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Adani Transmission spurts after Q3 rises 32% to Rs 204 cr

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Adani Transmission rose 2.50% to Rs 342.95 after consolidated net profit jumped 32.53% to Rs 203.67 crore in Q3 December 2019 (Q3 FY20) as against Rs 153.67 crore reported in Q3 December 2018 (Q3 FY19).

Total income rose 0.05% year-on-year (Y-o-Y) to Rs 2,835.72 crore in Q3 FY20. Profit before tax spurted 17.83% to Rs 304.54 crore Y-o-Y. Total tax expenses rose 16.30% to Rs 131.10 crore during the period under review. Operational EBITDA grew 37% to Rs 1114 crore in Q3 FY20 from Rs 814 crore in Q3 FY19. The Q3 figures were released during market hours today, 13 February 2020.

Operational revenue for transmission segment grew 18% to 679 crore Y-o-Y. Revenue for distribution segment fell 1% to Rs 1,893 crore during the period under review.

Speaking on the performance of the company, Gautam Adani, chairman, Adani Group, said, "There is abundant potential and significant growth in India's transmission sector in the coming years. With the government core focus towards the objective of 24x7 Power for all, Adani Transmission with its wide spread network and continuous growth looks forward to expand its business at large. We are increasingly working towards building strong relations between India and other countries via acquisitions and partnerships to ensure improvisation in reliability of power supply and consumer satisfaction in our services. Adani Transmission is strivingtowardsnation building and fueling sustainability and we will continue to explore opportunities for growth by leveraging our strong transmission network."

Anil Sardana, managing director & CEO of Adani Transmission, said, "Adani Transmission delivered robust financial performance in Q3, with operational EBITDA of Rs. 1,114 crores, up 37%, and consolidated PAT of Rs. 204 crores, up 32% yoy. This was strongly driven by superlative operational performance. With a growing economy, the demand for power has also increased rapidly over the years and with these growth, coupled with Make in India and Smart Cities will further drive power industry at large. Toward this effort, ATL's focus in FY20 has been in strengthening long-partnerships, expanding our grid network and enhancing customer centricity by supplying power to deficit parts of the country. Our recent acquisitions will make us the country's largest private sector transmission company in India. Through leveraging technology, innovation and commitment to transmitting bulk green power, we always make efforts to deliver and fuel country's power demands."

ATL has completed transaction of 25.1% stake sale in Adani Electricity Mumbai (AEML) with the Qatar Investment Authority (QIA) on 10 February 2020. The total QIA investment in AEML is approximately Rs 3,220 crore, which includes equity consideration of approximately Rs 1,210 crore and shareholder subordinated debt of approximately Rs 2,010 crore.

Adani Transmission operates as a power transmission company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 13 2020. 15:37 IST