Adani Transmission reports steep drop in Q3 profit due to one-time income

Adani Transmission Wednesday reported a 77.52 per cent drop in its consolidated net profit at Rs 189.22 crore in the quarter ended on December 31, 2018, mainly due to higher base the last fiscal on account of factoring in one-time income of Rs 742 crore. The company's consolidated net profit was Rs 841.88 crore in the third quarter last fiscal, a company statement said.

"The consolidated net profit for the third quarter this fiscal is Rs 189 crore compared to Rs 100 crore year ago after eliminating one-time income of Rs 742 crore (net of tax)," it added. 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 year ago.

Gautam Adani, Chairman, Adani Group said, "We aspire to enter into electricity distribution business in key cities and districts in India in pursuit of a government of India's vision to enable power for all by 2022". Anil Sardana, MD and CEO of Adani Transmission said, "In the coming years, we have identified key growth areas which includes transmission and distribution along with new value-added businesses. We will continue to build a strong focus on seamless integration of processes, people and technology which have been our key drivers."

(With inputs from agencies.)