Post by account_disabled on Oct 19, 2023 0:15:13 GMT -6
ISA Cteep (TRPL3;TRPL4), leader in the country's energy transmission sector, ended the second quarter of 2023 with Net Revenue of R$891.7 million in 2Q23 ( +21.7% y/y ), influenced by the adjustment of the tariff cycle in 2022/ 2023, energization of greenfield projects and Reinforcements and Improvements.
The main variations resulting from the cycle adjustment are: i) energization of two greenfield projects — Biguaçu and Itaúnas — and the start of operations of 81 Reinforcement and Improvement projects in the last 12 months; ii) updating the RAP by the IPCA for the period; and iii) the partial recomposition of RBSE revenue after the re-profiling of the financial component.
With higher costs and expenses in the period, due to the Brother cell phone list Company's growth movement, EBITDA totaled R$ 687 million ( +23.8% y/y ), with an EBITDA margin of 77%, reaching +1.3 pp y/y .
The consolidated financial result for 2Q23 was negative at R$257.9 million, -43% y/y , with growth in financial revenues and a cooling in inflation measured by the IPCA. All things considered, with a better equity income result and worse tax result, Net Profit in 2Q23 was R$261.2 million ( +253% y/y ).
Financial leverage continues on a downward trajectory, remaining at a good level of 2.65x DL/EBITDA. Overall, we liked the results.
New reinforcement projects and improvements
The company has several projects to be energized in the coming years, as well as those we have already seen entering recently, which translates into RAP growth .
TRPL4: dividends from Isa Cteep
They also reaffirmed their commitment to distribute 75% of regulatory net profit (we await new announcements) while seeking new investments in R&M, auctions and new acquisitions, adding value on both fronts (growth and dividends).
It is worth highlighting that TRPL benefits from the vast opportunity available for R&M (Reinforcements and Improvements) projects, which adds RAP (Allowed Annual Revenue) without having to compete for new projects, amid a more competitive scenario in transmission auctions ( new bids, Greenfield projects) — it is expected that, for the next auction, the company will be interested in smaller lots , concentrating investment on what was sold in the last auction.
The main variations resulting from the cycle adjustment are: i) energization of two greenfield projects — Biguaçu and Itaúnas — and the start of operations of 81 Reinforcement and Improvement projects in the last 12 months; ii) updating the RAP by the IPCA for the period; and iii) the partial recomposition of RBSE revenue after the re-profiling of the financial component.
With higher costs and expenses in the period, due to the Brother cell phone list Company's growth movement, EBITDA totaled R$ 687 million ( +23.8% y/y ), with an EBITDA margin of 77%, reaching +1.3 pp y/y .
The consolidated financial result for 2Q23 was negative at R$257.9 million, -43% y/y , with growth in financial revenues and a cooling in inflation measured by the IPCA. All things considered, with a better equity income result and worse tax result, Net Profit in 2Q23 was R$261.2 million ( +253% y/y ).
Financial leverage continues on a downward trajectory, remaining at a good level of 2.65x DL/EBITDA. Overall, we liked the results.
New reinforcement projects and improvements
The company has several projects to be energized in the coming years, as well as those we have already seen entering recently, which translates into RAP growth .
TRPL4: dividends from Isa Cteep
They also reaffirmed their commitment to distribute 75% of regulatory net profit (we await new announcements) while seeking new investments in R&M, auctions and new acquisitions, adding value on both fronts (growth and dividends).
It is worth highlighting that TRPL benefits from the vast opportunity available for R&M (Reinforcements and Improvements) projects, which adds RAP (Allowed Annual Revenue) without having to compete for new projects, amid a more competitive scenario in transmission auctions ( new bids, Greenfield projects) — it is expected that, for the next auction, the company will be interested in smaller lots , concentrating investment on what was sold in the last auction.