Adani Transmission Q4 net up 58%, to raise up to Rs 5k cr via bonds

Adani Group firm Adani Transmission Ltd (ATL) today posted 58 per cent jump in consolidated net profit at Rs 150.27 crore for the March quarter of 2017-18.

The company's net profit in the year-ago period stood at Rs 94.90 crore, ATL said in a statement.

According to the statement, total income in the quarter rose to Rs 878.04 crore from Rs 840.47 crore in the year-ago three months.

The net profit for 2017-18 increased to Rs 1,142.94 crore from Rs 416.43 crore in the previous year. It recovered transmission charges of Rs 3,016 crore for 2017-18, up from Rs 2,074 crore in previous year.

The company's board also approved a proposal to raise up to Rs 5,000 crore through various instruments including issuance of equity shares and convertible bonds through QIP.

It also approved proposal to issue secured / unsecured redeemable Non-Convertible Debentures (NCDs) on private placement basis within the overall borrowing limits of the company, in next twelve months.

The board also approved the appointment of Anil Sardana as Managing Director and CEO of the company for a period of five years.

Shares of ATL closed at Rs 168.95 apiece, up 3.21 per cent on BSE.