Adani Transmission posts Q1 profit of Rs123 crore
New Delhi: Adani Transmission Ltd, a part of conglomerate Adani Group, on Wednesday posted a threefold jump in consolidated net profit at Rs.122.71 crore for June quarter.
The company had posted Rs.30.89 crore net profit after taxes, minority interest and share of profit of associates in the year-ago period, Adani Transmission said in a filing to BSE.
“Adani Transmission Ltd’s consolidated PAT rose by 299% to Rs.124 crore in Q1 FY17 compared to Q1 FY16 and consolidated Ebidta rose by 32% to Rs.584 crore in Q1 FY17,” the company said in a statement.
The total income from operations during the April-June quarter increased to Rs.632.01 crore, over Rs.468.15 crore in the year-ago period.
The Central Electricity Regulatory Commission (CERC) has issued final order effective 1 October 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 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 Tiroda-Aurangabad Line.
“While the business continues to perform strongly we have continued to achieve more than 93% of operational Ebitda 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% to 99.99%,” Gautam Adani, chairman, Adani Group said.