Adani Electricity Jewar has been incorporated with an initial authorised and paid-up capital of ₹1 lakh each.
The new subsidiary will carry on the business of transmission, distribution, and supply of power and other infrastructure services.
In its regulatory filing, Adani Transmission said, "has incorporated its WOS in the name of Adani Electricity Jewar Limited (“AEJL") on 12th September 2022 with an initial authorised and paid up capital of ₹1,00,000/- each to, inter alia, carry on the business of transmission, distribution, and supply of power and other infrastructure services relating thereto. AEJL will commence its business operations in due course."
On BSE, Adani Transmission shares rose by ₹29.30 or 0.73% to settle at ₹4,035.15 apiece. Earlier in the day, Adani Transmission shares struck a new all-time high of ₹4,074 apiece before correcting.
The company's market cap is around ₹4,50,118.03 crore on Dalal Street.
Last week, Adani Transmission also incorporated a wholly-owned subsidiary Adani Transmission Mahan with authorised and paid-up capital of ₹1 lakh each to carry on the business of transmission, distribution, and supply of power and other infrastructure services relating thereto. The new subsidiary is also expected to commence business operation in due course.
In Q1FY23, Adani Transmission posted a consolidated PAT of ₹168 crore down by 61.1% from ₹433 crore in Q1FY22. On the bottom-line front, Adani Transmission said, that it is not comparable due to ₹288 crore one-off income ( ₹238 crore net-off tax) in Q1FY22 and adverse forex movement of ₹185 crore in the current quarter. However, consolidated cash profit (excluding one-time) stood at ₹731 crore rising by 16% from ₹633 crore in Q1FY22.
During the quarter, consolidated revenue in Q1FY23 witnessed double-digit growth of 22% yoy to ₹3,049 crore on account of new transmission lines coming into operation and higher energy demand. Transmission business revenue rose by 10.4% yoy, and distribution business revenue climbed by 27% yoy in Q1FY23.
Adani Transmission is the country’s largest private transmission company with a cumulative transmission network of 18,795 ckm, out of which 14,651 ckm is operational and 4,064 ckm is at various stages of construction. ATL also operates a distribution business serving 12 million+ consumers of Mumbai and Mundra SEZ.
