Adani Transmission Q1 net jumps 101% to Rs 169 crore
Ahmedabad : Gautam Adani-led Adani Transmission Ltd (ATL) on Tuesday posted an over 100 per cent jump in consolidated net profit at Rs 169.34 crore for the first quarter ending June on the back of higher revenues.
The company had registered a profit after tax (PAT) of Rs 84.10 crore in the April-June quarter of last year, ATL said in a statement here.
ATL received Rs 543 crore as transmission charges in the quarter in review which were 12 per cent higher than the Rs 486 crore in the same period a year ago.
The statement said company has received approval of the Maharashtra Electricity Regulatory Commission for acquisition of Reliance Infrastructure's Mumbai power business of generation, transmission and distribution in the city. With the complete acquisition of this business, the total network of ATL will be around 12,480 circuit km.
"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 said.
The company has also received a letter of intent from REC Transmission Project Co to construct, own, operate and maintain the transmission project in Uttar Pradesh through tariff-based competitive bidding process, it added.
Commenting on the results, Chairman Gautam Adani said in a statement: "With our continuous focus on growth, innovation and development of latest technologies, we expect to grow our transmission and distribution network with highest capabilities across the country."