Adani Transmission profit after tax doubles to `169 crore in Q1

NEW DELHI: Adani Transmission Ltd (ATL) on Tuesday 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 Apriljune 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 yearago 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 $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.

"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 24x7 power for all.