Member Shaktisinh Gohil offered his condolences through a social media post. He said, “Very sad news coming in. Parag Desai, Director and owner Wagh Bakri Tea passed away. He had a brain haemorrhage following a fall. May his soul rest in peace. My condolences to the entire Wagh Bakri family across India.”

He was the son of Rasesh Desai, the Managing Director of the Wagh Bakri Tea Group. Desai is survived by his wife and daughter Vidisha and Parisha.

Deasi who led the Group’s transformation into Tea lounges and e-commerce has completed his MBA from Long Island University in the US. He was an expert tea taster and evaluator and through his career has spearheaded the sales, marketing and export department for the group.

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