Adani Transmission reports net profit of Rs 230.43 crore in Sept quarter

Adani Transmission on Thursday reported that its consolidated net profit rose two-and-a-half times to Rs 230.43 crore in the second quarter ended September 30, mainly on account of higher revenues.

Its consolidated net profit was Rs 89.50 crore in the corresponding quarter a year ago, the company said in a BSE filing.

The firm's total income during the July-September 2019 quarter increased to Rs 2,638.32 crore, compared with Rs 1,462.56 crore a year ago.

Adani Group Chairman Gautam Adani said, "With the government's accelerated efforts towards scaling infrastructure and improving electrification in rural areas, Adani Transmission is poised to support this growth. We have always strived to be a significant contributor toward nation building and we will continue to explore opportunities for growth by leveraging our strong transmission network."

The board of directors at its meeting on Thursday approved buyback of existing non-convertible debentures and the rupee-denominated bonds (masala bonds) of Rs 2,290 crore in one or more tranches, according to the BSE filing.

The board has further approved increase in limits to raise external commercial borrowings from Rs 5,000 crore to Rs 10,000 crore, subject to directions issued by the Reserve Bank of India (RBI), from time to time, within the overall borrowing limits as approved by the company's shareholders, it added.

The company also said the board has also given nod for issuance of dollar-denominated foreign currency bonds that may be issued in one or more tranches overseas, and that may be listed in any one or more stock exchanges in India or overseas.

The proceeds of the bonds will be used for refinancing and other permissible end uses in accordance with applicable laws including the RBI guidelines. The total amount to be raised will not exceed $500 million.

The bonds will be issued on a private placement basis or otherwise to eligible persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in bonds under applicable laws.