Adani Transmission Q3 net soars 89 pc after removing exceptional income

Adani Transmission Thursday said its December 2018 quarter net profit soared 89 per cent after considering profits in the corresponding period of the previous fiscal after removing a one-time gain.

The company's net profit without factoring in the one-time gain dropped 77.52 per cent to Rs 189.22 crore in the quarter ended on December 31, 2018.

"This decline over the corresponding period was primarily because of one-time gain that accrued to the business in the previous financial year," Adani Transmission Chief Financial Officer Kaushal Shah said.

The company, he said, is in a regulated business and typically receives past incomes when the sector regulator approves them.

"In December 2017 quarter, the company got Rs 941 crore in one-time income. This is not a recurring income. After considering a 21 per cent tax on income, that earning came to Rs 742 crore," he said adding if this income was excluded from the profits of October-December 2017, then net earnings in the third quarter of the current fiscal rose to Rs 189 crore from Rs 100 crore.

Also, earning before interest, tax, depreciation and amortisation increased 54 per cent.

The total income of the company rose to Rs 2,921.07 crore in the third quarter this fiscal from Rs 1,806.50 crore a year ago.