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Business News/ Markets / Stock Markets/  Adani Transmission shares fall over 3%, here's what is dragging the stock

Adani Transmission share price fell over 3% on Tuesday's trade following its Q4FY23 earnings number. Adani Transmission shares began trading on the BSE at 832.35 per share, the same as the previous closing. During Q4FY23, the company's profit after tax increases by 70% to 389.5 crore, while revenue grewby a single digit.

According to analysts, as of now there are not seeing any major traction in this counter, overall the prices are in a range where strong support is seen around 750 whereas 900 is a resistance.

“Overall this is under performer as compared to other Adani stocks and one can rather focus on Adani Ports, Adani Enterprises and Ambuja cement," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

The company's consolidatednet profit for the quarter ended March was 389.45 crore, up 69.62% from 229.59 crore in the same quarter last year. However, the performance fell 17.96% from the previous quarter's PAT of 474.72 crore. The cash profitof the Adani Group-backed company increased by 28% year on year to 977 crore.

Profitability was boosted by a one-time income of 148 crore from a regulatory order in the Transmission business (a net positive impact of 21 crore after adjusting for a provision of 131 crore (net off tax 101 crore) and aided by a mid-term true-up order from the regulator in Adani Electricity Mumbai Ltd (AEML).

However, Adani Transmission reported a consolidated total income of 3,200.50 crore in Q4 FY23, a 4.97% increase from 3,048.96 crore in Q4FY22. Revenue in the previous quarter was 3,181.62 crore.

Adani Transmission Q4 results: Consolidated PAT jumps 70% to 389.5 crore, revenue posts single-digit growth


According to trendlyne data, the stock price fell 62.8% and underperformed its sector by 53.8% in the past year. The stock has fallen 80.79% from 52-week high of 4236.8 recorded on March 1, 2023.




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Updated: 30 May 2023, 09:28 AM IST
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