Adani Transmission Posts Three-Fold Jump In Q1 Profit

New Delhi: Adani Transmission, a part of conglomerate Adani Group, on Wednesday posted a three-fold jump in consolidated net profit at Rs 122.71 crore for the June quarter.

Adani Transmission had posted a net profit after taxes, minority interest and share of profit of associates of Rs 30.89 crore for the corresponding period a year ago, it said in a filing to the BSE.

"Adani Transmission Ltd's consolidated PAT rose by 299 per cent to Rs 124 crore in Q1 FY17 compared to Q1 FY16 and consolidated EBIDTA rose by 32 per cent to Rs 584 crore in Q1 FY17," the company said in a statement. 

Total income from operations in the quarter under review increased to Rs 632.01 crore, as against Rs 468.15 crore in the year-ago period.

The Central Electricity Regulatory Commission (CERC) has issued a final order effective October 1, 2013 for Mundra-Mohindergarh and Mundra-Dehgam lines, granting approval of capital cost claimed, it said.

The Maharashtra Electricity Regulatory Commission (MERC) has also issued a provisional order for Tiroda-Warora and Tiroda-Aurangabad lines. The effect of recognition of revised tariff including arrears of Rs 116.18 crore is accounted for in this quarter. The effect on PAT is Rs 91.39 crore, it added.

The company further said it will start recovery of its unbilled revenue in 12 instalments starting August 2016, as MERC has passed Intra-state Transmission System (InSTS) orders for the Tiroda-Aurangabad line.

"While the business continues to perform strongly we have continued to achieve more than 93 per cent of operational EBIDTA margin for the quarter ended June FY17. Our focus on harnessing state-of art technology has resulted in high network availability of over 99.40 per cent to 99.99 per cent," Adani Group chairman Gautam Adani said.

Adani Transmission is a leading domestic private sector transmission company with over 7,000 circuit kilometers of transmission lines across western, northern and central regions of India.