Adani Transmission Q2 net drops 38% to Rs 99.54 cr

Adani Transmission Ltd today reported a 38.63 per cent drop in consolidated net profit at Rs 99.54 crore in the quarter ended September 30.
The company's net profit after taxes (PAT), minority interest and share of profit of associates had stood at Rs 162.20 crore in the September quarter of 2015-16, Adani Transmission Ltd said in a BSE filing today.
The comparable consolidated PAT of second quarter of this fiscal is Rs 66 crore as compared to Rs 65 crore in first quarter (April-June 2017) (excluding effect of PAT of Rs 91.39 crore on one time income of Rs 116.18 crore in Q1 FY17 and adjustment of deferred tax liability of Rs 33.84 crore), the company said in a press release.

According to statement, the company's total income from operations (net) increased to Rs 682.70 crore in the quarter under review from Rs 564.24 crore in the same period a year ago.
The consolidated net profit after taxes, minority interest and share of profit of associates in first half of this fiscal stood at Rs 222.25 crore as against Rs 193.08 crore in the year-ago period.
Speaking on the financial performance of the company, Adani Group Chairman Gautam Adani said: "While the business continues to perform strongly with the network availability of over 99.40 to 100 per cent, we have continued to achieve 94 per cent of operational EBIDTA margin for the H1 FY17."

"With the ongoing expansions and inorganic growth resulting in increase in transmission network, ATL will enjoy substantial benefit of scale driving in terms of cost optimisation and shared resources and thus creating value for its stake holders," Adani said.

The other comprehensive income includes MTM (mark to market) loss of Rs 66.29 crore on account of fair valuation of hedging of USD bond as per applicable Ind-As guideline, the company said in the statement.
CERC has issued final order effective October 1, 2013 for Mundra-Mohindergarh and Mundra-Dehgam Lines, granting approval of capital cost claimed, it said.
MERC has also issued provisional order for Tiroda-Warora and Tiroda-Aurangabad Lines. The effect of recognition of revised tariff including arrears of Rs 116.18 crore is accounted for in Q1 FY17. The effect of these orders on PAT is Rs 91.39 crore, the company said.

The company has started recovery of its unbilled of Tiroda-Aurangabad Line revenue in 12 instalments started from August 2016 as MERC has passed Intra-state Transmission System (InSTS) orders, it said.