Adani Transmission posts 32 pc rise in Q3 net profit at Rs 204 crore

Adani Transmission Ltd (ATL) on Thursday reported 32.5 per cent rise in consolidated net profit at Rs 204 crore during the October to December quarter due to lower expenses compared to Rs 154 crore in the year-ago period.

The consolidated operational earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 1,114 crore were up by 37 per cent year-on-year.

Total expenses were lower at Rs 2,478 crore in Q3 FY20 as against Rs 2,657 crore in Q3 FY19.

During December quarter, ATL received a letter of intent (LoI) for a 400 kilovolt power transmission project in Maharashtra. The LoI was awarded under a tariff-based competitive bidding model from Maharashtra State Electricity Transmission Company Ltd (MSETCL).

ATL also signed share purchase agreements with REC Transmission Projects Company Ltd in November last year for acquisition of its entire stake in Lakadia Banaskantha Transco Ltd and Jam Khambhaliya Transco Ltd.

With the completion of the ongoing projects, ATL's total network will be 14,738 circuit km.

Adani Group Chairman Gautam Adani said there are abundant potential and significant growth opportunities in India's transmission sector in the coming years.

"With the government core focus towards the objective of 24 x 7 Power for All, ATL with its widespread network and continuous growth looks forward to expanding its business at large," he said in a statement.

"We are increasingly working towards building strong relations between India and other countries via acquisitions and partnerships to ensure improvisation in the reliability of power supply and consumer satisfaction in our services," he added.

ATL is the transmission and distribution business arm of Adani Group, one of India's largest business conglomerates.

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