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Adani Transmission PAT doubles to Rs 169 cr in Q1

The company's PAT in April-June 2017-18 stood at Rs 84.10 crore, ATL said in a BSE filing.

PTI Last Updated at 07 Aug 2018, 17:08 IST India
Adani Transmission PAT doubles to Rs 169 cr in Q1

Adani Transmission Ltd (ATL) today posted over two-fold jump in consolidated Profit After Tax (PAT) at Rs 169.34 crore for June quarter on the back of higher revenues.

The company's PAT in April-June 2017-18 stood at Rs 84.10 crore, ATL said in a BSE filing.

The company received Rs 543 crore transmission charges in the reported quarter which were 12 percent higher than Rs 486 crore received in the year-ago period.

It said the other comprehensive income during the quarter includes MTM (mark-to-market) gain of Rs 57.50 crore on account of fair valuation of hedging of USD bond and ECB (external commercial borrowings) as per applicable Ind-As guideline.

The company received a LoI (letter of intent) from REC Transmission Project Company to construct, own, operate and maintain the transmission project in Uttar Pradesh through a tariff-based competitive bidding process.

The project Ghatampur Transmission Ltd has approximately 900 ckt km of the line at a voltage level of 765 KV.

The company has also received approval of Maharashtra Electricity Regulatory Commission (MERC) for the acquisition of R-Infra's Integrated Business of generation, transmission, distribution (GTB ) and retail of power for Mumbai City.

With the completion of all ongoing projects and acquisition of Reliance Infrastructure's Integrated Business for Mumbai, a total network of ATL will be around 12,480 ckt kms.

By the end of 2018, ATL will have 35 substations with 19,300 MVA of transformation capacity across the country. It will continue to be the largest private sector transmission company in the country, it added.

"With the completion of GTD Business acquisition from R Infra, ATL will enjoy the benefit of scale and be an integrated distribution and transmission business in India.

"With our continued focus on growth, innovation, and development of latest technologies, we expect to grow our transmission and distribution network with highest capabilities across the country," Adani Group Chairman Gautam Adani said.

He further said the acquisition marks ATL's foray in the distribution sector in India and the company sees it as the next sunrise sector as India embarks on a mission to achieve 24x7 power for all.

MD and CEO Anil Sardana said:"The first quarter of 2018-19 has been encouraging for ATL. We will continue to build a strong focus on seamless integration of processes, people, and technology which have been our foundation."

ATL is the transmission business arm of the Adani Group. During the year the company expects to achieve Commercial Operation Date (COD) of other five projects under construction.

Shares of ATL settled at Rs 176.75 per scrip, up 3.30 percent on BSE.

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

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