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Adani Transmission on Tuesday reported 2.37 per cent decline in March quarter consolidated profit at Rs 146.70 crore due to higher borrowing cost and depreciation. The company’s profit in January-March 2017-18 stood at Rs 150.27 crore, as per a BSE filing.
Total income rose to Rs 2,569.16 crore in March quarter from Rs 878.04 crore in the year-ago period. The finance cost of the firm rose to Rs 435.51 crore in fourth quarter from Rs 226.27 crore a year ago. Similarly, the depreciation also increased to Rs 276.31 crore from Rs 142.84 crore in the year-ago quarter.
The consolidated net profit in 2018-19 was Rs 559.20 crore compared to Rs 1,142.94 crore in the previous fiscal. Total income rose to Rs 7,560.80 crore from Rs 4,055.19 crore in 2017-18. The company’s board has recommended enabling resolutions for seeking approval of shareholders at the ensuing annual general meeting to raise funds up to Rs 5,000 crores via various instruments.
The company said Adani Transmission operationalised six new transmission lines of 2,354 circuit kilometres, cementing its position as India’s largest private sector transmission company. With completion of ongoing projects, the total network of the company will be about 13,450 circuit kilometres. It also completed the acquisition of Mumbai Sub-urban distribution business named Adani Electricity Mumbai Ltd on August 29, 2018.
“FY2019 was a landmark year for Adani Transmission, with its entry into an important growth segment of distribution, through acquisition of AEML,” Adani Group Chairman Gautam Adani said in statement. He said the company has been constantly working with an integrated approach to expand its presence in key cities and districts in India to support Indian government’s vision of Power for all by 2022.
Adani Transmission MD and CEO Anil Sardana said 2018-19 fiscal has been progressive for the company with key acquisitions that were closed. “With strong presence now in Indian grid network, we aim to enhance our presence through our transmission and distribution network and further increase our market capture in the financial year 2020,” Sardana said.
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