Adani Transmission gains after strong Q1 performance

Adani Transmission rose 2.76% to Rs 219.55 at 11:51 IST on BSE after consolidated net profit rose 26% to Rs 213.42 crore on a 360.5% increase in net sales to Rs 2,858.08 crore in Q1 June 2019 compared with Q1 June 2018.

The result was announced after market hours yesterday, 8 August 2019.

Meanwhile, S&P BSE Sensex was up 364.58 points or 0.98% at 37,691.94.

On BSE, 12,000 shares were traded in Adani Transmission counter, compared to a 2-week average of 15,000 shares. The stock hit an intraday high of Rs 224 and an intraday low of Rs 218.10. It hit a 52-week high of Rs 256.30 on 28 November 2018 and a 52-week low of Rs 141.35 on 8 October 2018.

The firm's consolidated operational EBITDA surged 139% to Rs 1,199 crore in Q1 June 2019 over Q1 June 2018.

Gautam Adani, the chairman of Adani Group, has said, "Adani Transmission Limited has continued to grow stronger, reaching ambitious strategic goals with incredible opportunities that lie ahead of it. We are committed to leveraging our experience and expertise to continue as a leading transmission company as well as the preferred choice of utility in electricity distribution. With the Government's strategic focus on rural electrification and Power to All, our journey is contributing to the economy, and is also touching millions of lives. We shall continue to remain an active contributor to nation building, adding value to our portfolio and exploring opportunities that contribute to the growth of our business and the nation."

Adani Transmission is a private transmission company with a cumulative transmission network of around 14,217 ckt kms, out of which 11,348 ckt kms is operational. This includes 2,869 ckt kms in various stages of construction.

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