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 per cent 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 tariff-based competitive bidding process.
The project Ghatampur Transmission Ltd has approximately 900 ckt kms of line at voltage level of 765 KV.
The company has also received approval of Maharashtra Electricity Regulatory Commission (MERC) for acquisition of R-Infra’s Integrated Business of generation, transmission, distribution (GTB ) and retail of power for Mumbai City.
With completion of all ongoing projects and acquisition of Reliance Infrastructure‘s Integrated Business for Mumbai, 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 benefit of scale and being an integrated distribution and transmission business in India.
“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,” 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 sun rise sector as India embarks on mission to achieve 24×7 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 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 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 per cent on BSE.